Providian trust head quartered in New York, delivered financial and fiduciary services through a network of 216 branches. In 1994, this company managed $49. 4 billion in trust asset with a staff of 840 full time employees. Sixty percent of company’s fee income and 9% of gross earnings generated by its fiduciary business that year. Though they had a huge team working on the front and back office handling and record keeping and settling activities, there was always a chance for error and it was easy for everyone point finger at others when it occurs.
Based in the facts presented in this case, LeBlanc wanted to convert the trust division’s outdated information into a more efficient system through which they can keep the date organized and respond to client request more effectively on time, and also generate and send the monthly statements on time with more accurate reports. Though the clients are happy about the statements that they have been receiving, they are not happy about the turnaround time that it takes for them to receive the reports.
Ultimately as we can see in this case, they is considerable level of resistance to automate the process and system as the employees feared about their job security. When Michael Walsh took over the responsibility, we have to note that two third of the $18million budget allocated for this conversion project already been spent. Project Justification Analysis LeBlanc justified that by having this conversion project successfully implemented with a budget of $18 million, they can earn more trust from the customers, and have the efficient data handling and as a result of this reengineering process, they can get $9.2 million profit, while reducing the work force from 840 to 660.
The Term Paper on Team Dynamics Time Leader Project
Is there such a thing as a perfect team? Is there any team that does not have any obstacles or conflict to overcome? Obstacles like communication or confusion due to a lack of materials. Conflicts such as a difference in opinion or different priorities each member has could be something plaguing the group. Time management could also be something holding the group's progress up. There are a lot of ...
Cost Estimate Overall Project Budget: $18 million Expected Profit annually: $9. 2 million Payback Analysis SWOT Analysis As in all projects, this effort taken by LeBlanc of Providian Trust Company, this has several threats and opportunities and its own strengths and weaknesses. Here’ my SWOT analysis of Providian Trust. Strengths Major support from the top management Financial stability to make an investment into technological advancement Workforce that can leverage previous experience and knowledge to support the conversion process Weakness
Computer illiteracy among the current FTE Opportunities Earn customer trust More efficient record management and improved business process Provide timely, efficient and accurate monthly reports and statements to their clients Expand their customer base as the automation process can help providing services to more clients Threats Confusions among the current employees Threat of subject matter experts leaving the company during the conversion process Fear of failure Resistance to change Resistance to change Fear of failure among the employees Has cost benefits Timely response to clients on reporting Accuracy in reports and statements
Threat of failure as no previous experience Computer literacy Threat of Losing most experienced finance officers and professionals Risk Analysis Apart from the 18 risks identified by Peter Storey, I would think the major risk involved in this whole conversion process are as follows: 1. Improperly defined decision making authority and employees structure 2. Delaying to provide training to the subject matter experts in advance might trigger job insecurity among them 3. Missing to identify mitigation plans for risks and creating proper project & management reserve. 4. Failure to realize the profit as forecasted .
The Essay on Minority Report Trust System Movie
Can We Trust? In some point of life, everybody has been faced with the question whether to trust or not to trust. What is trust? Trust is defined by Webster as a firm reliance on integrity, ability, or character in someone or something. Throughout the book, by Philip Dick, and the movie, "Minority Report", trust is a key element that plays a major role. In comparing the book to the movie, trust in ...
Future expenses keeping up with the technology as Access *Plus upgrades their system into latest technologies 6. Efficiency and subject knowledge of new hires Planning Phase “Go” or “No Go” Decision – Based on My Assumptions To put first things first, I would like to consider the face that Providian Trust current close competitors have their system automated and are able to provide faster and accurate reports and services to their clients. While having such heavy competition, and in this fast growing technological advancement, it is surely not a viable option to have such a huge system being handled manually.
Providian had over 10,000 clients with billions of dollars invested. So, In order to stay competitive, it is an ultimate need for Providian to automate their outdated trust processing and records management system. So, my vote is surely “Go” for it. Apart from having the fact that they can increase their profit by $9. 2 million a year, I look at the customer satisfaction and the trust that Providian can earn by delivering the timely reports and statements and having the increased ability to answer client calls with more accurate up to date information quickly.
That is more important as it will generate good will among the customers and will create possibilities for attracting more customers into the business. Though this effort has lot of risks including the threat of losing most experienced subject matter experts, and the fear of failure among the employees, and the anxiety of FTEs about learning new computerized systems, this project has a lot more advantages. Providian should come up with a strong mitigation plan to meet the unexpected unpleasant surprises in terms of losing SMEs, failure and bugs in the newly implemented software system, etc.
