Is your department innovative? This is the question being asked by Inside Counsel, a magazine for in-house legal departments.
Why is innovation important?
The answer, in a nutshell, is that innovation is what enables organisations to remain competitive. It's transformational in nature, enabling step changes in productivity (as opposed to incremental improvements). It's what drives progress. And in corporations, innovation is just as important in the legal function as in sales, procurement or HR.
The previous post ended by asking how banks could better handle unanticipated spikes in lending applications. Or more generically, how can a service provider respond effectively to an increase in client requests?
Though they may not realize it yet, the mortgage sector market share of ANZ, CBA, NAB and Westpac (at over 82%) is starting to cause them problems.
A larger number of companies every year are automating their document processes. In fact, people are realizing that document automation can really make the difference when it comes to boosting efficiency and reducing cost and risk.
As readers of this blog are aware, we’re always thinking about how document generation can improve business, contracts and their related processes. As users of Salesforce.com ourselves, it occurred to us how useful it would be to have sales contracts and other documents related to the sales process integrated into our CRM where we are already managing our sales-related activities.
Telstra has just splurged on promoting how they improve enterprise productivity. They purchased ALL the ad space in the 32-page Budget liftoff in today’s Australian Financial Review. This follows on from the detailed productivity research they commissioned earlier in the year.
A recent McKinsey article entitled Document management: A hidden source of value [PDF] discusses how to improve certain simple document operations. However, it ignores the transformational opportunities afforded by addressing more complicated transactional document processes.
"We're a bank you can bank on." That's Westpac's new tagline. According to their press release, it "communicates Westpac’s message of security, stability and thinking things through", and is part of a new "corporate strategy to put customers at the heart of every thing it does."
If you’re involved in sales, you’ve most likely heard the phrase “Sales 2.0” and are aware how related strategies and technologies are changing the ways companies sell their products and find and nurture their prospects.
Over the past 12 months, everyone’s become an expert on the Global Financial Crisis. And there’s no shortage of commentary about how to fix things in the banking industry.