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Reframe your future: Transformation in Financial Services

Taking a strategic view to transform costs for a global asset manager

Using a strategic approach to cost transformation can create significant and sustainable benefits.

13 Jul 2020 Alex Birkin

How the right conversations can empower finance transformation strategies

Companies need more open dialog about how to effectively implement new technology. Finding the headspace for these conversations is key.

9 Feb 2021 Christophe Kasolowsky

How curating ecosystems enables self-disruption

Nationwide Insurance required a new brand and a new technology platform to access a customer segment that may otherwise have been unobtainable.

2 Dec 2020 David Connolly

Featured insights

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Financial Services, EMEIA

Across Europe we train and nurture inclusive teams to develop minds that can transform, shape and innovate financial services. Not just for today but for the future.

Minds made for transforming financial services.

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Build enterprise resilience

Get the insights to help you adapt to disruptive forces, plan for business continuity and become a resilient enterprise - for now next and beyond.

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Reframe your future

Now is the time for change. Discover how our future-back approach to transformation can help you reveal and realize unseen opportunities.

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Resilient enterprise: Leading through uncertainty and complexity: Business Disruption

Employee health and wellbeing

Talent and workforce

Customer and brand

Financial and investor

Risk

Government and public
policy

Technology and infosec

Insurance and legal disputes

Supply chain and global
trade

COVID-19 Enterprise Resilience Framework

Resilient enterprise

Our framework identifies nine areas businesses can address to build a structured and comprehensive approach to crisis management and business resilience.

Navigate the nine dimensions of our framework, or find out more about our Enterprise Resilience Tool.

Employee health and wellbeing

What matters most:

Promoting employee safety and wellbeing
Public health information
Support for impacted employees

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Talent and workforce

What matters most:

Employee relations
Talent initiatives
Business traveller

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Customer and brand

What matters most:

Safety-based customer experience
Direct to consumer and e-retail
Packaging and delivery innovation

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Financial and investor

What matters most:

Liquidity, cash flow, credit and capital
Regulatory/disclosures
Investor trust
Tax strategies and tax accounting

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Risk

What matters most:

Enterprise risk planning
Risk identification
Scenario planning
Continuity and recovery
Response and monitoring

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Government and public policy

What matters most:

Geopolitical risks
Country risks
Regulatory changes
Leadership and public policy engagement
Sustainability

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Technology and infosec

What matters most:

Infrastructure framework
Cyber resilience
Digital customer channels

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Insurance and legal disputes

What matters most:

Business interruption
Supply chain claims
Legal and contract disputes
Event cancellation

Explore

Supply chain and global trade

What matters most:

Supply chain resilience
Third-party service providers
Sustainability

Explore

Employee health and wellbeing

What matters most:

Promoting employee safety and wellbeing
Public health information
Support for impacted employees

Explore

Talent and workforce

What matters most:

Employee relations
Talent initiatives
Business traveller

Explore

Customer and brand

What matters most:

Safety-based customer experience
Direct to consumer and e-retail
Packaging and delivery innovation

Explore

Financial and investor

What matters most:

Liquidity, cash flow, credit and capital
Regulatory/disclosures
Investor trust
Tax strategies and tax accounting

Explore

Risk

What matters most:

Enterprise risk planning
Risk identification
Scenario planning
Continuity and recovery
Response and monitoring

Explore

Government and public policy

What matters most:

Geopolitical risks
Country risks
Regulatory changes
Leadership and public policy engagement
Sustainability

Explore

Technology and infosec

What matters most:

Infrastructure framework
Cyber resilience
Digital customer channels

Explore

Insurance and legal disputes

What matters most:

Business interruption
Supply chain claims
Legal and contract disputes
Event cancellation

Explore

Supply chain and global trade

What matters most:

Supply chain resilience
Third-party service providers
Sustainability

Explore

The better the question. The better the answer. The better the world works.

Case study: How real-time satellite data is keeping supply chains moving

With COVID-19 disrupting global supply chains, EY moved fast to help an advanced manufacturing company maintain the flow of essential goods.

The better the question. The better the answer. The better the world works.

How do you respond when certainty is in short supply?

The pandemic has had far-reaching effects on supply chains everywhere.

COVID-19 is causing significant impact to global trade and product flow. Moving physical goods is especially challenging. With people in lockdown, and many businesses not operating as normal, the logistics of transportation are becoming increasingly complex – causing real problems for customers.

EY was already working with one of the world’s largest advanced manufacturing companies to improve their supply chain when the pandemic hit. We immediately increased our focus and deployed advanced analytics, including process mining and satellite imaging, to anticipate customer demand while maintaining the flow of goods through key ports.

Aerial view of cargo ships in containers sailing in the sea

The better the question. The better the answer. The better the world works.

Using advanced analytics to avoid supply disruptions

We gave the client the tools they needed to make better-informed decisions.

First, we asked three vital questions:

What if we need to explore alternate routes to market?
Do current production flows make sense when some customers are shutting down while others are ramping up?
How can data and analytics help us make real-time decisions that will keep supply chains functioning effectively?

Using satellite data to make better choices

Knowing what is happening on the ground is key. Satellite data tells us what is going on in ports around the world. This means we know where the biggest challenges are. Analytics are helping us make intelligent decisions and act fast to manage congestion and delays. This knowledge means we can anticipate issues and re-route material flows to minimize disruption.

This insight enables our client to make better decisions and keep vital goods flowing. But it also helps our client’s people. The stress and anxiety involved in making judgement calls in times of crisis is huge. Giving people access to real-time data helps them make more informed decisions and takes some of that pressure away.

Using historical production patterns to shape operational plans

As well as maintaining the supply of vital goods, we also wanted to enable our client to keep track of demand and run their operations effectively and efficiently. By analyzing current and historical sales orders as well as production patterns over the last 12 months, we’re giving our client the tools to determine whether to pause, reduce, or ramp up their production runs.

How EY can help

Supply chain and operations

Based on your overarching strategy, we’ll help redefine your end-to-end supply chain and operations to support your enterprise objectives.

The better the question. The better the answer. The better the world works.

Building a data-driven approach to supply resilience

Armed with new knowledge, our client is getting essential goods to the people who need them most.

It’s efforts like this that are helping to ensure that the world’s supply chains stay resilient amid the COVID-19 pandemic.

Our work has already delivered some immediate benefits:

We moved rapidly to keep the supply chain working and materials flowing.
We also identified an escalating backlog issue caused by logistics delays and developed mitigation strategies.
We empowered our client’s workforce to make informed decisions that would ensure they help maintain their reputation as a trusted supplier.

And the analytics we’re deploying, alongside the data-driven approach we’ve designed, is giving our advanced manufacturing client a unique ability to manage their risks, ensure minimum disruption to supply chains, and to continue to run their business efficiently and effectively.

Ultimately all of our efforts are designed to do one thing: keep the world’s supply chains moving so essential goods get to the people who need them most.