Being part of a rapidly expanding business is exciting, but it comes with a multitude of challenges, none more so than that of implementing change. I joined Novellus two years ago and have been involved from the outset in helping the team transition from reliance on manual processes and idiosyncratic ways of working into adopting automated, streamlined technology solutions.
At Novellus, we are focussed on tailoring our lending products to match each client’s unique needs. This demands both flexibility and a deep understanding of risk, along with confidence in managing it effectively. As a group we are always challenging ourselves and asking “How can we do things better?” and much of my role centres on evaluating our current strengths and identifying ways to improve. Once we have identified areas of improvement and appropriate solutions, the job of implementing change becomes one of paramount importance.
To implement change effectively, it is essential to:
- Identify the Business Needs: This involves speaking to personnel from different areas of the business to get a deep understanding of the overall operations. In these sessions, areas of improvements and possible solutions should naturally arise. This is a good opportunity to pick out the most pressing issue and scope out the problems and goals. By way of example, I identified there was a specific business requirement within Novellus to reduce the processing time from receiving an initial loan enquiry to issuing a quote and I have explained more below as to the steps taken to achieve this.
- Define a Clear Goal: A well-defined objective is essential to guide the change process. I set out to design an internal process that would allow our underwriting and credit teams to issue credit backed terms within a maximum 24-hour window. This involved liaising closely with relevant team members from the outset, gathering feedback to help define the functionality required for the improved process.
- Pinpoint Pain Points and Solutions: Identifying key challenges and proposing solutions is essential for developing effective strategies and enabling informed decision making. In this project, I identified and addressed 2 key issues:
- Staff inertia. This was mitigated through open communication, emphasising the benefits of the new process, and involving team members early in the planning stage to ensure their concerns were acknowledged and addressed; and
- Technical skills required to perform the task. This was addressed through regular training sessions.
- Execute the Change: Communicating and promoting the benefits of change, emphasises how a new approach can improve day-to-day operations and efficiencies for those involved. It’s imperative to recognise that initial challenges are likely and manage expectations by allowing time to resolve these early issues. An improved quotation engine provides obvious benefits in that it will increase productivity whilst enhancing customer satisfaction. I focussed on providing continued support and training for team members to ensure the process was implemented effectively.
- Conduct Regular Reviews: I am continuously reviewing progress, collecting feedback from staff and ensuring there is real time support available. This allows upgrades to be introduced, in real-time.
In summary, implementing change requires careful management. This is especially prevalent at Novellus as our team has grown exponentially over the past couple of years. As our business continues to grow, our focus on developing technology solutions continues to be at the forefront of what we do in order to build a more agile, efficient, and competitive organisation. I look forward to updating with further progress in 2025.
Seasons Greetings and wishing you all a Happy New Year.
