Managing the Next Wave of Relocation Strategies-The Path to Long-Term Growth & Survival

In the last few years investment firms and banks have been facing anemic revenues and more stringent regulations cutting into trading revenues.  In response to this economic climate, leveraging business transformation programmes such as Process Efficiencies and Relocation Strategies (near-shoring and off-shoring) has become a key component in the long-term growth and survival of organizations.  While most companies have already migrated low-level jobs to call centers, there has been a sharp increase in the near-shoring and off-shoring of Back Offices and Midlevel Tier Positions.  These relocations strategies have become more tempting than before the financial crisis as they offer significant benefits and savings:

  • Skilled Workers
  • Higher Staff / Retention Levels
  • Lower taxes
  • Lower Real Estate Costs
  • Lower labor costs

These Business Transformation Programs mandate appropriate senior business sponsorship coupled with stringent planning, execution and monitoring for optimal results.    

The second largest Bank in the US (ranked by asset) is a prime example of a bank that effectively adopted Relocations Strategies and Process Efficiencies as part of their long-term growth and cost savings plans.  To ensure success, the Bank realized that a robust and flexible tool was vital to manage and monitor the execution and performance of their strategies but did not have the resources available in-house.  Based on a growing and successful partnership with the Monticello Consulting Group, the Bank decided to leverage Monticello’s expertise to build the necessary tool(s) for their multi-year transformation program and to spearhead the management of on-going activity (budget management, reconciliations and status reporting).  Working collaboratively with the Bank, Monticello Consulting Group gathered all requirements and designed a “What-if-Analysis Tool” enabling the bank to simulate potential strategies and view their cost benefit impact.  This tool enables the bank to prioritize, fine tune and approve strategies based on profitability and other key criteria.  After the bank approves potential strategies for execution, the details of the strategies are housed and monitored in a “Tracker Tool” developed to capture the on-going performance and source budgeting, audit and status reports.  As management requirements change over the life of the program, the tools are easily adjusted based on the flexible design implemented to accommodate the fluctuating demands of the business and the stakeholders. 

The technology solutions developed along with the on-going management have been central in helping the bank meet their yearly cost saving targets while satisfying budget, audit and reporting requirements.


The Keys to Success



Monticello Planning & Tracking Tools:Monticello Consulting Services
What-if AnalysisData Analysis
Budget Management & ReconciliationAnalytically-driven Recommendations
Status ReportingExecution Improvements
Full Audit CapabilityProcess Improvements
Flexible & Extendible DesignProject & Program Management

To learn more about how Monticello Consulting Group can assist your organization in managing their Cost Saving Programes such as Relocation and Process Efficiency Strategies, please contact us today.