T. Rowe Price engaged Kensington to assist in the execution of a major reengineering initiative that had stalled and not yielded tangible results despite the best efforts of the management team. Kensington guided implementation of financial operations “back office” process improvements to achieve the goal of $2 million in annual savings within six months.
TRP later called on Kensington to help in an effort to move from a decentralized to a shared service model on key functions and processes for communicating with clients regarding investment information. Blending analysis, process design and change management, we worked closely with our client to build consensus and implement a shared service organization that has become integral to the firm’s interaction with customers across all segments, and increased the efficiency and effectiveness of communication efforts.
|Driving change is difficult in most organizations. Kensington provides a set of tools and helps instill the discipline needed to stay on track with the change process. They challenge, probe, and redirect to help keep the organization focused, and that has added tremendous value to us. Best of all, their approach is to teach and institutionalize new learnings and process, so that we will not always be reliant on others for managing future change. Meredith Callanan, Vice President, T. Rowe Price Associates|
Kensington founder Rick Goldstein provided consulting support in a groundbreaking effort at GE Capital to develop and implement a systematic approach to integrate acquisitions quickly and effectively to ensure pro forma financial assumptions were achieved. The model developed in this project became a prototype that evolved as a best practice for all of GE, as cited by Jack Welch in his book “Straight From The Gut.”
Improving Internal Customer Satisfaction
Reorganization at the World Bank was followed by an effort to significantly improve the satisfaction of “internal customers” with support processes that impacted all Bank employees. Kensington led an initiative to design and implement a service model and successfully facilitated implementation. The resulting process regularly and systematically surveyed and measured service levels, corrected defects and led to ongoing survey scores that rose to achieve overall satisfaction exceeding 90%
“Rick Goldstein and his associates helped us to create a strong service culture. Characteristic of their approach was a systematic needs assessment and close collaboration with us in the design of their intervention. Their program was tailored to our specific needs, which made its impact long‑lasting.” Hendrik G. Groen, Deputy Director (retired), World Bank