Business Transition Success Stories

Client Reference 8:  Large Call Center Reengineering

Household Finance Corporation (HFC), the nation's 2nd largest consumer lender, had just consolidated 3 regional offices into one large national call processing center with over 1,000 employees.  While the company already ranked among the most efficient issuers, servicers, and collectors of consumer loans, it was highly motivated to reach best-in-class status in order to achieve a significant cost advantage over competitors.

Our executive was recruited during this transition to a key VP role at the national processing center in order to help guide and facilitate considerable change, focused primarily in the Home Equity Secured Lending, Unsecured Consumer Lending, Underwriting, Credit Review, Servicing, Collateral Valuation, and Records Retention functional areas.  He was accountable as the senior officer for leading several departments including:  (1) Performance Reengineering,  (2) Loan Credit Quality,  (3) Appraisal,  (4) Vendor Management, and  5) Review Appraisal.

The teams he led introduced several innovative changes at the national center, including the introduction of automated credit and collateral scoring, a new Integrated Voice Recognition (IVR) telephone software program, imaging of loan files with color photographs of the collateral for underwriters to review, automation of manual paper-intensive processes, automated loan credit quality audits, and the electronic delivery of documents. 

Documented cost savings to the national center as a result of these implemented changes totaled $2 million or 10% of the annual internal $20 million operating budget, plus an additional $5 million dollars in reduced fees paid to third party contractors as a result of renegotiating several large outsourcing contracts.  .

Client Reference 9:  eBusiness Transforms an Entire Country

The country of Mauritius is an island paradise.  It is one of the world's largest shipping ports, strategically located near both India and Africa, and a common stop-over for ships traveling to or from Asia. 

However, with an economy dominated primarily by Sugar Cane, Shipping and Tourism, the newly elected Prime Minister, Anerood Jugnauth, sensed this was an opportune time to capitalize on the emerging global digital economy.  The primary obstacle, however, was determining how the government could best stimulate entrepreneurship.

Our associate was retained as Chief Operating Officer (COO) and Chief Financial Officer (CFO), by a Joint Venture consisting of the Country's 4 largest corporations along with the government, to help lead a new corporation that was formed to stimulate entrepreneurship and the creation of new companies.

In less than 90 days, he developed and presented a detailed plan for creating the country's first "Business Incubator" which would be sponsored and funded by this innovative private-sector and government joint venture initiative.  After acquiring $100 million in corporate and international funding, the government began an ambitious country-wide technology initiative, with the launching of an interactive government portal known as "Mauritius Government Online" or "M-GO!" 

The government is now putting in place the necessary high-speed telephone, pre-wired buildings and other infrastructure necessary to support a wide range of technology startups.  This effort, combined with the country's multi-lingual workforce, well positions the country to attract call and service center businesses seeking access to customers in India, Africa and Asia. 

Overall, our effort received very favorable press and achieved the objective of greatly increasing public awareness, leading to the launching of many private-sector startup enterprises, helping to transform an entire nation.  

Go to Additional Client Success Stories:

Turnaround Case Studies and Client References #1-3

Startup Case Studies and Client References #4-6