Project Management for Process Improvement Efforts. Jeanette M Lynch CLSSBB Missouri Quality Award Examiner Certified Facilitator

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1 Project Management for Process Improvement Efforts Jeanette M Lynch CLSSBB Missouri Quality Award Examiner Certified Facilitator

2 2 Project and Process Due to the nature of continuous improvement, improvement efforts need to be maintained in a disciplined fashion. Project management provides this discipline. Process improvement projects can have different phase names but accomplish the goal.

3 3 Comparisons Process Improvement Six Sigma DMAIC Project Management Initiation Define the process project Define Planning Measure Understand the process Analyze Execution Improve the process Improve Implement the solution Monitor the process Monitor & Control * Control Provide continuous improvement Close * Refers to monitoring and controlling the project which is sometimes indicated as an over-arching project activity in lieu of a phase. In process improvement, Control refers to the monitoring and control of the process being improved.

4 4 Define the process effort Ensure the effort aligns with the firm s goals Agree on the burning platform and the scope Begin to quantify the results or the cost of poor quality Determine roles, responsibilities, approach, milestones, deadlines, Report Outs Obtain a client agreed upon Charter and Change Management Plan Prepare the Project Plan and deploy the Change Management Plan Tools Project Charter Cost of Poor Quality analysis* Project Plan Stakeholder Analysis The client owns the pain points

5 5 Define the process effort Quantify the expected results What is the benefit in revenue generation, cost avoidance, cost reduction The cost of poor quality CoPQ costs are calculated from activity time and average daily volume. Three types of cost Process Supplier Damage

6 6 CoPQ Process CoPQ Result from poor process design or execution. Encompass all inefficiencies built into the core process and all activities to prevent or resolve internal error. Supplier CoPQ Result from poor products or services. Suppliers can be internal or external but are always external to the process trigger. 1. Standard Appraisals: All standard validation for accuracy & completeness. This includes all verification activities, QC activities or processes, and standard supervisory approvals. 2. Waste: Includes any other activities inherent to the process design that are non-value added. Waste can include duplicate activities such as system limitations or SOPs, unnecessary steps, error correction resulting from QC, etc. Damage CoPQ Result from fines, fees, service charges, lost revenue, or any other measurable costs. 1. Defect activities: Includes all activities and related activities that exist in order to resolve poor inputs to the process. 2. Re-work: Is defined as any repeats of previously performed activities due to poor Supplier input. This can range from an activity to resolve a defect to a workaround because of a limitation in the Supplier process. 3. Unplanned work: Includes any other extra activities performed due to poor process inputs. Some examples are escalation activities, additional approvals, and customer support calls.

7 7 Define the process effort Determine the roles, responsibilities, approach, milestones, deadlines and Report Outs Roles and responsibilities Executive Project Champion/Business Strategist Process Owner(s)/Project Champion Process SMEs/Process Area Participants Quality Coach/Master Black Belt Quality Project Manager/Black or Green Belt Process Analysts/Green or Yellow Belt Technology Liaison Clients/customers

8 8 Define the process effort Determine the approach and Report Outs Approach Interview interview guides Facilitated Sessions facilitation expert Job Shadowing Report Outs How does the client want to receive the information? Do you have agreement on how the information will be shared with the employees and other stakeholders? Approved Charter and Plan and deployed Change Management Activities, agreed upon Report Out method

9 9 Understand the process Understand the vendor relations and other customers of the process Capture the VOC (Voice of the Customer) Determine and depict the current process, the trigger, the end-state, inputs, outputs, guides and enablers Collect current process data and metrics Gather the current key business rules Attach common meaning to the terms Uncover the process risks Determine the opportunities for improvement (OFIs) Optional: Activity-Based Costing Optional: Process Maturity Tools SIPOC and IGOE Process Maturity Grids* Process Architecture* Interview Guides Job Shadowing Facilitated Sessions Metrics Collection Templates

10 10 Process Maturity Reactive Predictive Level 1 Initiating Level 2 Repeatable Level 3 Standardized Level 4 Predictable Level 5 Optimizing Non-repeatable ad-hoc processes tailored to individual preferences & experience Defined & documented processes based on team preferences & experience Repeatable processes that support organizational vision & mission Measured processes that supports a predictive environment Optimized processes in a continuous improvement state The Agile Zone

11 11 The Grids Key Process Area Knowledge Area Description Level 1 Level 2 Level 3 Level 4 Level 5 Initial Services Repeatable Service Processes Standardized Integrated Service Processes Integrated Managed Processes Business Process Optimization Non-repeatable ad-hoc processes tailored to individual preferences & experience Defined, documented & communicated processes based on team preferences & experience Repeatable processes that support organizational vision and mission Measured processes that supports a predictive environment Optimized processes in a continuous improvement state Transaction Processing Intake Receive and prioritize request Requests are gathered from various sources and the process is not documented. Priority is simple FIFO and there are no documented SLAs. Process to take in requests is documented at the group or team level only. There is some deference to priority and timeliness based on meeting the job requirements cycle time. The documented process has one intake flow and its SLAs are documented and known by employees and other stakeholders. Priority is determined by type of request (fixed income, equity, redemption, etc.) The process has organizational-wide metrics in place to help determine performance (lagging) and leading indicators used to make informed decisions. Resource allocation adjusted based on predictive process performance indicators, making the process agile and able to seamlessly support a menu of services and handle various request volumes. Assign Assign or select request Work is divided up based on individual s performance or previous experience. Best practices are shared within the team and work is assigned by team preferences. Processes are defined, documented and communicated at the team level. SLAs are documented and known by employees and other stakeholders. There is a standard process for assignment and some degree of workflow exists. Tracking intake items and labels for tracking is in place. Additional workflow is in place with predictive process performance metrics being utilized to make informed decisions. A fully integrated workflow is in place and working seamlessly. A management dashboard provides on-demand information into a transparent process. Process Log input The manner of processing the request differs by resource and there are no documented SLAs or best practices. Everyone does things their own way with minimal consistency. Teams have documented their process and best practices are shared at the team level. Consistency is more visible and tribal knowledge exists for timeliness requirements. A documented, consistent process with SLAs exists across the organization and processing tools are readily available to associates. The process is measured with defined metrics for timeliness and accuracy as well as volume. This process measurement system is available to the associates and teams. The process is monitored and measured with a response plan automatically invoked to address missed SLAs. Mgmt. dashboard provides real-time insight into the process for leaders, teams & associates. Validate Review for accuracy and completion Little or no validation is performed and validations are handled in various ways for the same type of work. Teams conduct their process in a consistent way but across the process there are still various approaches. Highimpact processes are validated at 100%. SLAs are at the organizational level and in place and communicated. Best practices are shared across the organization. Validation occurs 100% of the time and is reported. A knowledgebase exists for associates and the need for validation (QC) is eliminated. The process is measured for timeliness and accuracy. There is transparency in the process end-to-end allowing our clients to recognize, at any given time, where the request is in the process. Alerts are sent prior to SLAs expiring to be proactive and mitigate potential risk to the firm. The process knows daily the inventory balance.

12 12 Comparisons and Translations Plan Hire Develop Build Sustain Leadership Team Leads & Associates

13 Guiding Process Enabling Process Core Process 13 Process Architecture Processes that provide direction, rules and practices Notifications Filings Processes linked directly to external customers Facilitate Securities Receipt Facilitate Securities Delivery Facilitate Trading Facilitate Trade Settlements Make Trade Corrections Compare Trades Processes providing reusable resources to be used by other processes Reconcile Assets Reconcile Accounts & Positions Resolve Discrepancies Resolve Breaks, Resolve Suspense Items, Make Trade Corrections Maintain Accounts Setup & Maintenance, Document Registration Agreed upon current state and pain points

14 14 Improve the process Determine the root causes Work the quick fixes Determine and document needed metrics and gaps Note the business terms and rules Mitigate or eliminate the risks Quantify the improvement Recommend additional controls and OFIs Depict the future process at the what not the how level Tools Step Error Analysis Method (SEAM)* Metrics Analysis Templates OFI Grid* Process Modeling Standards*

15 15 SEAM Process Activity Risk Risk Type Root Cause Impact Frequency Type of activity Detectability RPN Rating S/T solution L/T solution Control Implemented Tie the activity to the box # on the model Obtain a documentable root cause and impact Compute the Risk Priority Number by taking Frequency x Type of activity (manual, semiautomated, systematic) x How soon the risk/error can be Detected or can use Impact or Type of control Quantify the cost of the risk, FINRA fines, overtime, loss of customer, etc. to determine financial impact of the Control Quantifiable Impact of Control

16 16 Levels of modeling Model the what not the how

17 17 Future State On-Boarding BCIT Channels Request On-boarding Intake Request Train Enable FA Open Office New Branch? Yes No Add Branch Profile Register FA FA Onboard Approved Future State Model and OFIs

18 OFIs 18

19 19 Implement the solution Document the solution Policies and Procedures Job Aids Ensure training takes place Change Management as well as process execution training Provide additional recommendations Tools Training plans Documentation templates Weighted OFI Grid* Here is where separate projects may begin!

20 20 Prioritizing OFIs ID # Opportunity for Improvement Level of impact to department Probability of Acceptance Level of implementability Measurable Improvement Total Scoring Score up to 50 Score up to 40 Score up to 30 Score up to 20 Measures Your perceived impact the OFI will have on <area of focus> How likely this OFI is to be considered a valid opportunity How easily this OFI can be implemented Does this OFI have measurable improvement within <area of focus> Implemented process

21 21 Monitor the solution Finalize metrics collection plan and operational definitions Determine monitoring timeframe and/or sample size Train area to analyze and report on results Tools Various bar and graph charts Control plan Dashboard and ScoreCards Metrics indicate project met goals

22 22 Operational Definitions 1) An understandable description of what is to be observed and measured; so different people collecting, using, interpreting and communicating data will do so consistently 2) Clear but detailed definition of how something will be measured, how often, and what source will be used 3) Consistent, a standard way of gathering, reporting and using the data 4) Easy to communicate; to those who are gathering the metrics and those monitoring or receiving them Document and communicate the Operational Definitions Describe the when and the why Identify what you want to measure Select the how the measuring device Allows for metrics capture to be repeatable, enables standardized use of data, everyone attaches the same meaning for analysis and solving

23 Accounts Processed % Accurate 5-Feb 7-Feb 9-Feb 11-Feb 13-Feb 15-Feb 17-Feb 19-Feb 21-Feb 23-Feb #Producing FA's % Utilization 23 Dashboard Volume Prediction View Date Processed Accuracy Rate by Resource Date Departmental Capacity Utilization by Date Zach A. Wendy C. Tom F. Rhonda H Date Date

24 24 Provide continuous improvement Continue monitoring results to declare and sustain a win Gather and report on Lessons Learned Track client satisfaction Close out the project Celebrate with the team Successful, sustainable improvement and an area equipped to make continuous improvements.

25 25 It s all in the plan Questions, Comments?

26 26

27 27 Process CoPQ Process Min / CoPQ in minutes Hour 600 min 60 X Hourly Rate $25 = Daily Process CoPQ in dollars $250 Supplier CoPQ Supplier CoPQ minutes 355 min / Min in Hour 60 X Hourly Rate $25 = Daily Supplier CoPQ in dollars $ Process CoPQ in dollars $250 + Supplier CoPQ in dollars $148 X 5 days in a week X 52 weeks in a year = Incurred Damage Costs $103,480 $5,000 Total Dollar CoPQ $108,480

28 28 VOC to Requirements VOC Gathered Needs Translated Requirements Developed Capture verbatim what your customers say, focusing on what they like, dislike and want Example: the cost of processing work is too high and the process is too slow I don t know what it is I m paying for or when it is done Translate the VOC into a set of needs Example: better understanding of process complexity greater visibility into process status communicated cost (price) defined SLAs Build process requirements from the translated need Example: status notifications at receipt, key process points and completion documented cost to the customer report on SLA adherence

29 29 Scorecard People Metrics Attribute Measure Target Q1 Q2 Q3 Q4 Employee retention Annual turnover percentage Reduce overall turnover from 18% to 15% by end of year. 19% 18% Employee satisfaction Recognition Based on employee survey, ensure that 90% of top-rated employees feel they receive positive recognition for their achievements. Financial Metrics Cost reduction/productivity Process Metrics Unit cost per transaction Reduce unit cost per procurement transaction from $0.75/unit to $.50/unit by the end of the year. Operations Process cycle time Manufacturing process cycle time will be reduced from 60 days to 55 days by Q3. By Q1 be at 58; by Q2 54;by Q3 55 Customer Service Metrics Customer satisfaction Customer satisfaction percentage Increase customer satisfaction (as measured by external survey) so that 75% of all customers are "somewhat" or "very" satisfied. 72% 79% % 76% Key: off target trending to target target reached

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