MTFX is a prominent FinTech Company that has built an impressive reputation over the past 23 years in foreign exchange and international payments. With a wide-reaching influence, MTFX facilitates secure and efficient payment solutions for over 5,200 corporate clients across various industries worldwide. Its diverse client base encompasses small to medium-sized enterprises, large multinational corporations, law firms, educational institutions, charities, and banks.
The company faced significant challenges beyond the lack of superior customer experience. One major issue was the heavy dependence on individual employees for various work processes. If a specific person was unavailable, the processes would come to a halt. While the internal and infrastructure aspects of the operations were structured, they lacked proper process-driven management.
- The absence of performance metrics or measurements for process steps and the individuals responsible for their execution blocked effective evaluation and improvement.
- The lack of standard process maps and information flows impeded the establishment of a management metrics database, making it challenging to track and analyze performance.
- There were no standardized or modeled process times for the entire quote/buy/fulfillment cycle, transitions between different stages, or even within individual process activities. As a result, operations were reactive, with staff pressured to fix problems as they occurred rather than addressing their root causes.
- These deficiencies resulted in an inefficient internal operation that wasted considerable time through the creation and reinvention of ad hoc processes.
Our objective was to define, automate, and measure multiple processes throughout the organization. The primary aim was to enhance customer-facing processes while educating teams on process automation and system integration within the company. Each process had a specific goal of providing real-time visibility to both clients and internal staff regarding the status of various business activities.
From the perspective of internal operations, our focus was to ensure that all personnel had a clear understanding of their roles, responsibilities, and the roles of their colleagues. This clarity would foster effective collaboration and communication within the organization. By achieving these goals, we aimed to improve overall operational efficiency and enhance the customer experience.
Enhancing Critical Processes: Streamlining, Time Management, and Task Optimization
Our focus was on enhancing four critical processes within the organization. For each of these processes, we established specific deliverables, including:
- Fully Documented Process Maps: We crafted complete process maps, visualizing the entire flow, including activities, department responsibilities, required actions, timing, links to upstream and downstream activities, references, and customer contacts.
- Time-line Charts: We optimized time management with process-specific time-line charts, showing standard activity durations and waiting times. This improved resource planning and optimization.
- Integrated Task Management Solution: CODEVISION developed an integrated task management solution using APIs and SharePoint, optimizing processes, tracking business capabilities, and providing a centralized platform for enhanced coordination and accountability.
- By implementing these enhancements, we aimed to streamline the identified processes, improve efficiency, and facilitate better measurement and monitoring of business operations.
Following the implementation of our process-ready solutions, MTFX has successfully gained the ability to measure cycle times for various processes throughout the organization. By integrating more effective and efficient processes through APIs into an activity-based engine on SharePoint, the company has experienced notable improvements over the past six months.
“Ashish and the CODEVISION team are exceptional. Their attention to detail, focus on delivery and work product are excellent. We continue to use CODEVISION for numerous projects within our organization.“