CASE STUDY:
Fraud and Credit Process and Platform Mapping Leads to Increased Efficiency and Consolidation
The Challenge:
Upgrade an Integrated Ageing Platform
The current Consumer ID Authenticator Platform was ageing and needed an upgrade. The initial recommendation from the customer was to upgrade the current platform. When they contacted the vendor directly, they were informed that the platform was no longer being upgraded and maintained. Furthermore, the vendor advised the customer that they either keep the current version or change the platform. As soon as we were consulted, we discussed a strategy understanding that there would be very little leverage with the incumbent.
The Discovery Stage:
Duplicative and Non-Interconnected Systems
The result of our initial evaluation, along with market intelligence, showed several platforms that provided additional functionality available to our customer. We pivoted to a discovery phase that resulted in a complete review and update of the current sales to receivables strategy. We created a detailed map of the existing process to identify gaps, overlaps, current platforms, etc. The results were used to build a business case – incumbent vendor had selectively implemented several SKUs and failed to interconnect them for the customer. Promitheia Group has seen this on many occasions across industry and countries.
The Strategy:
Platform Standardization and a New Streamlined End to End Process
We established a new set of requirements that was cross-departmental prior to launching the sourcing process. With our participation, our customer was able to obtain internal approval with each of the business units involved in the project. We were able to establish requirements that satisfied all business units prior to launching the sourcing process. A Proof-of-Concept approach was required to determine the platform that best fit the requirements, including ease of use and integration. As a point of reference, the incumbent was included in the sourcing process, however, their solution did not meet all of the new requirements. As part of our strategy, we agreed to have a dual solution which was the best approach.
The Results:
Cost Containment and Unexpected Leverage
Taking the time to mapping out the end-to-end process, although time consuming due to the various teams, the knowledge gained by all business units involved help to agree on a short- and long-term strategy. As a result of this project, we were able to update current process and consolidate the number of vendor platforms from 6 to 2. The new platforms will enable the customer to continue operating in an efficient manner while mitigating risks of a disconnected eco-system.