Financial Services Firm Moves to BP, IT Outsourcing Offshore |
| Summary |
| The client, a leading U.S. financial services company, wanted to stay ahead of competition by restructuring its internal costs through outsourcing. |
|
Client Challenge
The client had limited exposure to outsourcing and Shared Services (SS) experience, but understood the first step to successful offshore operation is a solid and feasible outsourcing strategy. The client contracted Alsbridge to guide them through the process.
How Alsbridge Helped - Identified about 1,500 possible positions as candidates for multi-sourcing possibilities, for discussion in the initial Strategic Alignment Session, which was then filtered to about 1,100 positions to continue in scope
- Recommended a “waved” solution in which the first of three prospective entries into the offshore environment would be a solid entry of over 400 positions
- Business Process Outsourcing (BPO) included Finance and Accounting (F&A), back office transaction processing, keying, research, suspicious activity reporting, and collections
- Information Technology Outsourcing (ITO) included application management, infrastructure management, help desk, and Information Technology (IT) business office
Benefit - 30% cost savings on outsourced positions; client has above-average severance benefits
- Expected improvements in both time and accuracy for multiple transaction types
- Expected savings of $40 million over 5 years for combined ITO/BPO effort
|
|
