Before DLC

• Issues completing goals of acquisition
• Payment processing integration delays

After DLC

• Integrated payment function to shared services environment
• Cost-per-unit efficiencies
• Disciplined project management process

Overview

While experiencing unprecedented cost fluctuations driven by the COVID pandemic, a national Fortune 1000 insurance company engaged the DLC team to steer the integration process and incorporate a robust accounting function following a recent acquisition.

Business Challenge

The client recently acquired a smaller company to expand their customer base and was struggling to successfully integrate accounting operations. The direct payment processing integration was severely delayed due to the challenging business environment, cross-functional requirements and conflicting priorities.

DLC Approach

After careful evaluation, the DLC team identified project management support as the first component to ensure a smooth transition for the direct payment function to be absorbed by the shared disbursement services team.

Working alongside the client’s accounting, operations, and IT teams, we determined the root cause of the delays and proposed the following solutions:

• A concise Scope & Charter document to clearly identify the project scope, expected benefits, business requirements and expected deliverables.
• A disciplined project management process adhering to Project Management Institute (PMI) phases, tollgates and project artifacts.
• A communication plan to share ongoing progress alongside potential risks and issues with key stakeholders and project team members.

After presenting to internal stakeholders, we incorporated their feedback to our initial plan and adjusted the project scope and timeline with three strategies:

• New vendor onboarding for check printing.
• Marketing integration campaign.
• Requirements to access new capital.

Results

After completing the project, the client obtained a fully integrated payment function within their shared services environment, which created cost-per-unit efficiencies and provided the acquired company’s accounting team with more room to focus on higher priority work.

In addition to the original scope, the DLC team also delivered:

• A new banking relationship.
• An update to the disbursement services process adopted from the acquired company’s standard operating procedures.
• Lessons learned for future integration efforts.