Major cost reduction programme
This project was responsible for taking out 15% of the overall
expense base for a leading international financial services company.
The project needed an injection of senior management attention
to ensure that it was set up to succeed in the forthcoming
months.
creative GAAPS was engaged to provide an creative manager to undertake the
following key deliverables for the assignment.
- To validate and confirm the existing project plans are in place at the detailed implementation level.
- To set up rigorous and disciplined management control procedures to ensure that progress against those plans can and is monitored on an ongoing basis.
- To monitor, chase and support implementation of theose plans in early stages such that sufficient momentum is generated to ensure that the requisite savings will be achieved in the long term.
- To liase with Finance to ensure that relevant counting and measurement tools are in place to record the progress and achievements of the project, and that those measurement records fit with and reconcile back to the company wide expense management and accounting records and reporting.
- To act as the link in the wider Change Development Programme to ensure the programme is aligned and consistant with the wider change programme and the overall business activities, initiatives and objectives.
- To instigate ways that further development is achieved as an ongoing and self-perpetuating approach within the organisation.
The overall project lasted 6 months and during 2003 managed to remove some £107m from a £570m cost base involving the removal of some 1000 positions from within a staff force of 6000. The initiative has therefore been heralded as a major success throughout the group and has become the internal benchmark for best practice business transformation programs, as well as eliciting comments of recognition from auditors, regulators and industry competitors alike.