Following a strategy development engagement for a financial services provider, we set up a project management office (PMO) to execute the strategy.
Stax formed the PMO with dedicated senior resources to get the execution on track and facilitate end-to-end project management. Initially, we conducted a comprehensive firm-wide audit (including a survey) to assess strategic clarity and alignment with responsibilities, and the quality of execution to prioritize the strategic initiatives that have a higher impact on ultimate outcomes.
Subsequently, we helped the bank cascade the prioritized initiatives to develop operational plans along with KPIs for each SBU (product line) to ease up the implementation process.
Furthermore, we introduced effectiveness and catalyst KPIs, and a new governance structure to ensure a robust monitoring and controlling mechanism is in place.
In addition to end-to-end project management, progress supervision, monitoring and controlling, we took the full responsibly of executing the most critical initiatives of strategy to ensure the achievement of financial KPIs.
Due to the collaborative approach, the middle level leadership developed a sense of ownership of the strategy and have become catalysts of continued strategy execution. Additionally, the frameworks and tools introduced during the execution phase allows the Client to continuously monitor the progress.
As a result, the large percentage of delayed activities were reduced, and all critical strategies were successfully implemented.