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| Author: | Lacity, M. Willcocks, L. Feeny, D. |
| Title: | Commercializing the back office at Lloyds of London: Outsourcing and strategic partnerships revisited |
| Journal: | European Management Journal
2004 : APR, VOL. 22:2. p. 127-140 |
| Index terms: | Executives Management Banking Commercialization Outsourcing Case studies United Kingdom |
| Freeterms: | Business process reengineering Partnerships |
| Language: | eng |
| Abstract: | With the recent global recession, senior executives are desperate to cut costs from back office (hereafter as: b-o.) functions, e.g. human resource management (HRM), finance and accounting etc. As the primary cost reduction strategy, outsourcing (here as: outs.) has been and remains a viable option. However, some innovative companies actually see the potential to participate as a supplier (here as: supp./supps.) in the outs. space. Companies such as Lloyds of London, Bank of America, Barclays Bank etc. have transformed high-cost, low-performing b-o. functions into commercial enterprises by partnering with key supps. The supps. typically centralize, standardize, and web-enable the customer's b-o. processes, retrain, empower, and motivate transitioned b-o. staff, and leverage the assets to attract external customers. The results are impressive: lower costs, better service, and revenue generation, but of course not without pain. This study aims to help senior executives assess the viability of b-o. commercialization, offering lessons derived from one customer's experiences. |
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