Organizations need Growth and Productivity Strategy to enhance their competitiveness. Today, Banking and Financial Services Institutions (BFSI) are under immense pressure to enhance their competitiveness. On external front the regulators take call on money market and other macro indicators. On internal front, competitiveness indicators such as Turnaround Time (TAT) is important and are face of the organization that capture mind share of customers.
In this study, appropriate benchmarks with respect to their products, processes and performance, vis-à-vis their nearest competitors are identified. Firms use different tools and techniques to compare and learn from others. One of the most widely used tool is ‘benchmarking’. Value Stream mapping (VSM) is used to improve the key processes. BFSI's generally use this technique to improve the Turn Around Times (TATs) of their processes and eliminate wastes.
Financial Capital Ltd. (FCL) is a very young organization; in the organization the Planning, Collecting, Analyzing and Adapting (PCAA) approach was followed to benchmark its various products/processes/performance parameter. The initial steps of PCAA, viz., and ‘What to Benchmark, Whom to Benchmark’ and ‘Data Collection’ were completed through a project (from Oct 2010 – March 2011). The results were quite useful and benchmarking? provided inputs to the strategy/planning & budgeting sessions and improving processes. VSM was used to improve the TATs in all the products in all businesses.
Competitiveness, BFSI, Benchmarking, Value Stream Mapping
