Understanding the current reality
Before embarking on a programme to improve performance, any business operating in a highly regulated market environment should undertake a full and deep review of its business and how its compliance framework, systems and processes are aligned with corporate objectives. Without the detailed understanding of the strengths and weaknesses of the current approach that this brings, it’s difficult to ensure that the next iteration will be an improvement in which regulatory compliance and customer focus are even closer to the heart of operations.
At Vector, we’re highly experienced both in undertaking such reviews and in implementing the changes identified in line with any re-engineering of the organisation as a whole.
Building compliance at the heart of change
There is one utterly essential fact of life for any business operating in a strictly regulated market environment: compliance with regulatory demands must be built into the heart of the business. At Vector, we’ve helped many organisations to achieve this, while strengthening their relationships with customers and regulators alike. Time and again, in fact, we’ve helped to prove that regulations are far from incompatible with profitable and sustainable business performance.
Implementing change in line with regulations
In any programme of change, new organisational structures, systems and processes must be developed and implemented in a way that takes the regulatory environment into full account. Doing so not only eradicates the risk of penalties for non-compliance, it also simplifies and streamlines the change programme itself by eliminating the need for corrective steps.
At Vector, we have a deep understanding of the regulations governing many industries and markets. Combined with our experience of strategic change programmes, this makes us the ideal partner to ensure that every change we implement complies with the letter and spirit of the regulatory environment.
Treating customers as the most valuable asset
Nothing does more for an organisation’s business performance than the support and advocacy of a loyal and growing customer base. But having loyal customers is far more than a highly potent form of marketing communications. It’s also a powerful source of sustainable competitive advantage: positive customer relationships are not only profitable for the long term but cost-effective too, thanks to low complaint levels and straightforward administration.
At Vector, we’ve helped many organisations liberate the potential realised by recognising the full value of every customer. And the more highly regulated the market place in which they operate, the more they’ve gained in the way of tangible benefit.
Building structures to delight customers
When it comes to ensuring that customers are routinely delighted with the quality and value of an organisation’s products and services, nothing is more effective than building customer focus into all key processes and systems from the ground up. For when a business places the interests of its customers at the heart of the structures on which its operations are based, excellent customer service becomes endemic to its every action.
At Vector, we have deep experience in helping companies align their processes precisely with the hopes and expectations of their customers, turning excellent performance into an automatic output. And regulatory compliance is a parallel by-product of such alignment, radically easing the administrative burden and cost of ensuring regulator satisfaction.
Creating a customer-centric culture
No organisation that places the profit motive above its commitment to delivering customer satisfaction will realise the full, sustainable value of its commercial potential over the long term. At Vector, we have helped many companies create a truly customer-centric culture in which employees recognise their responsibility to delight the people who matter most – those who actually pay for the products and services the company sells.
At the heart of such work is our ability to help employees right across the organisation recognise that they are first and foremost in business to deliver customer value. That recognition then creates a solid platform on which to build the long-term relationships that deliver sustainable commercial success.
Driving the right behaviours
The causes of poor customer relationships often lie deep within an organisation’s core structure. If this is in any way wrong, so the key systems and processes that aim to underpin a properly customer-centric operation will be. In short, the wrong structure drives the wrong behaviours. So getting the vision, the culture, workloads, processes and rewards right from the very beginning is vital to creating a high-performance culture that delights customers.
We have great experience at Vector of designing and implementing corporate structures that allow companies to place the customer at the heart of their operations. This is an immensely powerful asset that continues to support the outstanding performance of so many of our clients.
Effective measurement systems
For commercial organisations of all sizes, profitability is the direct result of the ongoing loyalty of satisfied customers. Their continued custom is in turn assured by the value they receive from employees. And since employees in turn need to be both loyal and satisfied to deliver value, company leadership and support are fundamentally linked to ultimate commercial success. This is why, at Vector, we believe that successful companies need to measure and assess leading indicators such as management style and clarity of direction, as well as resulting factors like customer satisfaction and loyalty.
Doing so helps them predict future performance far more accurately than is possible through a focus on historical outcomes alone. We are experts in identifying and quantifying those leading indicators that best drive successful outcomes. This is particularly important in a regulated environment, where our clients can enhance regulatory confidence by demonstrating that they have superior insight into and control over the results of their actions.
Transparent regulatory reporting
For organisations that operate in a regulated environment, the prospect of regulatory inspections is a constant reality. But for those companies with transparent reporting systems in place that deliver fully granular insight into all activities across the organisation, such preparations involve little or no additional effort. Their leaders have the comfort of knowing exactly what is going on at every level of the organisation, meaning they can report in total confidence.
Vector’s strong record of helping clients scope and implement such systems has contributed significantly over the years to highly satisfactory inspection outcomes and strong regulator relationships.