Transformation and Organizational Resilience In Uncertain Times
Transformation of a Fortune 100 Financial Services Company
Self-Reliance through Strategy Execution
Industry Context: As an incumbent in a well-established industry, the company has competition from other traditional firms, as well as a new generation of emerging insurtech companies with business models that compel company leaders to keep margins low and drive efficiency wherever possible.
Challenge: To compete in the market over the long term, company leadership recognized that transformation was required to drive innovation, increase efficiency, and ensure that work happening across the organization was in line with the strategic objectives of the business.
Like many organizations driving digital transformation, continuous improvement, and cost management initiatives, the business initially relied upon a global management consulting firm to help orchestrate their transformation workstreams.
The frameworks and disciplined processes of the consulting firm were indispensable in the early phases of the transformation; however, as major initiatives progressed and change management efforts gained traction, the business sought to decrease its reliance on the firm, which it came to view as an encumbrance and unnecessary operational expenditure.
To decrease its reliance on the costly and inefficient consulting engagement, the company needed to strengthen its own transformation and internal strategy execution capabilities.
Visibility designed for business leaders: The organization had become reliant on the reporting capabilities of the global management consulting firm to orchestrate their transformation workstreams; yet, business leaders found the firm’s proprietary program management tool unintuitive and difficult to use without assistance from the firm.
Ease-of-use was essential to equip business leaders with the information required to make data-driven decisions about project pipeline and resource allocation — they needed the clarity and simplicity of a tool built for non-technical business leaders.
The company decided to use the Catalant Platform to provide leaders with greater visibility into how the transformation workstreams of a large business unit aligned with its strategic objectives.
Leadership knew that re-envisioning the business model, operating model, and culture of the organization would first require experimenting with new ways of working in strategic parts of the business in order to establish best practices and lay the groundwork for future deployment across the enterprise.
Efficient allocation of Internal Resources: Ensuring that the workforce was engaged, productive, and driving strategy forward required a nuanced understanding of the skills and experiences of the business unit’s nearly 2,000 employees.
The Catalant Platform gave business leaders a much more granular view into the capabilities and aspirations of individual employees, which allowed for more efficient resource allocation.
It also provided employees with greater access to enriching cross-functional opportunities and increased visibility into how their work contributed to the business unit’s transformation efforts.
Increased access to stretch opportunities and a better understanding of how individuals contribute to strategy has helped the business unit to advance a culture of learning, ownership, and accountability.
Flexible access to External Talent: Better visibility into how the skills and experiences of the workforce align with the needs of the business also allows business leaders to recognize where they have organizational capability gaps.
To bridge knowledge, skill, or capacity gaps and keep strategic initiatives on track, business leaders flexibly access right-sized expertise through Catalant’s Expert Marketplace of nearly 70,000 elite independent consultants and more than 1,000 firms.
Flexibly accessing expertise through Catalant’s Expert Marketplace allows business unit leaders to drive transformation workstreams forward quickly and efficiently. It also allows them to keep fixed labor costs down by variabilizing costs on capabilities that are critical temporarily but not core to the organization’s long-term operations.
Self-Reliance and Organizational Resilience: The organization knows that orchestrating critical work — and aligning an increasingly remote, distributed workforce — calls for a centralized way to provide real-time visibility into what work is being executed, whether the work that is happening is moving forward, what value the work is driving, who is doing the work, whether those people are right for the work, and whether they are engaged and productive.
Whether driving transformation workstreams forward in periods of less volatility or having to pivot strategy in response to rapidly changing market conditions, the organization knows that its resilience is predicated upon its ability to navigate constant transformation and build strategy execution as a well-honed internal capability.
About Catalant: Catalant builds software that gives companies visibility into how their work and workforce align with strategy, helps accelerate work execution through dynamic resource access, and tracks progress against key metrics to inform decision making. More than 30% of the Fortune 100—and hundreds of other leading companies—partner with Catalant to enable effective strategy execution with greater operational clarity, increased employee productivity, and dynamic access to external resources with the right capabilities.
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Our SaaS platform and Expert Marketplace are purpose-built to enable strategy execution and the benefits of convergence. Catalant helps companies organize strategic work, access and allocate the people needed to do it, and track progress against what they set out to achieve.
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