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      "text": "By implementing these new processes, the bank released products in approximately half the time that the process used to take (roughly 8 months instead of 18 months), while maintaining compliance and improving quality.",
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      "text": "A leading North American bank offers a good example of the reengineering of business processes. Prior to its transformation, the bank took 18 months, on average, to release new digital products into the market. With startup attackers moving quickly on the digital front, the bank needed to shorten its development period without compromising quality or regulatory compliance. The bank changed three things: the way it organized teams, the way it made decisions, and the way its teams worked. First, the company created cross-functional teams, bringing together people from the business side and the technology side, to follow a product from inception to release. These teams rallied around a business objective, such as increasing incoming applications for mortgages by 10% or increasing conversion rates on credit card applications by 5%.",
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      "text": "Radical process reengineering demands careful strategic workforce planning. In the digital age, such transformation can increase a company’s productivity—but only if the company quickly finds or trains candidates to fill new job profiles that may affect a substantial part of its total workforce. (See Man and Machine in Industry 4.0: How Will Technology Transform the Industrial Workforce Through 2025?, BCG Focus, September 2015.) Without active management of workforce issues, fundamental reengineering will almost certainly stall or even fail.",
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      "text": "Unlike in the typical development model, in which IT teams deliver specific functionality (creating a button here or a search box there), the bank’s cross-functional teams had the freedom to design a product as they saw fit—and supervisors evaluated them on their ability to meet their stated business objective. Teams also embraced a new way of working, through agile principles. Rather than engaging in extended philosophical debates on the merits of various offerings, they created prototypes and put them in front of users. They analyzed the customer feedback and learned what customers wanted—thus clarifying what they should build. By implementing these new processes, the bank released products in approximately half the time that the process used to take (roughly 8 months instead of 18 months), while maintaining compliance and improving quality.",
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