AEGON Canada created $1.4 million in freed capacity and reduced headcount by 17%.
AEGON USA reduced cost per item by 60%, increased sales volume by 300% without resource changes, and found $32,000 in savings when developing their Fixed Annuity Product.
BANK OF AMERICA saved of hundreds of millions of dollars by redesigning at least 12 major processes and fixing 33 ‘dumb things’ they did to customers. These included cutting the time it takes to open a new account; reducing the time it takes to redeem a CD from 9 days to 10 minutes; streamlining and simplifying small business loans, real estate loans, fixed rate home equity loans; and improving the customer experience when replacing ATM cards.
BANK OF PHILIPPINE ISLANDS branches went from zero cross-selling efforts to a significant increase in sales and dramatically reduced the time it takes to approve an auto loan (now it only takes 6 hours).
CANADA LIFE documented a 30% improvement in productivity in one of their large divisions in a year alone, and another 20% over the next two years just based on growth in volumes and attrition. This resulted in $200,000 to the bottom line not as a cost reduction, but in new business otherwise gone to competition.
CANADELLE began shipping its product at a 95% fill rate (up from 85%) and operating with $5,000,000 less in inventory. As a result, profits rose 21% and RoI went up 10 points. In July 2002, staff received the highest bonus payout in the history of the company.
CREDIT VALLEY HOSPITAL tackled the cancer patient experience at the Peel Regional Cancer Center. Normally, what should have only taken 2 hours, was taking an average of anywhere from 5.5 – 8.5 hours. The redesigned process shortened the wait time to 34 minute and increased the number of treatments per day from 42 to 65.
EQUITABLE LIFE gained more than 30% in capacity and productivity in the areas they focused on. It has achieved about $785,000 in savings annually.
NASA redesigned the operations process for the Hubble Space Telescope so that wait time for scientists went from 18 months to 3 weeks and cut cost by $100M.
WELLS FARGO shortened the time for the central corporate authority to approve projects from 30 days to 1 day. The HR Recruiting Department has found hidden capacity and $2.8 million process dollars. The redesigned wire transfer process reduced error rates, improved the customer experience (from 3 weeks to 10 minutes to send a wire) and freed up capacity in operations and financial centers. Wachovia Treasury services had three teams in succession design the new customer-based process. Since the E-Box project was released in January, no customer has reported a single defect. All of testing found less than 1 defect out of 100 chances.