Today’s Post By: Mohammed Attar, IBM Director, Case Management and ECM Solutions Product and Strategy Follow @MAttarECM
A 238% return on investment. Approximately $7M a year in savings. Daily case operations decreased from hours to minutes. Just how was all of this accomplished?
In this new blog series, Case in Point, we’ll take a closer look into how companies are using IBM Case Manager (ICM) and the benefits they receive from it. In this case study, we’ll see how a particular financial services institution used IBM Case Manager to bring content in context to deliver value to their enterprise.
This ICM customer is a Fortune 100 financial services institution—one that offers a wide range of products and services, including pensions, IRAs, brokerage, insurance, mutual funds, and much more. The company processes an average of 6,000 to 7,000 cases a day. However, managing such a diversified portfolio requires a great deal of precision, synergy, and collaboration within and across the company’s business lines. Many departments in this organization were still using manual business processes that either delayed the services or caused unnecessary human errors—or worse sometimes both.
The customer needed an end-to-end case management solution to help make case processes consistent across all divisions; they chose IBM Case Manager. Prior to deploying ICM, the biggest bottleneck hindering the customer was the reliance on middle-office workers to gather data for its services from multiple systems – which would take one to four hours. More importantly, there was no intelligent and automated method for checking errors.
By leveraging the full IBM Case Manager Suite (Case Builder, Case Client, Case Foundation, Watson Content Analytics, Sametime, Content Navigator, and Daeja VieONE Professional), the customer was able to consolidate its multiple data systems into a single platform – solving its biggest issue of multiple, disparate systems. This also enabled correspondence from all channels to be stored within a case folder available to all stakeholders. With the ability to see each case linked to a single account record from a 360-degree view, the customer was able to improve its cross-sell, upsell, and customer experience activities. In addition, the customer now has the power of ICM’s advanced analytics capabilities, which make it possible to provide adaptive and dynamic work queue management, improved case visibility to all stakeholders, and increased productivity for optimized case outcomes.
By leveraging ICM’s ability to create an audit trail of process activities, the company also satisfies regulatory compliance, auditable consistency, and mandated reporting—a crucial factor in the financial services industry.
So, what were the actual results of employing IBM Case manager for this particular customer? Take a look:
- Faster speed to market driven by a simplified, shortened effort cycle.
- Reduced costs due to ICM’s shared services platform, resulting in incremental cost savings of 80%.
- Increased customer satisfaction as a result of shorter and error-free client servicing cycles. For example, data validation, which took 3 to 4 hours in the past, now takes approximately 3 minutes—a 98% efficiency gain.
This is just one example of how IBM Case Manager helped improve a specific financial institution’s business. If you’d like to read more about this compelling story, check out this joint report from IBM and Forrester Research, “The Total Economic Impact™ of IBM Case Manager.” It’s a great resource that really highlights the real-world benefits of implementing IBM Case Manager in an enterprise.
Share your thoughts and let’s continue the conversation. Tweet to: @MAttarECM
Mohammed Attar joined IBM in 2006 as part of the FileNet acquisition. Mohammed has over 15 years of experience in the ECM space, and is currently serving as Director of Case Management & ECM Solutions. Mohammed has extensive experience both in product development and management. Mohammed started his career as a Software Engineer focused Performance & Systems Analysis. He later spent time serving as a Product Manager over the IBM ECM Platform. In 2008, Mohammed led his first development team, and since then has continued to serve in a leadership capacity in the business. Mohammed was one of the original development managers responsible for the design, development, and delivery of IBM Case Manager. Mohammed holds a Bachelor of Science in Computer Science from California State University, Fullerton. You can follow him on Twitter @MAttarECM.