Discover Equifax’s organizational maturity model
How the financial services company determines its maturity level for OPEX initiatives by looking at the business, technologies and culture
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Following PEX Live: OPEX in Financial Services 2022, which took place on 19–20 July, we take a look back at the keynote session, Defining your organization’s process maturity and striving for process excellence: a new process maturity measuring tool.
Presented by Nino Monge, director of operational excellence at Equifax, the session offered insight into where to start with operational excellence (OPEX) and detailed the aspects that let businesses know if they are ready.
We outline below the key takeaways from the session.
Maturity level is the main missing element from OPEX initiatives
While businesses may be confident that they have optimized processes, have acquired good talent and implemented the latest, most effective technologies, it may still feel like something is missing on their readiness to drive OPEX efforts. Monge explained that in many cases, organizations are missing the necessary maturity level to begin driving OPEX.
She detailed the necessary characteristics organizations must exhibit before they can consider their maturity level as sufficient for successful OPEX initiatives. This assessment should be based on KPIs that measure how goals were achieved rather than what was achieved.
She also explained that businesses should have a common culture and values that are engrained into the way of working with every employee committed to working toward. This company culture should be focused around the value stream chain from customers’ and employees’ perspectives.
Equifax’s three-point organizational maturity model
Monge went on to detail the aspects of the organizational maturity model utilized at Equifax to assess readiness for OPEX initiatives. The model analyzes three key areas, the business, technical and social dimensions.
The business dimension looks at strategic planning capabilities and the focus on customer service to determine how well-equipped the management side of a business is for OPEX.
The technical dimension assesses whether a business has leading technologies and scientific or innovative thinking.
The social dimension considers how well a business has developed its internal culture and how it handles leadership.
According to Monge, these aspects of a business offer visibility and can be used to determine a baseline maturity level. These drivers can also be applied to inform the development of action plans which are designed to progress an organization onto the next level of maturity.
You can watch all sessions from the event on PEX Live: OPEX in Financial Services 2022.
How do you assess your maturity for OPEX initiatives? Let us know in the comments below.
