Lockheed Martin streamlines processes, Standard Chartered accelerates digital transformation – PEX Community News
Google’s former chief decision scientist will keynote Generative AI Week 2024, process intelligence and process mining bear fruit for Zespri, State Street seeks new VP of BPM
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PEX Network’s weekly news bulletin rounds up the latest from the process community including operational excellence, digital transformation, business process management (BPM), process mining, artificial intelligence (AI) and much more.
This week includes:
- Lockheed Martin implements new operational structure to streamline processes
- Standard Chartered invests to accelerate digital transformation
- BPM360 Podcast explores the human aspects of BPM
- Process intelligence and process mining bear fruit for Zespri
- Operational excellence at the core of DE&S transition milestone
- State Street seeks new VP of BPM
- Google’s former chief decision scientist headlines Generative AI Week 2024
- Wallenius Wilhelmsen restructures leadership for digital transformation
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Lockheed Martin implements new operational structure to streamline processes
American aerospace and defense manufacturer Lockheed Martin is implementing a new operational structure to streamline processes and systems as part of its ambitious digital transformation objectives. At the heart of this initiative – which it has dubbed 1LMX – is an alignment of the firm’s cost accounting segments with common accounting practices and business processes and modernized systems, Lockheed Martin stated. “By aligning many of our current cost accounting segments, we aim to simplify our financial management and reporting processes, leading to new common disclosure statements, providing greater transparency for stakeholders and enabling informed decision-making.”
Lockheed Martin aims to transform end-to-end business processes and systems, creating a model-based enterprise with a fully integrated digital thread throughout the product lifecycle, it added. “Our transformation is a strategic response to the evolving needs of our business and the industry as a whole, enabling Lockheed Martin to deliver the speed, agility and insights our customers need to be ahead of ready to address growing security threats across the world.” By creating a cohesive operational structure, the company seeks to embrace transformation, fostering increased collaboration and agility.
“Through digital transformation, Lockheed Martin is not just meeting significantly increased demand at this critical geopolitical point, but also leading the defense industry into the future,” said Frank St. John, chief operating officer (COO).
Standard Chartered invests to accelerate digital transformation
International bank Standard Chartered has invested in United Fintech Group to advance digital transformation initiatives across financial services. The investment supports Standard Chartered’s ambitions to contribute to the advancement of digital transformation solutions in capital markets, wholesale banking and wealth management, according to a press release. “We have been impressed by the growth in United Fintech’s portfolio of innovative, engineering-led technology companies and share their vision for how technology can transform and disrupt market structure and infrastructure,” said Geoff Kot, global head, CIB business platforms and partnerships at Standard Chartered. “We look forward to partnering with them as we continue on our journey of digital transformation.”
The investment underscores Standard Chartered’s commitment to accelerate digital transformation and highlights their forward-thinking approach to collaborative innovation, added Christian Frahm, CEO and founder of United Fintech.
BPM360 Podcast explores the human aspects of BPM
In the latest episode of the BPM360 Podcast, hosts Caspar Jans and Russell Gomersall reflected on the critical human elements of BPM. They emphasized the importance of effective communication, the need to engage the entire organization and how BPM can reinforce company culture. The pair also debated the terminology of “documentation” versus “modelling” – while Caspar prefers documentation as it encompasses the model and all related information, Russell argued for modelling as it indicates a more dynamic, analytical approach. Both, however, agreed on the necessity of providing context and making the process information actionable and understandable.
The hosts plan to continue exploring the human affairs aspect of BPM in future episodes, specifically focusing on organizational aspects and more practical communication strategies. They teased upcoming topics, including the integration of AI in BPM and the intersection of business and IT architecture.
Jans will be speaking at All Access: BPM 2024 on the topic of next generation process management.
Process intelligence and process mining bear fruit for Zespri
Zespri, the world’s leading marketer of kiwifruit, highlighted the success of its efforts to optimize business operations, improve working capital and deliver millions in value. In collaboration with process intelligence company Celonis and process mining firm TEC150, Zespri embarked on Project Horizon, an ambitious multiple-year effort to transform the company’s processes and systems.
“When we started to analyze our data in the Celonis Process Intelligence platform, we saw the immediate opportunity to improve our procurement and purchase-to-pay processes,” commented Dave Scullin, chief digital officer of Zespri. “Celonis has been instrumental in enhancing our processes at Zespri helping us to drive better outcomes for our people and our customers, and more value for our growers.”
In the 18 months since the collaboration started, the Zespri team has been able to achieve:
- A 27 percent reduction to its vendor invoice management (VIM) cycle time.
- A 23 percent increase in purchase order conformance.
- A 68-day credit memo clearance improvement.
- Identification and prevention of potential duplicate spend.
Operational excellence at the core of DE&S transition milestone
The new operation implementation model of Defence Equipment & Support (DE&S), which provides services to the UK Armed Forces, has reached an important transition milestone centered on operational excellence, according to the organization. “DE&S’ mission is to equip the UK’s Armed Forces with the edge by delivering and supporting the platforms, systems and services they need,” read a post on its website. “The aim of DE&S’ transformation is to keep the best of what the organization does now, while leveraging greater automation, integration and simplified ways of working that focus on outcomes over process. A more agile approach to managing and supporting its people will ensure they are allocated to where their skills can be deployed to meet defense priorities.”
The gateway, corporate and core delivery areas are all now stood up, with the system integration area due to reach that target in October. All four are due to complete the transition to full operating capability by early 2025. Combined, they form an operating model that provides the UK’s Armed Forces, industry partners and allies with a service grounded in greater consistency, reliability, standardization and repeatability, that drives improved pace, efficiency and equipment availability.
“Our new model gives us the tools to deliver at pace by deploying the right people with the right skills and experience to the right place at the right time,” commented Dr Simon Dakin, former director of the DE&S Integrated Battlespace Operating Centre. “It builds in clear and consistent processes, and provides an operating environment where every person can develop, flourish and contribute their best. It builds in quality and safety as golden threads that run through every project, while driving us forward at speed.”
State Street seeks new VP of BPM
Global financial services and bank holding company State Street is looking to hire a new VP of BPM. The individual will design a structured approach in business mapping enabling the operational risk management function to visualize and optimize business processes, workflows and relationships across departments and functions, according to the job description. They will have a strong background in process improvement, data analysis and project management, with a passion for driving organizational efficiency effectiveness through business mapping, it added. The advertised salary range is US $110,000 – $185,000 (annual).
Key responsibilities include:
- Assessment and planning
- Tool selection and implementation
- Process identification and documentation
- Data integration and analysis
- Stakeholder engagement and training
- Continuous improvement and governance
Google’s former chief decision scientist headlines Generative AI Week 2024
Cassie Kozyrkov, CEO of data scientific and Google’s first chief decision scientist, was announced as a keynote speaker at Generative AI Week 2024, taking place October 7-9 in Avalon, Georgia. In her session “Our AI-Accelerated Future” Kozyrkov will explore the hype surrounding AI and share insights on the real implications of the technology.
She will also predict what lies ahead, reflecting on a new landscape of threats and opportunities that will reshape experiences, businesses and society.
Wallenius Wilhelmsen restructures leadership for digital transformation
Shipping company Wallenius Wilhelmsen announced executive changes aimed at accelerating its transition to a sustainable and digital future. Mike Hynekamp, currently COO logistics, will take on the newly created role of chief strategy and corporate development officer, while SVP vehicle services Americas, John Felitto, will become COO logistics services, said president and CEO Wallenius Wilhelmsen, Lasse Kristoffersen. Kristoffersen has previously been very vocal on his ambition to make Wallenius Wilhelmsen a data driven company delivering integrated emission free solutions to its customers.
“We are increasingly becoming a partner to our customers on their entire finished product supply chain, enabling them to transform towards an emission free and digital future,” he stated. “We have access to digital technology and data that were unthinkable just a few years ago. Our industry has only started to harvest the value creation potential, and we are ready to put this into use, both for our customers and ourselves. Our journey is not solely about operating ships or solving logistics challenges; it is about shaping a future where resilience, collaboration, and growth intertwine to build a digital and sustainable company for generations to come.”
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