Change Management

Despite recent developments in Information technology and easy access to information, companies today are no more effective at delivering on large-scale change initiatives than they were 20 years ago yet, the environment for change is only getting more complex.

At the heart of the problem - failure to realize that change is neither free nor easy. If not properly budgeted and resourced, a change initiative can grind to a halt. Furthermore, translating breakthrough ideas into action requires difficult decisions, which leadership teams may be unprepared to confront. Finally, the one-size-fits-all approach companies often take rarely yields the expected results. To succeed, change management efforts must be targeted to only the most valuable strategies and tactics.

But companies that under-invest in change management are turning their backs on the impressive rewards that result from stellar execution. Based on our experience, change management done right can yield a remarkably high return on investment. The $10 million a year it might take to drive superior results instead of average results can be worth hundreds of millions to the bottom line of a large corporation.
WASALOS Consulting has developed a five-step formula for navigating large-scale change. The five are define, plan, lead, implement, and measure. They sound simple, but they're not.

• Define the nature and scale of change the company would like to undertake
• Planning requires a robust self-assessment, a review of customers and products, and rigorous analysis of the value, risk and investments associated with the change program.
• Leading starts by finding and directing the right change team, and engaging the broader staff along the way.
• Operating means treating the change itself like a business, with its own plan and decisions.
• Measure requires finding the two or three key performance indicators that show change results in increased production, bigger market share or fatter profits.

WASALOS Consulting works with change management clients of all sizes, industries and sectors to helped deliver breakthrough value by using this approach. Financial performance in most cases has increased by 20% to 200%. Companies are able to sustain improvements, develop new growth opportunities, and identify future leaders of change within the company. We link our change programs to each client's strategy by applying a pragmatic, analytic, data-driven approach. And, we're collaborative, teaming with our clients at every step to help them implement their vision.

Example:
Redesigning an inefficient Banking Operation

Problem:
A Nigerian bank’s credit business was a significant resource drain. Outdated systems and misallocation of resources were to blame.

The Nigerian bank was concerned about its credit business. Around 85% of resources were occupied with non-customer related activities and potential in the middle market segment was barely exploited.

The credit decision process was particularly poor - it took up to six weeks to reach a decision, and each application went through more than 23 handovers between different staff members. The credit reporting system supported only 15-20% of the process, and modern IT applications were not in place.

WASALOS was brought in to help the bank exploit the potential in this business by helping to implement a redesign of the entire process

Recommendations:
With WASALOS support, implementation teams were set up to formally manage the change process.

Results
The change effort in the credit business improved profits and effectiveness of the entire division

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