Industry: Family Office
Year signed on: 2016
Cost savings: More than 30%
Onboarding time: 30 days
Productivity improvements: More than 50%
The back-office operations of this family office had always been outsourced to a well-known corporate service provider here in Singapore. Unfortunately, there were always a slew of challenges it faced, including:
- Responses to enquiries taking up to 48 hours
- No single point of contact when making enquiries or raising issues
- Strict adherence to the specific service scope with no ad-hoc advisory support
- Inflexible reporting with no customisation
- Report being submitted 30 days after the end of the month
- No access to real-time information
- Complex pricing structure (i.e. the client felt they were being “nickelled and dimed”)
PikoHANA’s service level agreement differs from other corporate services providers in the industry. Consequently, it was like a breath of fresh air for this client. It eliminated most manual processes through simplification and automation. In doing so, it was able to handle all of the back-office functions, which allowed the internal resource tasked with these responsibilities to be redeployed on higher value-added tasks and responsibilities.
Every onboarding process typically presents two key challenges: change management and the transfer of information from the outgoing service provider to PikoHANA.
People do not like change and it can be a very challenging process to undertake. The way to work around it is to get alignment and buy-in with all key stakeholders – something PikoHANA does with every client before it deploys its services. This is closely followed by weekly (or more often as needed) project plan updates. PikoHANA works very closely with the client to ensure the onboarding plan is delivered on time and on budget.
Transfer of information
Clients assume their old service providers have a fiduciary duty to transition the information and systems over to the new service provider. They also assume this is required by law. This is not true and in most cases, the outgoing service provider will send the incoming one a box of documents (i.e. no transfer of systems whatsoever) and tell the client and PikoHANA to literally “deal with it”. To counter this, PikoHANA has developed a system to do just that. If it secures the accounting data, whether on paper or soft copy, it can usually get the client up and running on its systems within 30 days of engaging.
PikoHANA uses the latest project management software, including detailed tasks, key milestones and KPIs. It ensures alignment with the client then executes, deploys and delivers on time and on budget. In doing so, it frees up the client and management team so they can focus on more important issues in the business, such as pipeline management and customer relations.
Despite the challenges faced, this client commented: “PikoHANA managed the entire onboarding process and implementation, which was much faster and easier than I expected.”
Why PikoHANA works
PikoHANA’s service level agreements are the extreme opposite of most business service providers. Among the more pertinent ones include:
- Responding to all inquiries within 30 minutes, although it aims to do so in 15 minutes
- Offering real-time reporting via PikoHANA’s business intelligence dashboard, AO
- Flat fee pricing with no additional costs for ad hoc CFO advisory support
- Customised reporting
- Single point of contact
- Simplification and automation of key processes and procedures