F500 Financial Provider Team with Skan to Improve Admin Support Center

  • IndustryFinancial Services
  • Company Size 5000+
  • Revenue $9B+
  • Location United States
01

Our Client

This Fortune 500 company, a leader in the retail financial advice market, supports more than 21,000 financial advisors. They provide them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow thriving practices.

02

Objective

The client's analysis revealed considerable volatility in the process, which contributed to service level agreement (SLA) violations. There was inadequate transparency into case volumes and types from various subscribers, resulting in ineffective resource allocation. Moreover, limited visibility into operations metrics such as wait times and cycle times restricted the impact of training initiatives. Enhancing process visibility and aligning operations and training could improve results.

Cost Savings
$12.4M
estimated annual potential savings through utilization improvements.
Standardization
$5.8M
estimated annual savings through standardization.​
03

Solution

Skan generated actionable insights on critical issues affecting service levels. By pinpointing SOP breaches that led to unacceptable turnaround times, Skan paved the way for systems improvements to better enforce SLAs. Diving into the data, Skan uncovered patterns of switching between participants that correlated with longer turnaround times (TAT), and subscriber segments and case types dragging down admin support performance.

Armed with these insights, Skan conducted multi-month trend analysis to track the impact of process changes. Skan's unit cost analysis identified opportunities for process optimization. Through meticulous analysis and a solutions mindset, Skan empowered the team with the information needed to enhance operational efficiency.

04

Outcome

With insights from Skan, turnaround times (TAT) improved remarkably by eliminating process bottlenecks. Skan conducted a thorough unit-cost analysis, providing a clear picture of the average cost-per-case for each subscriber and participant. This has allowed the client to allocate resources more strategically. With comprehensive media events tracking, the client was able to quantify the impact of collaboration and training. By identifying and eliminating bottlenecks, optimizing costs, and tracking key activities, Skan has helped the client work smarter and more efficiently.

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