What were some of the unique decisions that Bank of New York Mellon have taken as part of they journey. And what is the role of Performance Analytics in Governance.
How is BNY Mellon utilizing Performance Analytics in the role of governance at the bank. How are they utilizing it now and how they plan to utilize it in the future?

Read all about it in this article.

bny mellon bitcoin - Performance Analytics, a key ingredient to effective governance.

Michael Kaczun is the director of product management of for Bank of New York Mellon ansd is specifically looking after tools such as ServiceNow. In this article, which is a transcript of a recorded breakout session at Knowledge ’20, he will address
* Why Bank Of New York Mellon started with PA at the same time as the rest of the platform.
* How they used PA to optimize governance and operations on the platform how that links with utilizing that to drive operations and continuous service improvement
* Driving continues service improvement and maturity and how that’s driving the maturity in the end of in state.

BNY journey - Performance Analytics, a key ingredient to effective governance.

The bank actually started looking at this as a whole in 2018 and really at that point we were on a legacy platform or a couple Legacy platforms and there was a lot of it just general inconsistencies. Around what was being reported by whom even down to the level of what exactly are we actually reporting. Different people have different interpretations of what a mean time to acknowledge or mean time to resolve actually men from a data perspective. So because of that, because of these inconsistencies, because there really wasn’t a central team looking over the process as a whole we realized these were big problems that we needed to address.

The bank actually started looking at this as a whole in 2018 and really at that point we were on a legacy platform or a couple Legacy platforms and there was a lot of it just general inconsistencies. Around what was being reported by whom even down to the level of what exactly are we actually reporting. Different people have different interpretations of what a mean time to acknowledge or mean time to resolve actually men from a data perspective. So because of that, because of these inconsistencies, because there really wasn’t a central team looking over the process as a whole we realized these were big problems that we needed to address.

So in 2019, we made the decision to move on to ServiceNow and (basically in March of that year). And we actually rolled out ITSM, ITBM and GRC leveraging people like the Westbury Analytics team here as well as Pathways Consulting Group as being our primary implementation partner.
We wanted to get those modules in, we were able to set up Performance Analytics at the start of (we  made that decision up front) and we actually also stood up internal process governance. So during the implementation again, we made that active decision up front to make sure that we were not only going to implement the tool but we actually put that control framework and that PA element, that governance framework, in place right from the get-go to make sure that our processes were sustainable and improving over time.

As we moved into 2020, we actually took that centralized process management team and we actually now starting to involve more areas of the Enterprise as a whole. So really it was the Enterprise process governance across the bank across all of IT. We actually started really looking at maturing it service management from all these different processes of Incident, Problem, Change, Requests, etc. And we’re also looking later this year to deploy Spotlight into our operations teams. And again, that’s a component and it’s a feature of Performance Analytics which really starts to take away a lot of the guesswork around “what do I need to focus on” etcetera at any given time. Because it’s giving you those scores in a way that your operations teams are actually going to very quickly and easily see regardless of you know, all these different factors “I know this is the most critical thing at any given time to work on”. So that’s about Spotlight what we are going to be doing later this year.

And then 2021 is more about getting that data out self-service and actually deploy what I consider as more like a gamification concept. So this is really about down to the operator level themselves. They can maybe even see how they’re performing against their teammates, the company as a whole and we can we can gray out or hide the people’s names but it promotes that friendly sense of rivalry to try to become the best. And again, PA allows you to have all these different views in place in parallel. To give these people different pieces of information that they’re going help them do their jobs and also get better over time. And that’s really that continuous service improvement item in 2021. 

One of the things you may be considering why choose one over the other? So reporting comes with the platform out of the box. And we made the decision to use Performance Analytics right out of the gate and it really was because of a few things. From a reporting standpoint it’s absolutely useful. It’s more operational focused though. It’s more about that single point in time and it’s really not about the leading lagging indicators that are hopefully giving you the historical trends to continuously improve. That’s where PA comes in and really provided the value of to us up front.

BNY journey - Performance Analytics, a key ingredient to effective governance.

We were at historical trending making sure that we put those controls in place that allowed us to improve over time. And the other thing it really helped us with was, as I mentioned before, instead of the cottage industry of everyone’s trying to create their own version of these reports (which absolutely has I’ve seen that happen at other companies as well as even even the bank here) it was really about “We can create those centralized calculations, those widgets, that can then be published and then people can kind of go ahead and use those to make a dashboard. However, they want to make it look and feel. If you want a certain color scheme, or you want to move things around and different spaces. That’s absolutely fine. But we want to make sure that you’re using the same way of measuring right and the same KPI’s that we have across all the other dashboards that are out there. And that’s what PA allows you to do. So governance is clearly critical to our business at Bank of New York Mellon. I’m sure it’s the same case for everyone listening to this call.

First thing we listed out was the connecting of the players. Connecting the layers of the organization together. Everyone’s got their own view as to what they want to see. Central leadership, operational managers versus maybe the people actually working on those teams working on the tasks day in and day out. It’s being able to connect these players in various different views to make sure they’re all talking some of the same language as you’re having these discussions to try to figure out what the needs to improve the drive maturity over time.

The second thing is the power of the proven framework. So some of the things that will show you in the demo and one of the reasons Bank of New York Mellon chose to partner with Pathways Consulting Group as well as Westbury was this power of the proven framework. We can go ahead and absolutely define a hundred metrics ourselves. But my thought about going into this whole project was there’s only so many ways you can slice and dice data and there are a set of Industry standards out there. So with by using Westbury Analytics they came in with that predefined set of metrics and KPIs that we allowed to it. We could quickly adopt when we started on this journey. We adopted it and we had massive acceleration in the maturity curve.  We weren’t sitting around waiting weeks if not months to build out all these different API’s. No, we adopted it. We made some tweaks and we hit the ground running.

And then the last thing here’s the real work. Utilizing a combination of all these different things and the governance we put in place now we were able to start driving tangible actions. You’re able to have that dialogue across all the layers with your organization. And then you’re ultimately able to align it back to those business goals that you’re really trying to satisfy.
Additional things from the PA helps in governance perspective is to see quickly, which way is the momentum going. You’re not necessarily held back by monthly reporting cycles to wait and see what’s going on to take away actions, go ahead and make some changes and hope that the next month is going to be better.

You’ll be able to see it much more real time and to start to see which way the momentum is going at any given point. But more importantly if you’re able to actually delve under the covers a little bit and start to see what’s driving that performance. How is it impacting all these different KPI’s that ultimately lead up to a key performance indicator. And ultimately maybe this sub components that are actually contributing to the issues of performance. PA is actually giving you that ability to see exactly those different data set and data points.

Persona based perspectives clearly showing the you the different views, the different levels of the organization. We look at the way that Senior Management, Operational leaders, Service owners operations groups, etcetera. They’re all looking at this data and PA is helping them visualize the data in a way that’s meaningful and impactful to them. And because we’re able to standardize this data gathering calculation work. We’re able to go ahead and drive on that continuous Service Improvement Journey.