Audits and Benchmarking
It is often difficult to understand how your operations, processes and costs compare to both the market and best practice. CMS’ external expertise enables financial institutions to benchmark their existing practices, highlight where efficiencies can be achieved, suggest alternatives, and locate opportunities to realize savings.
Selecting Your Peer Group
When benchmarking cash operations, traditional logic dictates comparing your institution to organizations with a similar number of branches and sites. However, this often leads to a false result. Instead, your sample group should consist of global peers with similar supply chain structures, providing a more accurate like-for-like view and establishing a cost and operational baseline.
Benchmarking Against Best Practice
CMS’ extensive knowledge of cash operations and the supply chain worldwide allows us to have a clear understanding of what truly is best practice. Using a global peer group and understanding the constraints and flexibility of your supply chain, enables the potential for more fundamental improvements rather than smaller step changes. Different supply chain structures and organizational constraints need to be accounted for.
Quick Wins And Strategic Change
The CMS audit will tailor the outcomes to your organization. CMS offers recommendations on how efficiencies and cost improvements can be achieved. These involve a series of ‘quick wins’ as well as the creation of a critical path for fundamental strategic change and alignment to best practice.