The client is a statutory body which regulates companies and businesses in an ASEAN country and it was formed as a result of a consolidation between the Registrar of Companies and Registrar of Business. As the sole regulatory authority in this space, the client responsible for all the incorporation of local companies, registration of foreign companies, registration of businesses and the custodian as well as the provider of both company and business information.
Aspired to become a leading registration authority, the client is embarking on a Transformation Roadmap that will help them to meet the full spectrum of growth opportunities within their services. Working with a diverse group of consultants comprises of business strategists, business process specialist and information technology specialist, the client pursued a transformation program that resulted in a total revamp of its business strategy, organization structure and business process.
Full Story
As the sole provider for companies and business registration, the client is a self-funding organization which has been sustaining itself from the revenue earned from incorporation of companies, registration and renewal of businesses, lodgments of statutory documents, and the provision of products and services (i.e. corporate data). However, such a mature, sprawling company faced inherent growth challenges and its profits margin were under growing pressure.
Realizing the challenging business outlook ahead, the client was aspired to draw up an organization transformation program, to enhance and streamline core business process and upgrade existing systems, improve manpower productivity level, and nurture manpower plan towards an advisory team.
The team determined that to achieve such a transformation would require a comprehensive and ambitious program that encompasses business strategy, people and organization, business process reengineering, system and technology, change management and program management office.
Key Outcomes
The strategies devised focus on both revenue growth and productivity optimization. For revenue growth, eleven new unconstrained revenue generating services were introduced and this grew the services portfolio by 32%. The current business unit procedures were re-assessed and the team had identified areas for productivity improvement by anchoring on efficiency and effectiveness of tasks that were being undertaken. Recommendations were also given on the KPIs from services level down to individual staff level.
Business process reengineering is another facet that are imperative in the sense of creating lean, effective and efficient new processes that will support the new business strategy and objectives. This was done by a careful analysis on the “As-Is” business processes to identify potential areas for improvement, such as the redundancies process, manual process that are time consuming with risk of data entry error or data lost during transit, long lapse time between information lodged, and repetitive activities that could be automated, reduced or eliminate.
Leveraging on our internal database and international benchmark against the top three corporate registrars from different countries as well as corporate registrar groupings, the team managed to gather a pool of information relating to the best practices in terms of business process for corporate registrars. This information formed the basis in designing the “To-Be” processes that were targeted to streamline the “As-Is” processes, to eliminate inefficiencies and introduce new business processes for better productivity. At the end of the project, we managed to achieve a 36% organization-wide procedural contraction rate. In other words, the number of process steps for all the business process were tremendously reduced by 36%.
Another key to success was the people factor – readiness and competencies of people for the transformation. Because the cultural and people component was so integral to project success, the team placed a heavy emphasis to involve the people from various positions and business unit into the process of devising the transformation program. This includes redesign organization structure to better suit the new strategy and manpower planning based on technical competencies and resources availability. One crucial aspect about the people aspect is that, to ensure the people will perform, the company has to anchor their performance on the appropriate KPIs that will be applicable to a person.
Important Notice
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*This project was delivered by the core team of 27Group during their tenure in a management consulting firm based at United Kingdom. While it may not deliver under 27Group, we hereby declare that the contents above and our involvement are authentic and genuine.
