Refining business strategy
We developed an action plan that enabled our client to implement a business improvement strategy.
The Situation
In an effort to improve its business performance and respond to a changing regulatory environment, the billing and payment processing subsidiary of a major insurance company sought to design a business strategy geared to the external marketplace. It faced several challenges: immature processes and IT development methods, an over-reliance on its parent company to “push” new business, a lack of consensus within the group about its business objectives and how to achieve them, and a need to identify growth enablers and barriers.
The Satori Solution
To fully understand the current state of the business, we developed a standardized interview protocol centered on key strategic topics such as business objectives, gaps, improvement opportunities, and customer requirements. To ensure completeness and diversity, we interviewed the entire staff and summarized the results for management.
Next, we conducted a Facilitated Strategy Planning Session focused on creating a shared strategic model. The goal was to solicit and obtain consensus across several areas, including the business’s strengths, weaknesses, opportunities and threats, its mission and vision, its strategic objectives, and the key enablers and barriers to achieving the strategic objectives.
As a final deliverable, we mapped each of the identified strategic objectives into a detailed action plan indicating the initiatives the company should pursue to accomplish its goals.
The Results
Our client came away with an actionable business improvement plan that provided a foundation for future efforts to improve performance in a new business environment.
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