P&C guided this global property owner to step outside of their box and creatively think of its assets as more than shopping malls, and instead, gathering spots to physically connect with others in an increasingly isolated world. We helped transform this company’s properties into community assets with highly sought-out entertainment venues and digital consumer experiences. By bringing together innovative technologies, infrastructure & safety systems, and carefully cultivated partners who could provide entertainment and a connected customer experience, stores and restaurants are now extending their hours to support increased foot traffic, and the company is benefitting from a significant increase in revenues and profits.
Aptly named, the Mayflower 400 is a nod to the original Mayflower that transported a group of English families to the New World, 400 years ago. After a grueling 10 weeks at sea, Mayflower, with 102 passengers and a crew of about 30, reached America. The new Mayflower is traveling the same seas albeit autonomously and powered by AI, with no passengers or crew onboard. Reinventing the cargo industry is IBM’s mission and P&C is at the center of it.
P&C’s strategy continues to reap benefits. United Airlines’ executive speaks about its past, current, and future involvement in jointly mastering this major industry transformation. NDC allows them to make customers happy, personalize offers, and become true retailers.
A one-stop shop to meet COVID requirements securely and conveniently for airline travelers. P&C developed this app for our client, enabling passengers to demonstrate compliance with applicable health requirements and set the stage for the next generation of contactless check-in procedures.
Responding to COVID-19, P&C developed this solution for IATA enabling airline passengers to demonstrate compliance with applicable health requirements, helping the industry recover over the near term and setting the stage for the next generation of contactless check-in procedures in the future.
NDC, or New Distribution Capability, represents a fundamental change in the travel industry: enabling innovation, personalization, and brand recognition within a single technology platform. P&C helped create the strategy behind this new approach to delivering airline content across multiple channels and bringing a seamless shopping experience to customers.
To enable passengers to return to global air travel confident in their compliance with health requirements, P&C worked with IATA and member airlines such as Qatar Airways to develop Travel Pass, a convenient and secure solution across carriers and geographies.
Plaintiffs’ Law Firm Accelerates Its Performance For the Next Generation of Client Advocacy
Opaque, antiquated business processes combined with legacy technology and significant investments in under-performing practices were causing financial results to stagnate at this leading plaintiffs’ bar law firm.
P&C helped develop and implement an aggressive transformation program to increase revenues, reduce costs, manage risks, and ensure sustainable growth.
A Strong Reputation Is Not Enough When Performance Lags
Our client had a strong reputation for legal excellence and zealous representation of their clients in pursuit of equitable outcomes. Despite professional success, the firm lacked visibility into which business segments created value and was hampered by outdated processes and systems that eroded revenue, increased cost, elevated risk, and distracted attorneys from client service.
At the recommendation of their bankers, they turned to P&C to help pivot the firm, accelerate its performance, and thereby ensure its legacy of outstanding legal advocacy.
P&C Calls for a Rigorous Transformation Program to Address Multiple Issues
P&C designed and implemented a comprehensive transformation program with these goals in mind:
Optimize Business Mix: Shifting resources to the most profitable and highest future growth segments of the firm
Increase Revenues: Growing both legal fees and effective, appropriate expense recovery
Reduce Costs: Optimizing outlays related to technology, procured goods and services, and effective tax planning
Manage Risk: Revamping the insurance portfolio including professional liability, property and casualty, employee health and wellness, addressing cybersecurity, and responding to pandemic impacts
Build Capabilities: Developing processes, systems, and human capital
P&C Recommends and Implements Key Programs for Each Improvement Lever
P&C drove each of these workstreams on an agile basis, using mechanisms such as daily stand-up calls and remote collaboration tools to coordinate work and ensure progress across multiple organizations and functions. To ensure sustainable impact and continuous improvement, we upgraded the capabilities of the client’s leadership team by developing the skills non-attorneys who had potential but lacked requisite training, and identifying and replacing other staff members where required.
Optimize Business Mix
Increase the ratio of junior to senior attorneys given their higher margins
Shift legal staff towards practices with consistent track records and outlook for profitability
Drive growth in focus practices through targeted marketing, business development, and potential openings in new strategic markets
Use proven, effective technologies to streamline and maximize the recovery of client-related expenses including legal research, eDiscovery, and printing
Consolidate and streamline eDiscovery solutions and processes to reduce hosting expenses while improving the effectiveness of case teams
Redesign employee benefits plan and negotiate with carriers based on analysis of multi-year health claims and other actuarial data to develop a better plan at significantly less cost
Reduce technology and other procurement spend categories by focusing on the total cost of ownership across the lifespan of agreements, identify and retire costly legacy systems, and consolidate spend across vendors to obtain better services at less cost
Identify retroactive tax credits missed by legacy accountants and work with them to file amended tax returns to claim retroactive tax credits rightfully due to the client
Streamline travel and expense management through a new integrated system including a new corporate credit card and IT solution to enable straight-through transaction processing to their financial system
Perform comprehensive review of the insurance portfolio including Professional Liability, Property & Casualty, and Cyber Security policies, consolidating and replacing brokers and carriers as necessary to address coverage gaps while simultaneously reducing costs
Harden IT infrastructure to mitigate the threat of network intrusion and data breach by locking down devices, replacing firewalls, cleansing account access permissions, updating password protocols, implementing multi-factor authentication, developing mobile device policies, purging obsolete data, and responding to incidents
Develop and deploy standard compliance policies and procedures including Grants of Authority, Procurement, and Conflict Check workflows to reduce waste, duplicative spend, and missed expense recovery opportunities
Respond to the COVID-19 pandemic by deploying a comprehensive suite of technologies to modernize document management and workforce collaboration systems while funding the program via available pandemic-related grants
Develop a bespoke business analytics solution to enable equity partners to gain real time visibility into firm performance, as well as drill down into specific practices, cases, and timekeepers
Implement modern Document Management System (DMS) to consolidate firm information onto a single, secure, accessible platform
Create and deploy a revenue forecasting process to provide a systematic view of expected cash inflows by practice and case
Restructure General Ledger and recompile historical results to provide a clear view of financial performance and trends by segment
Deploy IT helpdesk case management system to maximize responsiveness and improve support to legal teams and staff
Develop human capital by recruiting for critical staff positions and establishing customized learning and development agendas for select current employees
Transformation Program Results in $25M Annual Profit Increase
Taken together, these programs yielded an enormous benefit to the firm, generating $25 million in annual profitability improvements. The impacts were balanced, with roughly three-quarters stemming from revenue increases and the remainder from cost savings.
The improvements ensured that the transformation remained cash flow positive across our entire 18-month engagement. From the standpoint of our client’s leadership team, these benefits represent a near doubling of typical annual profits per equity partner.
Beyond these tangible impacts, the firm is now positioned for strong growth with a focused strategy, solid infrastructure of business processes and systems, optimized risk profile, and robust pool of talent. Their legacy of client service can continue to flourish.
*We take our clients’ confidentiality seriously. While we’ve changed their names, the results are real.
Safety is a bedrock requirement, especially in the travel sector; here, we reacted rapidly to COVID-19 with a comprehensive set of programs that distinguished this client as the first global airline to achieve a coveted 5-star safety rating.
Pour exploiter le torrent d’innovation des services financiers, P&C a positionné Société Générale au centre d’un écosystème de start-up FinTech tel que celui-ci développant des solutions innovantes pour les petites et moyennes entreprises.
Our work with this client has spanned the gamut from business model redefinition to operational change and social responsibility commitment; this video highlights key changes including the transition to an asset-light lifestyle platform, the expansion to new geographies and lines of business, process responses to COVID-19, and community support endeavors.
With deep experience across strategy, product innovation, and digital reinvention, P&C partners with clients to deliver transformative solutions such as this blockchain platform for transaction settlement.
Our work with this global bank placed innovation and digital transformation at the heart of their strategy, enabling them to simultaneously address core customer needs, respond to the pandemic, and achieve their social responsibility objectives.
We typically blend multiple capabilities to drive client success; with Turkish Cargo, for example, this encompasses topics ranging from their route network and technology solutions to sustainability programs.
We approach product innovation by thinking expansively about the full footprint of customer needs. Here, we transformed a traditional equipment finance lending product into a broad solution across multiple industry verticals, asset types, and geographies.
In light of pandemic restrictions upon in-person runway events, this client innovated with a virtual presentation of their collection, deeply integrated with e-commerce capabilities for fashion buyers.
Digital initiatives can have a profound impact upon customer experience. Here, P&C developed an app for one of our airline clients that dramatically elevated and personalized in-flight entertainment options.
Compelling design lies at the heart of value creation, particularly for asset-light brands; here, our client presents their design approach to asset owners to achieve maximum benefits from every project.
Sometimes apparently simple process changes require deep technical expertise. Enabling additional seat reservations for this client entailed breaking the traditional one-to-one link between seats and passengers, a fundamental change cascading across Global Distribution Systems and the ecosystem of airline and travel agent reservation systems.
Particularly with clients in the airline industry, P&C has engaged deeply to design and implement COVID-19 response measures. This video illustrates a variety of results including technology-enabled processes such as thermal scanning and policy-oriented ones such as testing and quarantine for arriving passengers.
P&C identifies and captures a broad range of performance improvement opportunities, such as applying machine learning algorithms in the banking industry to simultaneously improve cash availability and delivery efficiency across ATM networks.
Our deep experience with the travel industry and technology development enabled P&C to assist our airline clients to respond rapidly to COVID-19. Here, Qatar Airways introduces at home printing of baggage tags as part of contactless check-in procedures for international travel.
Travel industry, redefined. P&C helped cultivate the concept for a global market technology leader to realize its vision of broadening their business to envelop all aspects of travel, while creating an open platform for others to join this emerging transformative ecosystem.
P&C’s vision for NDC is realized. Finnair adopts NDC and describes its working partnership with Amadeus. Their objective: enable them to develop another source of revenue while allowing customers to better interact with the Finnair brand.
P&C helped this client rethink expense management as part of a larger platform reinvention, by incorporating flexibility to adapt to changes in travel and expense programs, as well as traveler restrictions and requirements.
Digital reinvention can have tremendous impact in the logistics sector. For this client, P&C created “CARGY”, an artificial intelligence solution that enables customers to inquire and transact about the their cargo shipments on a 24/7 basis.
Etihad Airways identified the opportunity to develop cutting-edge technology and customer safety standards even prior to the COVID-19 pandemic, and tapped P&C’s expertise across multiple sectors to implement a digital reinvention program including this pre-flight screening capability.
Stemming from the COVID-19 pandemic, P&C worked with the client to respond across a series of key domains including procurement and fleet rationalization, taking into account total cost of ownership, capacity utilization, and adaptability for alternate use. One outcome was the retirement of the iconic A-380.
Conversational banking and chatbots represent another use case in the financial sector combining our foundational capabilities, including advanced analytics, machine learning, and contact center operational excellence.
As a component of an overarching digital reinvention program, P&C partnered with this client to launch mobile banking and wallet services, bringing ubiquitous and frictionless capabilities to their iOS customers.