CCI conducted a process review and technology selection for Travelex Currency Services. TCS operate in a truly multi-currency environment, regularly processing up to 100 different currencies. The process review highlighted backlogs that occurred naturally in the operation as well as some inconsistencies in the processes.
CCI conducted a process review and technology selection for Travelex Currency Services. TCS operate in a truly multi-currency environment, regularly processing up to 100 different currencies. The process review highlighted backlogs that occurred naturally in the operation as well as some inconsistencies in the processes.
CCI conducted a process review and technology selection for Travelex Currency Services. TCS operate in a truly multi-currency environment, regularly processing up to 100 different currencies. The process review highlighted backlogs that occurred naturally in the operation as well as some inconsistencies in the processes.
CCI conducted a process review and technology selection for Travelex Currency Services. TCS operate in a truly multi-currency environment, regularly processing up to 100 different currencies. The process review highlighted backlogs that occurred naturally in the operation as well as some inconsistencies in the processes.
Copyright:
Attribution Non-Commercial (BY-NC)
Available Formats
Download as PDF, TXT or read online from Scribd
Download as pdf or txt
You are on page 1/ 2
CCI Client Case Study Operational Process Review & Technology Selection
The Client In March 2001, the Travelex Group acquired Thomas Cook Global & Financial Services. Now, under the name Travelex, the Group has offices in 31 countries, corporate relationships in 97 countries spanning the globe and serves over 29 million customers each year. The Groups different businesses offer a number of travel related services to corporate and personal customers, and include Travelex Currency Services (TCS). TCS is now the world's leading supplier of outsourced foreign currency services, fulfilling individual travel money orders for retail customers, travel agencies and other financial institutions. The Assignment As part of Travelexs commitment to provide resources to support TCSs business growth, and to ensure that the business remains the largest and most automated foreign currency fulfilment service in the world, TCS asked CCI to conduct a review of its principal United Kingdom based multi-currency wholesale cash handling operation. TCS wanted an impartial evaluation of its current operations, and sought to identify longer-term opportunities to benefit from improvements in automation. The Business Challenge TCS operate in a truly multi-currency environment, regularly processing up to 100 different currencies. Purchases (deposits) and Sales (withdrawals) can vary dramatically in value and, more importantly for the processing operation, volume. The company handles large volumes of most major currencies, such as Euro and U.S. Dollars, but may also see some of the more exotic currencies that are traded. Having identified broad automation needs, CCI assisted TCS in the preparation and issue of a Request for Proposal (RFP), and the subsequent evaluation of responses, for cash handling hardware. Using CCIs established RFP methodology together with sophisticated computer based simulation modelling, we assisted TCS in determining their cash processing requirements before going on to help them shape the progress of vendor negotiations. CCIs Approach The first step in CCIs process review was to gain a detailed understanding of TCSs wholesale cash processing operation. By creating detailed process flow diagrams and verifying them with the individuals responsible for overseeing the various tasks, CCI accurately documented the existing operation. Mapping the processes highlighted backlogs that occurred naturally in the operation as well as some inconsistencies in the policies followed from one area to another. Having created a road map of the wholesale cash handling operation, CCI then conducted an analysis of the operation, focussing on optimising processing. The analysis included use of a sophisticated process modelling software programme, which allowed a wide range of processing scenarios to be evaluated. Varying processing volumes were tested using real data, modified to accommodate projected business growth trends. The simulation tool enabled CCI to recommend an optimal combination of manual, medium and high-speed banknote processing machinery to suit TCSs existing and forecasted needs.
Turning to the vendor equipment evaluation, CCI first compiled a series of detailed statistical information to help vendors size their responses. The statistical information was then combined with CCIs proprietary RFP document. This document evaluates a range of relevant topics including vendors technical abilities, product range suitability, ability to deliver, training and support packages and solution costs. CCI administrated the RFP process for the client and evaluated the responses according to a mutually agreed set of criteria. CCI used its simulation-modelling tool to verify the appropriateness of the vendors responses. Value Delivered For the process review, CCI produced a series of comprehensive process flow charts, which provide the organisation with a detailed overview of their cash handling business. These flow charts are being used as training tools for new and transferred employees, and serve as the base of more formally set out operating procedures. From the RFP evaluation, and in combination with the simulation modelling work, CCI presented Travelex with a series of costed recommendations for equipment procurement. CCIs recommendations covered suggested configuration and functionality of the proposed hardware, together with recommendations for the adoption of automated deposits processing and a related vault management system. In line with business growth plans, TCS is now progressing its hardware and software needs with the short listed vendors.
Currency Consulting International Limited PO Box 10 Basingstoke United Kingdom RG22 4BN Tel +44 1256 605430 Fax: +44 1256 605431 Email: information@currencyconsulting.com www.currencyconsulting.com Currency Consulting International Limited and Travelex Currency Services, 2002
