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Our board / management strategic planning session defined four enterprise-wide imperatives that required cultural changes to our historical modus operandi. It was recognized that we had limited internal experience in cultural change and that our potential would be limited if we failed to embrace a new enterprise model.

We prepared a RFP and selected ORCHANGO because of their unique approach to change management. The hands-on approach of their principal, Edmond Mellina, engaged and motivated our management team to support this evolution.

ORCHANGO helped us recognize and repair the imbalance of our focus on the hard side versus the soft side of our business. This led to the development of a balanced scorecard, which proved essential in communicating strategy, building organizational support for the plan, and monitoring results.

As change coach, Edmond was an important contributor to the successful implementation of our initiatives, and we look forward to continuing to work with ORCHANGO on our change journey.

— Alan Hutton, President and CEO

CHALLENGE

The strategic planning session between FundSERV’s Board and senior management defined four enterprise-wide imperatives that required cultural changes to the company’s historical modus operandi.

It was recognized that FundSERV had limited internal experience in cultural change and that its potential would be limited if it failed to embrace a new enterprise model.

FundSERV hired ORCHANGO to conduct a strategic organizational diagnosis, develop a strategy to close the gaps, and advise management through the execution of the required change.

SOLUTION

We assessed the organization, its culture and its capabilities against FundSERV’s new strategic direction. Working in collaboration with the executive team, we developed a prioritized, pragmatic plan to effectively align the organization with the strategy.

We determine the best way to minimize operational disruptions – a key concern – while implementing the required changes. To ensure cross-functional alignment with the overall strategy, we guided the executives as they developed their respective divisional objectives.

We designed a Balanced Scorecard to facilitate the communication and execution of the strategy. We crafted plans to generate and sustain buy-in for the required changes, and we coached the management team as they carried these plans forward.

To further promote the required cultural changes and build management bench strength, we developed a leadership competency model. We designed and delivered a “leadership competency workshop” for the managers.

We improved the performance management system by integrating the Balance Scorecard and leadership competency model.

To support the change process and develop FundSERV’s change capabilities, we tailored and delivered a change leadership program for managers and a change navigation program for employees.

OUTCOME/IMPACT

The Board approved the strategic realignment plans, thus allowing the executive team to proceed with the execution of the new strategy. FundSERV then progressed nicely towards its four strategic objectives.

PROJECT SUMMARY

  • Strategic organizational diagnosis
  • Strategic realignment strategy
  • Cultural assessment
  • Cultural change
  • Change readiness assessment
  • Change management execution
  • Change training
  • Change coaching
  • Balanced Scorecard
  • Leadership competency model
  • Performance management

CHANGE TIMELINE

  • Phase 1 | “Preparing for the change journey” and Phase 2 | “Putting to sea, away from the abyss”: 3 months for both phases.
  • Phase 3 | “Navigating the treacherous sea of change” and Phase 4 | “Passing the lighthouse and reaching the safe harbour”: 10 months for the first wave of the transformation; 8 months for the second wave.

ABOUT FUNDSERV

FundSERV Inc. is a leading provider of electronic business services to the Canadian investment fund industry. Established in 1993, FundSERV is a private company that operates on a cost-recovery basis.

FundSERV has spearheaded the development of what is widely acknowledged to be the most efficient investment fund transaction processing system in the world.

Today, the Company’s focus is on the data standards and security infrastructure that will enable the industry to continue to apply technology for the ultimate benefit of the Canadian investing public.

The company serves more than 700 organizations and their business units and provides online access to over 10,000 investment fund instruments. The company also supports the committees and working groups that address issues and develop electronic data and security standards for the industry.

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