In the world of motorsports, auto racing teams improve lap times by 1-1.5 seconds per lap. And this happens every year, even in the face of new regulations and safety restrictions. Underpinning this is a consistent, repeatable method being used to drive constant and sustainable improvement to team performance.
Financial institutions are far behind motorsports. Despite significant investment and a plethora of re-engineering and automation initiatives, most institutions are seeing marginal gains. Change is delivered in a series of false starts. Errors reappear. Silos form yet again. Unwanted behaviors return. Costs creep back.
To address this challenge, Oliver Wyman has developed Pace, a new method to achieve breakthrough process improvement by leveraging modern skill sets, deploying technology-enabled tools, and embracing an iterative, integrated approach to improve processes. In doing so, Pace creates an operating foundation and culture that makes future change much easier, helping yield those 1-1.5 seconds of improvement every year.
