Let’s be honest: Inefficient processes are like a slow leak in your business—you don’t notice the damage until it’s too late. I’ve seen it firsthand over my 20+ years in finance and consulting. Picture this: You’re juggling spreadsheets, chasing down approvals, and wondering why deadlines keep slipping. It’s exhausting—and it’s costing you more than you think. As Director of Business Intelligence at Kemper Insurance, I led a team that cut $35M in costs by streamlining workflows. At Consultgenix, I’ve helped clients reclaim time and money with smarter processes. Today, I’m sharing how process improvement can boost your operational efficiency—and why it’s worth the effort.
The Hidden Cost of Inefficient Processes
Ever calculated how much inefficiency costs your business? It’s not just about wasted time—it’s lost opportunities. During my tenure at AIG, I managed a $55M credit card portfolio across Latin America and the Caribbean. We had teams duplicating work, manual data entry eating hours, and compliance steps that slowed us down. It wasn’t until we stepped back and assessed the mess that we realized: inefficiency was draining profitability.
The stats back this up—studies show businesses lose 20-30% of revenue annually to inefficient processes. That’s real money. Whether you’re in insurance, healthcare, or financial services, those leaks add up. But here’s the good news: You can plug them.
Step One: Spot the Bottlenecks
You can’t fix what you don’t see. At Kemper, we used data-driven analysis to pinpoint where things went wrong. I’d sit with my team, poring over financial trends and peer benchmarks, asking, “Where’s the friction?” For us, it was bloated reporting cycles and outdated pricing models. We saved $55M by tackling those head-on.
Start by mapping your workflows. Grab a whiteboard (or a digital tool like Tableau, which I’ve used plenty) and trace every step—inputs, outputs, handoffs. You’ll spot redundancies fast. Maybe your invoicing takes five approvals when it could take two. Or your team chasing data across three systems. That’s where the gold lies.
Tools and Methodologies That Work
Process improvement isn’t guesswork—it’s a craft. I’ve leaned on proven methodologies like Lean and Six Sigma (I’m Green Belt certified, by the way) to cut waste and boost precision. At Consultgenix, we used these tools to help a healthcare client streamline compliance filings—like MLR and FHK—shaving weeks off their cycle time.
Then, there’s technology. I’ve implemented everything from SAP to Power BI to automate and simplify. At Kemper, introducing Workday Adaptive Planning turned chaotic budgeting into a streamlined process—saving hours and headaches. The trick? Pick tools that fit your scale. A small firm might start with Zoho Analytics; a bigger one might need Oracle Hyperion. Either way, the goal is clarity, not complexity.
A Real-World Win: $55M at Kemper
Let me take you behind the scenes at Kemper Insurance in 2022. I was Director of Business Intelligence and FP&A, and we were bleeding cash on inefficient operations. Auto and Life insurance divisions were running on siloed systems, and pricing adjustments lagged. My team dug in—analyzing unit costs, benchmarking against peers, and building financial models. We overhauled workflows, integrated reporting, and worked with actuaries to refine risk pricing.
The result? A $55M cost reduction in one year. It wasn’t just about savings—it freed up resources for growth. That’s what process improvement does: It turns inefficiency into fuel.
Sustaining the Gains
Here’s where many stumble: You fix a process, celebrate, then slip back into old habits. I’ve seen it happen. At AIG, after boosting profitability 30% by optimizing commissions and SGA, we didn’t stop there. We built internal controls—think regular audits and KPI tracking—to lock in the gains.
Sustainability takes discipline. Document your new processes (I’m a fan of ClickUp for this). Train your team—when I led nine reps at AIG, hands-on coaching was key. And measure relentlessly. If efficiency dips, you’ll catch it early. It’s not sexy, but it works.
The Human Side of Process Improvement
Let’s get real: Processes aren’t just about systems—they’re about people. I’ve been the guy in the room explaining to a stressed-out team why we’re changing things again. At Consultgenix, a client once told me, “Derrek, my staff’s burned out—can’t we just keep it simple?” My answer? “Yes—and that’s the point.” Streamlining isn’t about adding work; it’s about taking it away so your team can breathe—and thrive.
I’ll never forget a healthcare VP who hugged me after we cut her reporting time in half. That’s the win: giving people bandwidth to focus on what matters, whether it’s serving clients or dreaming bigger.
Five Steps to Streamline Your Processes
Ready to start? Here’s my playbook, honed from PwC to PepsiCo to now:
- Audit Your Workflow: Map it out—what’s slow, what’s redundant?
- Prioritize Pain Points: Focus on what costs the most (time or money). At Lehman Brothers, we tackled reconciliations first—so can you.
- Apply a Framework: Use Lean to cut waste or Six Sigma for precision—I’ve done both.
- Leverage Tech: Automate where you can. Power BI dashboards saved me at Kemper; they can save you too.
- Lock It In: Train, document, monitor. Make it stick.
It’s not rocket science—it’s persistence. And the payoff? More efficiency, less stress, and a healthier bottom line.
Why This Matters Now
In today’s world—volatile markets, tight margins—operational efficiency isn’t optional. I’ve led teams through recessions at Lehman Brothers and growth spurts at AIG. The constant? Businesses that streamline survive. The ones that don’t? They’re scrambling.
Think about your own operation. Where could you save an hour, a dollar, a headache? That’s where process improvement shines. It’s not about perfection—it’s about progress.
Let’s Talk Efficiency
Streamlining processes isn’t a one-size-fits-all fix—it’s a tailored solution. With decades in business consulting, I’ve helped companies big and small find their efficiency edge. At Consultgenix, we’re all about turning chaos into calm—and profit.
If you’re ready to eliminate inefficiencies and boost your operations, I’d love to chat. Reach out at derrek@consultgenix.com to discuss your strategy. Let’s make your business run smoother—together.