RenB Case Study
Client Company Background
An Fintech Services Company in Delhi facing Business Growth Stagnation and having inefficiencies in Business & Functional areas including Marketing wanted to Correct and Grow. The company having realised that they are not achieving the desired growth, wanted to ScaleUp and Achieve Strategic growth with a structured correction and Growth Implementation plan.
Sector & Offerings
Product: Loans to Consumers – (B2C)
The Brief given to Re-Engineering Business Solutions (RenB) was to correct the fundamental issues which is restricting growth and to build a Comprehensive Strategy for 3 years with an Execution Plan to help ScaleUp its Business having Stagnated for the past 3 years
RenB Solution Metric
RenB scope included, creating a Growth Strategy and Execution Plan with Milestones and Timelines after ensuring the Business Fundamentals were corrected through a Process Intervention both in Business and Functional Areas which included areas like Business Model, Revenue Model, Marketing, Sales, Product Development (New Technology Intervention) , Project Management , Customer Management , HRD , Finance Management etc.
There was a Major Focus on SALES ELEVATE Module of RenB in this project.
Planned: 180 days
TimeLine Actual: 210 days
RenB started the Project a comprehensive Diagnostics Process using the RenB Diagnostic Framework to Understand the Lacunae in its current Business Practices. A Detailed Heat Map was generated which clearly defined the areas of Inefficiency and Growth Showstoppers.
Areas of Inefficiencies
The Diagnostic Process threw up the areas of inefficiencies, especially with major lacunae seen in the areas of Marketing, Sales and HRD, there were inefficiencies also seen in the overall Operative areas with no Process and Systems, wherein the entire operations was manual and the Operational Visibility was LOW for Management Decision making.
Growth Show Stoppers
The Growth which was major concern was largely due to the following show stoppers.
Solutions offered was not meeting customer pain points in all aspects.
The Company did not understand the Opportunity profile and did not have any information of its customer profile and customer density geographically and demographically.
There was zero customer acquisition process
There was zero customer retention process.
Did not have an effective DIGITAL FOOTPRINT.
The Company was weak in Processes and Systems with Zero Visibility.
The Project Implementation identified a Two Prong Strategy
- Correct the critical Show Stoppers on an immediate basis.
- Prepare the Strategic Growth Execution Plan using the RenB Strategy Framework and start implementing the same with Refinement of efficiencies parallel to ensuring the customer acquisition count increases thereby giving additional resources( Finance) for refinements which would require investments.
Re-Vamp the Solution offerings
The solution offerings went through a RenB framework of Problem Solution Dissemination and the offerings was tweaked to meet the customer pain points.
Customer Profiling and density was mapped based on secondary research using RenB Research Framework and the data was used to create the Marketing Plan.
Marketing & Sales (The Sales ELEVATE Module was Executed)
- Post correction of Show stoppers , The first area to be focused involved Correcting Marketing and ensuring a robust Sales Mechanism.
- Marketing – Create the Digital Footprint based on a branding theme at a Low cost method using RenB Digital Framework.
- Sales- Prepare the Identified team to ensure the sales process is implemented and customer acquisition count is increased using RenB Sales Funnel Framework.
HRD & Deployment
From No HRD Policy and Process to Implementing 62 Key Policy and Process for People Management and Development, adapting the RenB HRD 3T Framework, made an immediate impact with the employees and better productivity was seen in 90 days.
IT and Process Automation
Using Low cost SAAS tools (Recommended by RenB),some critical areas was automated like HRD and CRM, The Process Automation Through an IT Intervention using RenB Process Automation Framework was simultaneously being Deployed by RenB Associates and the Client Team to Capture and Automate all the Processes and ensure Real-time Visibility for Accurate Decision Support System ( DSS).
Strategy to Execution
The Strategy for Short, Medium, and Long Term with Goals was created using RenB Execution Framework and confirmed with Various Stakeholders Internally and Externally for Feedback and Confirmation.
Strategic Execution Plan Coverage(RenB Strategic Principles)
The Execution Plan was implemented in the first year covering the following areas:
- Mission & Vison
- Unique Value Proposition
- Product Development Roadmap & Implementation plan
- Product Management
- Opportunity Profiling
- Branding and Branding Thrust
- Digital Footprint and Online Customer traction
- Customer Acquisition
- Customer Retention
- Customer Satisfaction index
- Process and Automation Implementation Plan
- Talent Acquisition , Talent Retention and Talent Management Plan
- Organisation Structure for ScaleUp Readiness
- Competency ScaleUp Plan for management Team
Business visibility and decision support system
RenB Frameworks Used for the Project
- RenB Diagnostics Framework
- RenB Problem Solution Dissemination Framework
- RenB Research and Analytics Framework
- RenB Sales Funnel Framework
- RenB Digital Marketing Framework
- RenB Process Automation Framework
- RenB HRD 3T Framework
- RenB Strategy Framework
- RenB Execution Framework
- The Company achieved 18% Growth in the Quarter after Execution and ended the year with a robust 32% Growth over the projected Revenue Target.
- A Cost Efficiency of 12% was achieved due to Process intervention.
- The Team Productivity post Execution went up by 50% in most areas.
- The Management Visibility of its operations was 100%.
- The Management Decision Making Lead and Lag Time improved by 30 Hours and reduced from 48 Hours 12 Hours.
The Client having seen the Impressive Results Continued with RenB taking on an advisory role for the next year.
RenB Take on the Project
“The Funding Teams ability to understand and implement the Recommendations was amazing , they achieved quick results due to the conviction of the Founding teams execution ability ”Vincent F–Chairman, CEO of RenB
“For me the biggest change was to see the impact on revenues, and I started getting more accurate operational visibility which changed my perspective of my strategic goals ”CEO