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STRATE www.strate.co.za/
Project Shortcut to
Knowledge Transfer to Transformation The Company
Business Challenge
How we helped
Deliverables
Benefits delivered
Client Testimonial
Executive Summary
It was the beginning of March 2003. Monica Singer, CEO of STRATE, the organisation that did electronic settlement of all equity trades in South Africa, was planning the way forward for the balanced scorecard driven knowledge management intervention that STRATE had implemented over the past eight months. At the beginning of 2002, most of the knowledge about STRATE's business had resided with the consultants that had helped to establish STRATE and the IT systems that were so critical to its functioning. It was a situation that could not continue, and Singer had asked Nihilent, a firm of business consultants, to help her to remedy the situation. What she had initially thought would be a simple knowledge transfer exercise had resulted in comprehensive organisational transformation, and she was delighted with the outcome.
The Company
STRATE is the authorised Central Securities Depository (CSD) for the electronic settlement of financial instruments in South Africa. It is a regulated body formed by JSE Securities Exchange and five major banks of South Africa. Its core competencies include an IT infrastructure and application to serve the needs of the security trading market.
Till recently STRATE was handling equity market operations. It then acquired Universal Exchange Corporation Ltd. (UNEXcor), which handles bond market depository, clearing and settlement operations. UNEXcor was entrusted with the responsibility of developing Money Market Clearing, settlement and depository operations. With this acquisition STRATE would be a major player in the electronic settlement of financial instruments in South Africa.
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Business Challenge
STRATE experienced amorphous growth in its short span of time. It outsourced most of its projects to external service providers and consultants especially in the Information Technology area including a world-class settlement system namely SAFIRES (South African Financial Instruments Real Time Electronic Settlement System). Most of the knowledge and expertise was with third party providers/ consultants and STRATE paid high outsourcing costs.
Another challenge that STRATE faces was that business and technology experts were wrapped in silos affecting productivity and hence "time-to-market".
There were low levels of communication between staff and management leading to divided focus on long term and short term goals across various divisions.
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How we helped
Nihilent implemented its patented MC3 framework for learning and innovation at STRATE. It began with the first phase of scoping that included review of the current status and the business situation of STRATE and suggested areas of improvement for transforming STRATE into a learning organisation. To ensure client comfort, reduced risk and to capitalise on experience, Nihilent decided to pilot the implementation in the IT Division in Phase 2 and then roll it out across the organisation in Phase 3. Through the MC3 implementation at STRATE, Nihilent built the following:
A clear and flexible performance model aimed at accomplishing business goals in sync with the vision
A process for creating and utilising intellectual capital towards driving its sustainability as a viable service provider
A process for transfer of required knowledge to role holders within the organisation
A dynamic organisation in order to respond to the changes in the market
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Deliverables
Business Practices Assessment - Findings, Recommendations Report
Corporate Scorecard - Alignment to vision, mission and strategy
IT Division Scorecard, Group and Individual Scorecards
Role Definition, Allocation and Restructuring
Recommendations and Rollout of Communities of Practice
Recommendations and demonstration of Knowledge Transfer from service providers
Assessment of Individuals in the context of performance goals
Knowledge Maps (Required and Actual)
Capability Assessments (Required and Actual)
Identification of Learning goals for every individual
Recommendations and roll-out of the Motivation Plan
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Benefits delivered
Reduced operations cost through enhanced competencies & productivity
Increased revenue through new products & services
Drastic reduction in outsourcing costs
Clear basis to HR to build performance appraisal systems
Reduced attrition risk
Business processes aligned to achieve strategy
STRATE empowered with "powerful human performance" engine that proactively aligns itself to dynamics of external market
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Client Testimonial
"In STRATE's case I can confirm that it far exceeded our expectations and on a daily basis we were experiencing the magic of what this process has done for our company and its people"
Monica Singer, CEO, STRATE
"The process opened my eyes to where we are and where we want to go… This process has standardised the applicability of HR processes across the organisation and clearly brings out the issues that contribute to the company's progress……we are very pleased…now we know that KM is not a theory"
Brutus Molefe, Head-HR, STRATE
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