Captive Finance Company (CFC): Process Efficiency Task Force
CFC purchased a Finance Company from a Major Bank (FCFAMB). With the acquisition, CFC obtained a majority of the key management from FCFAMB. The Executives at FCFAMB had no training in Process Efficiency, which is a key strategy throughout the parent of company of CFC who is a Major Manufacturer (MM).
CFC did not have Process Efficiency imbedded in its culture since it obtained most of its executive management through an acquisition. Process Efficiency was established as a goal of the company and CFC needed an implementation plan.
Why Goff Associates, Inc. (GAI)?
GAI has a substantial amount of experience identifying and managing initiatives that generate Process Efficiencies.
In an effort to acclimate and train the executive of FCFAMB in Process Efficiency, GAI was assigned as Director of the Process Efficiency Task Force for CFC. CFC also did not have a system to track and implement the initiatives generated by the task force. GAI coordinated the design and implementation of a Process Efficiency System in each department. The departments were given the task of developing process efficiencies. Once identified the Task Force developed priorities for implementing the process efficiencies and obtained budgets for their implementation. Included in their Initiative budgeting process was identification of the specific resources, i.e. people, expenses, etc., that would utilized during the implement of the Initiatives. Once approved, action plans and goals were established for the individuals and these tasks were incorporated in their performance reviews. As implementation began on each initiative, the achievements of goals within the initiatives were reported back to the Task Force to allow for the identification of road blocks and removal. As the cost savings or revenue generation was built into the department budgets, they were incentivized to successfully implement the initiatives.
The program was successfully implemented creating a culture focused on improving process not only allowing management to achieve its objectives but make the company more competitive in the market place.