Industry: Finance and Insurance
Expertise: Acquisition Integration
Schaffer Team: Matthew McCreight, Jonathan Stearn
After merging business lines, a global financial services company needed to streamline support functions and reduce headcount. Schaffer Consulting helped them design the discussion, implement opportunities for cost savings, and expand the processes designed by the teams to other areas of the organization.
A division of a global financial services company had recently merged several business lines, each with its own support functions. They hired Schaffer Consulting to help them eliminate duplicate roles and streamline support functions; part of this would naturally result in headcount reduction in addition to improved work processes.
We helped the division design, organize, and launch a multi-day discussion. We led brainstorming sessions on several key questions: How can we use our resources more efficiently? Where can we streamline or combine functions? How do we become “fit for the future”? Are we organized properly? What should we stop doing? What functions are redundant?
As a result of the initial work session, leaders of the financial services division identified potential $7 million in cost savings and operating efficiencies from taking work out of the system. During the implementation of the identified cost reductions, the division decided to roll-out the streamlined operational processes designed by the teams (and share the results of the initial project) to other of their divisions and regions.
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