...Providian Trust: Tradition and Technology Business context/Key business drivers Providian Trust, headquartered in New York, is a financial and fiduciary services company. In 1994, it had 216 branches and managed $49.4 billion in trust assets with a staff of 840 full-time employees. The firm was falling behind the competition because the institutional custody business was becoming extremely technology-intensive, with some of the larger players outsourcing their entire backroom function in order to make large operations more effective. Therefore, a project was initiated to convert the trust division’s outdated information system into a more efficient system using Access Plus, a new trust and custody management software. Initiatives objectives/Benefits Intensive competitive pressures, client demands, and some internal problems were driving the need for the initiative. Specifically: 1. Competitors were having more advanced systems and technical competitive advantages 2. Clients were unhappy about the quality of the services 3. Decentralized control and lack of a clear distribution of responsibility Providian Trust wished to solve the above problems through the implementation of the new system. They also expected that the improved computerized trust system would consolidate and centralize data administration, give trust officers more time to interact with clients, reduce the number of full-time employees from 840 to 660, and save $9.2 million annually. Initiative...
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...HULT International Business School Module C Information technology management Professor: Jim Slusser PROVIDIAN TRUST: TRADITION AND TECHNOLOGY (A) Fenway Cohort Kamanasish Kundu 1. Business Context/Key Business Drivers * In 1994, Providian Trust, the tenth largest provider of financial and fiduciary services, slowly slipped away from profitability and competition due to the lack of efficient business processes and information technology. * The company was headquartered in New York and had three divisions Pension and Institutional Trust Services (PITS), Personal Trust and Trust Operations with a network of 216 branches. * To address the problems that Providian Trust were facing, Michael LeBlanc, the Senior Vice President of Trust, Investment and Treasury, took the initiative to lead the project aimed at not only implementing new technology but also reengineering Providian Trust’s business processes by implementing a major software system, Access plus, developed by Select One. The project, supposed to last for 20 months, cost $18 million, was finally approved by board members in April, 1994. * The key driver behind the above initiative was intense client demand on the part of PITS division, lack of control and discipline in the trust division, lack of operation efficiency and outdated reporting system. 2. Initiative Objectives/Benefits ...
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...BPR Through Access+ (BTA) 1. Overview 1.1 Reengineer Providian Trust’s business processes through effective use of information technology at all levels with Access+ 1.2 Project start-end dates 1.3 Project manager Team 7 independent project management firm Note* It was decided that since Michael LeBlanc did not have the experience or technical knowledge to effectively manage the projects. Furthermore, most employees at Providian where “old school” and didn’t have the fortitude or desire to implement or manage this change. 2. Problem and Purpose 2.1 Problem Statement 2.1.1 Providian Trust’s outdated information system has caused a lack of oversight and control, outdated reporting systems, ambiguous staff functions, and an inability to keep up with client demands. Furthermore, the current system lacks the security safeguards with regards to clients PII that is required by law. This lack of security is required leaves Providian Trust open to heavy fines and costly lawsuits. The deficiencies have resulted in a loss of command and control, repetitive workloads loss of competitive advantage and $5 million every year. 2.3 Purpose 2.3.1 The purpose of this project is to implement an updated information system (Access+) and restructure job functions. Upon transformation, Providian Trust will be better suited to react to increased client demand. The improved system will enable increased efficiency, service quality while lowering operating costs by $9...
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...Essay on Providian Trust : Tradition and Technology (A) 1.Business context / Key Business drivers: Providian Trust is one of the Top 10 leading trust companies that activate in delivering financial and fiduciary services. Providian runs its business using its 216 subsidiaries network. The main origin of their earnings resides in commercial and residential mortgages, as well as consumer and corporate loans. The CEO of the company, Stephen Walsh, is facing the conflicting situation that was created under Michael LeBlanc’s command. LeBlanc is the senior vice president of Trust, Investment and Treasury and is responsible for leading the company’s reengineering project that is meant to result in the successful implementation of Select One’s main software system-Access Plus-which is already used by Providian’s competitors. The alarming scarcity of control and discipline inside the trust division is one of the key factors that triggered the necessity of creating and implementing this project. |2. Initiative Objectives |Initiative Benefits | |-improve front&back offices’ way of managing the |-increase control over customers’ accounts | |accounts | | |-centralize trust information |- better and more efficient reporting system | |- reduce time...
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...Aligning Strategy and Sales 2012 December 2 - December 7, 2012 Schedule for Sunday, December 2, 2012 Time 11:00 - 3:30 PM 4:00 - 5:45 PM Event Registration Opening & Introductory Case Session Instructor: Frank Cespedes Location McArthur Hall Program Office McCollum 101 Cabot Pharmaceuticals, Inc. (510030) 5:45 - 6:30 PM 6:30 - 7:30 PM 7:30 PM Opening Reception Opening Dinner Individual Preparation McArthur Hall Lounge Kresge South Terrace Copyright 2012 President and Fellows of Harvard College Aligning Strategy and Sales 2012 December 2 - December 7, 2012 Schedule for Monday, December 3, 2012 Time 7:00 - 8:00 AM 8:00 - 8:45 AM 9:00 - 10:15 AM Event Breakfast Discussion Groups Case: Ben & Jerry's Homemade Ice Cream, Inc.: A Period of Transition Instructor: John Wells Location Kresge Boardroom Assigned Living Group McCollum 101 Ben & Jerry's Homemade Ice Cream, Inc.: A Period of Transition (796109) 10:15 - 10:30 AM Class Photo 10:30 - 10:45 AM Break 10:45 - 12:00 PM Lecture: Strategy Articulation Instructor: John Wells 12:00 - 1:00 PM 1:00 - 1:40 PM 1:45 - 3:00 PM Lunch Discussion Groups Case: Edward Jones in 2006: Confronting Success Instructor: Frank Cespedes Kresge Boardroom Assigned Living Group McCollum 101 Baker Library McArthur Hall Lounge McCollum 101 Edward Jones in 2006: Confronting Success (707497) 3:00 - 3:15 PM 3:15 - 4:15 PM Break Lecture: Making & Articulating Strategic Choices Instructor: Frank Cespedes 4:15 - 6:15 PM 6:30...
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...1. Providian Trust being the 10th largest financial and fiduciary services provider, slowly deteriorated in terms of profitability and competition in 1994 due to lack of efficient business process and IT. The key motive behind the initiation of Access Plus was due to the following reasons: * Forceful client demand on the part of PITS division. * Trust division lacked control and discipline. * Operation efficiency and outdated reporting systems as far as the clients concerned. * To convert the trust divisions expired information system to more efficient system. * Seeking improved methods to serve the clients. * Time, Quality and Cost improvement. * Improper tracking of all the services gave way to a huge price and thus led to a centralized tracking system. * Lack of knowledge on using different types of technology and software. * The institutional custody business became technology concentrated with some of them outsourcing the entire backroom function to have an effective operations. * The Front and back offices performed administrative functions. So there were blame games between trust officers and operations people. 2. To ensure success of Access Plus project, Providian has to make many organizational changes: * Give computer lessons to front office and back office aiming to teach them to process data through computers. * Full project testing can be implemented and deadlines have to be extended. * Communication...
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...CASE ANALYSIS- Providian Trust: Tradition and Technology Kate Cavanaugh Stakeholders * All Employees / committees and Teams / Internal and External (e.g. Boston) * CEO Stephen Walsh * Steinman and Smith (External Auditor) * Audit Committee * Board of Directors * Select One (Software company) * Michael LaBlanc * Kay Whitney Investment (investment counsel/portfolio managers) * Steering Committee * Todd Bernari- VP of Implementation Team History * Headquarters NYC * Company lending products: residential, commercial mortgages; consumer/corp loans (principle revenue) * New CEO Stephan Walsh –Law background * 216 branches nationwide * 840 employees * Managed Total $49.4B * Pension & Institutional = $42.7B * Personal Trust Services= $6.7B (10,000 clients) * 250 Operations People “back office” * “Front office” people are Trust officers Decision: To implement new hardware and software to existing systems Case Information: * Budget $18M * New technology – Culture change- seasoned employees (20-30 years) * Lost revenue because of waived fee $2-5M * Improve Service levels to Customers * Software customized * Computer system outdated- replace and integrate new hardware and software * Responsibilities change from Trust officers to Operations managers * Train employees on systems * Reduce number of employees from 840 to 660 * ROI- $9.2M * 1010 Financial...
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...Analysis of Team Charter Week three collaboration between team C members resulted in interesting similarities and difference between team members in reference to personality types, listening skills, and trust level. Post the self assessment offered by Prentice Hall through the University of Phoenix; each team member got a better understanding of his / her team member strength and weaknesses, knowing that based on the self assessment there are no such “right” answer and neither extreme better than the other. The personality different types for team C can be summarized as follows: 1. xxxxxxxxxxxxxx = ENFJ 2. zzzzzzzzzzzzzzzz = ENTJ 3. eeeeeeeeeee = ENTJ 4. rrrrrrrrrrrrrrrrrrrrrr = ENTJ “ENTJ = is outgoing, visionary, argumentative, have low tolerance for incompetence, and often seen as a natural leader. As far career the survey lists; possible career as a manager, management trainer, stockholder, lawyer, chemical engineer, or police officer. ENFJ = is charismatic, compassionate, and highly persuasive. Possible career as a TV producer, fundraiser, drama teacher, or health adviser”. How often that; it works to have 75% of team members personalities are similar; we have three members (xxxxxxxxxxxxxxxxxxxx) earned type ENTJ in the Prentice Hall Self-Assessment and one team member ) earned different type ENFJ. The mix is not equivalent to experience different personalities; however, having the same personalities is a challenging factor...
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...International Legal and Ethical Issues in Business Abstract In this assignment, we will review two scenarios of business practices and how these practices influence consumers. We will also explore antitrust laws and the fact that they were established to protect consumers and businesses from anti-competitive business practices. The foundation of a dynamic economy is free and open trade. The benefits of lower prices and higher quality products or services is done through aggressive competition. To maintain this dynamic economy the United States Congress established and passed the first antitrust law. This law was named the Sherman Act of 1890. Two other antitrust laws have been passed since. In 1914 the Federal Trade Commission Act was created by the Federal Trade Commission and the Clayton Act. These laws are still in effect. The antitrust laws were created to promote competition that is dynamic and to protect consumers from mergers that would create anticompetitive business practices. These laws are enforced by the Federal Trade Commission working with the Bureau of Economics. (Guide to Antitrust Laws, 2015) The Sherman Act banishes any monopolization or attempts thereof. The Supreme Court decided long ago that this act doesn't prohibit every restraint of trade. I only prohibits those that are unreasonable. For example, two people that may want to form a partnership may restrain trade but this is not considered unreasonable. Examples of illegal...
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...3. Standard Oil violated the Sherman Antitrust Act by directly attempt to restrain trade by using the drawbacks within their agreements with the railroad companies. In addition, they also break laws with their price wars and competitor buyouts. Through these means they were attempting to monopolize the oil trade and commerce in the United States. In my opinion, just because Standard Oil was violating the law does not mean that Rockefeller was act unethically. Weather Standard oil was a monopoly or not, the more important question is, were the practices of the Standard Oil efficient and did it hurt the social wealth of the country? Rockefeller took advantage of his economies of scale in order to deliver the products cheaper to the consumer. The consumer benefits from the price wars that Rockefeller engaged in. They received extremely low prices during the war and afterwards despite a small raise in the price, Rockefeller would not raise the price too high as to not attract new competition. This reduction in prices contributed the greater social wealth of the country. Rockefeller’s purchase of the refineries also produced positive results. Those former refiners who were entrepreneurs had this buyout money and could move on to other ventures. This would free up their capital and to help move out the production possibilities of the nation. This obviously would increase social wealth and lifestyle of the country. I do not think contradiction exists between...
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...Dentsply International and Market Power Ashley Davis DeVry University Dentsply International and Market Power The Congress passed antitrust laws in effort to protect competition in the market, as well as consumers whom are the ultimate recipients in the market (Novak, 2007). The case that will be discussed in this paper will be a company that was found guilty of violating section 2 of the Sherman Act, which focuses on people that are trying to monopolize the market for their own benefit, or someone that is trying to get complete control within an area of the economy. With the Sherman Antitrust Act in place, monopolization is very illegal and the act tries to prevent it from happening and protect competitors in the market (Novak, 2007). Dentsply International is a company that makes dental products, but their main product sold is false teeth. The company sells product in over 100 countries, so it is a very large company. The company sells its products to dealers, who then sell the false teeth and other products to dental labs. These labs then distribute the product to dentists with the supplies they need. If you don't include false teeth, the company supplies buyers with millions of dollars of products and dominated the artificial teeth market since they had close to 80 percent of the market share at the time they were being sued (Novak, 2007). Dentsply told their dealers that they had tell sell their supplies and deal primarily with them. When the Dentsply did that...
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...Small Business & Antitrust Laws Andrew Paul Danecki DeVry University Small Business & Antitrust Laws It may seem like in the United States that the free-market is a bit cutthroat and everyone is out for their own best interests. The U.S. is best described to have a mostly capitalist economy, and there are a handful of laws to allow growing businesses to have a fair chance to compete against other companies of the similar market. Antitrust laws, protection against monopoly, and laws pertaining to certain mergers are just to name a few. These laws are important, and extremely effective at protecting the small and growing businesses. It was not perfect at first, of course, but has adapted to cover a handful of loopholes. When you think of a monopoly, what normally comes to mind? That good, old classic board game made by Hasbro. That’s what I think of when that word comes in mind. And just like in the game, you try to dominate the board and be the only player left. The same goes for that word in the market world, which actually is illegal since the Sherman Antitrust Law was enacted in 1890. A monopoly is when a single company has solid control over the market with a particular product or service. Congress passed this first antitrust law as a “comprehensive charter of economic liberty aimed at preserving free and unfettered competition as the rule of trade” (The Antitrust Laws, n.d.). The last two laws were passed shortly later, and all three of these laws...
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...A. Sherman Act (1890) is meant to prevent activities that a business may do that the federal government regulators believe to be anticompetitive. The Act maintains that the federal government is to examine and track trusts, companies, and organizations suspected of being in violation. It was the first federal statute to limit cartels and monopolies. (Sherman Antitrust Act, 2014) Clayton Act provides clarification to the Sherman Act of 1890. It is meant to encourage competition with businesses within the United States, discourage formation of monopolies, and prohibit price discrimination, price fixing and unfair business practices. (Clayton Antitrust Act, 2014) Robinson-Patman Act (1936) prohibits a business from selling the same item to one company for a different price while selling the same item to another company for a different price. This protects smaller businesses by limiting the large company's ability to command discriminatory discounts through its purchasing power. (Robinson-Patman Act, 2014) Federal Trade Commission Act enforces the other three antitrust laws by preventing unfair competition and deceptive practices. This act discourages businesses from entering into unlawful competition. B1. Industrial regulation deals with the government regulation of a business pricing in certain markets. It helps to decrease the control of oligopolies, prevent conspiracy and increase competition among companies. This regulation helps the consumer know that oligopoly...
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...Paper 5 The Recovery of Trust: Case studies of organisational failures and trust repair BY GRAHAM DIETZ AND NICOLE GILLESPIE Published by the Institute of Business Ethics Occasional Paper 5 Authors Dr Graham Dietz is a Senior Lecturer in Human Resource Management and Organisational Behaviour at Durham University, UK. His research focuses on trust repair after organisational failures, as well as trust-building across cultures. Together with his co-author on this report, his most recent co-edited book is Organizational Trust: A cultural perspective (Cambridge University Press). Dr Nicole Gillespie is a Senior Lecturer in Management at the University of Queensland, Australia. Her research focuses on building, repairing and measuring trust in organisations and across cultural and professional boundaries. In addition, Nicole researches in the areas of leadership, teams and employee engagement. Acknowledgements The authors would like to thank the contact persons in the featured organisations for their comments on an earlier draft of this Paper. The IBE is particularly grateful to Severn Trent and BAE Systems for their support of this project. All rights reserved. To reproduce or transmit this book in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, please obtain prior permission in writing from the publisher. The Recovery of Trust: Case studies of organisational...
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...NHS (National Health Service) has succeeded in encouraging employees to the cultural change through implementing several plans: first, they come up with national programmes which focused on the commitment to improving employees working lives by providing rewards trusts and they are ranked to 3 levels, the gold is (practice plus), which demonstrate that a trust is implementing improving working levels (IWL) across the whole organization in all staff groups. NHS set a goal that is all the organizations are expected to achieve practice plus by demonstrating best practice in a variety of areas, so we can understand from this statement that NHS is trying to motivate the organizations and employees to do their best. Moreover, many improvements that have been implemented as part of IWL are the appointment of a communication manger and schema (plan) to improve attendance at work, because they were facing some problems with the absence. Other initiatives include changing the role of a member of a staff to training and education co-ordinator, for example on of the employee helped another how to read and write, also some plans to develop a support group as part of the induction programme for medical staff. Furthermore, the trust set out to involve employees in the IWL programme, they were encouraging the employees to recruit as IWL advisers to sit on focus group and share the word. In addition to that, the NHS was organizing some events in order to motivate employees to the changes. For...
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