Lean Six Sigma Solutions
Wspólnie z Klientami budujemy doskonałość procesów biznesowych
Studium przypadków Lean Six Sigma
Case study #6 Shared Services
In 1998, J.P. Morgan Chase & Co. established a Productivity and Quality (P&Q) program and adopted Six Sigma as a systematic approach to increase customer satisfaction and improve financial performance. Several key initiatives that contributed most to the firm-wide program's success included:
creating economies of scale through Shared Service Centres in Asia, London, and the Americas (Newark, Delaware);
re-engineering core processes;
standardising and simplifying technology.
The remainder of this article will address the path of the Shared Service Centre in Newark, DE, called Delaware Shared Services (DSS).
Delaware Shared Services is a unique Shared Service Centre in that the components of the centre are operational in nature. These include Cash and Securities Core Operations Services, Financial Services, and Application Delivery. When DSS was formed in December 1999, employees were expected to adopt Six Sigma and launch key projects aimed at improving core processes and reducing expenses. Since DSS was so "new", there wasn't an obvious place to start improving as very few metrics existed. To forge ahead, however, DSS leveraged a tool called the business process framework (BPF) so that it could review the entire organisation and establish a quality framework for future improvement initiatives. This allowed DSS to make fact-based and proactive decisions regarding its clients and people, measure performance against what its clients deemed as "critical to quality" (CTQ), engage all employees, and truly understand what its core capabilities were.
Once the framework was completed, DSS used DMAIIC to target specific processes for improvement. Six Sigma tools were applied at each stage in the DMAIIC process, and Tollgate reviews were conducted at the end of each phase to ensure rigorous application of the methodology. DSS maximised the output of DMAIIC and Six Sigma to create a comprehensive, CTQ-based scorecard for all of its core processes. When a specific process performs below target, it is placed onto a control dashboard to determine root cause of the low performance. An action plan is then developed to improve future performance in that area.
While this type of continuous measurement has been a critical success factor in sustaining the overall program, the major contributor was linking the scorecard results to DSS's incentive compensation program. This linkage drove accountability for results down to the employee level.
The goal was for each employee to understand how his or her daily activities fitted into the entire process, how their performance impacted the client, and how it influenced compensation of the group.
The overall process is best illustrated in a live example captured in DSS's Foreign Exchange (FX) processing area in February 2000: A major U.S. Fund Manager complained of slow FX confirmation speed. Morgan discussed the complaint with the client to better understand the issue. The client's voice was heard - "confirmations within one hour of trade are crucial." Due to a bottleneck in the vendor application, Morgan could not meet the client CTQ of one hour.
The impact was that the client stopped trading with Morgan after 1:00 p.m. (EST), the peak trading period, and Morgan lost a significant revenue opportunity.
Morgan used DMAIIC and Six Sigma tools to review the process and discovered that a significant system messaging issue existed and that there wasn't any type of end-to-end monitoring of the complete electronic confirmation process.
They applied a tactical solution immediately while the vendor application bottleneck was addressed. Confirmation time is now closely tracked and performance remains within the client's expectation. The client saw immediate impact and Morgan FX has seen more trading. Client's feedback: "I don't know what you did to speed up your confirmations but you've gone from our number seven broker to one of our top two. Now you are seeing more of our business." Understanding the client's needs was critical to the outcome in the FX example above. By applying DMAIIC/Six Sigma tools, DSS knew exactly where the process was broken and brainstormed a positive solution to correct the problem. The result: more business from the client. Some of the key lessons learned along the way include:
Buy-in, rigorous measurement, and accountability for results, are critical to success.
Client input is critical to shaping improvement efforts (CTQs).
Lead with results and add more rigor to the process over time.
Revenue opportunities are equal to, if not greater than, expense/capital opportunities.
Set aggressive targets early in the budget process.
Delaware Shared Services has continued to evolve into an operational centre of excellence.
In 2000, Delaware Shared Services implemented productivity improvements equaling 17 per cent of its cost base while also increasing its capacity by 10 per cent. While this is only a fraction of the firm-wide savings, it is a huge leap for a Shared Service Centre in Newark, DE.
As a final testimonial of the effect of Six Sigma on JP Morgan's improvement program, witness the comments of Douglas A Warner III, Chairman of the Board of J.P.
Morgan Chase & Co.: "Our productivity and quality program (Six Sigma) is not just about cutting costs and reducing expenses...it's about creating capacity to grow and delivering consistently high service to our clients...it's a competitive weapon."
© 2005 Lean Six Sigma Solutions
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