Bajaj Finserv, a part of Bajaj Holdings & Investments Limited, is an Indian financial services company focused on lending, asset management, wealth management and insurance.
The company employs over 20,000 employees at 1400 locations, and is engaged in consumer finance businesses, life insurance, and general insurance. Apart from financial services, Bajaj Finserv is also active in wind–energy generation.
As a part of Bajaj Finserv Limited (BFL) Digital transformation journey, BFL were looking at creating a brand new, secure and collaboration platform for tapping into the innovative ideas of their employees leveraging their existing Investment in Office 365.
BFL were looking for a platform that functions as an idea generation tool where an employee can submit ideas, leading to process improvement, new process suggestion or product variance proposition. The challenge that the customer was experiencing prior to implementing Ideas Innovation/Wave solution:
As part of this initiative, Acuvate worked closely along with the BFL team to drive a culture of innovation and encourage new thought process.Know How Acuvate Solved This Challenge
Bajaj Finserv serves independently in Non-banking Finance services (NBFS) sector and runs the core businesses of Lending, Protection, and savings. Bajaj Finserv Limited is the holding company for the businesses dealing with financial services of the Bajaj Group. It serves millions of customers in the financial services space by providing solutions for asset acquisition through financing, asset protection through general insurance, family protection and income protection in the form of life and health insurance and retirement and savings solutions.
During the year under review, Bajaj Finserv Ltd., a wholly owned subsidiary, has firmed up new business plans for undertaking activities on digital and online platform to augment the business of the Company’s subsidiaries. BFL were planning for a platform that provides an idea generation tool where an employee can submit ideas, leading to process improvement, new process suggestion or product variance proposition. Objective of “iDeas Innovation” solution was to understand, stimulate, analyze, and award innovation within the organization.
Acuvate provided the enriched O365 based iDeas Innovation Application (Wave) with different features for idea management and innovation award initiative.
“iDeas Innovation was a great success for Bajaj. The employee participation was great, of course prize money was involved. The platform has help Bajaj consolidate and track all ideas from different department on one single interface for HR to manage it properly.”
– Arun Laskar, IT Manager, Bajaj Finserv Limited (BFL)
BFL needed to build this platform on Office 365 for all managing ideas along with collaboration features. Acuvate evaluated the fitment of this platform, and in collaboration with SharePoint Online out-of-box features like site columns, content types, custom lists & libraries and MS Flows proposed to build a highly responsive & performant Idea management platform.
Acuvate introduced the implementation of Wave – an iDeas Innovation platform to organisation employees to ideate and collaborate and in turn contribute towards business transformation. It brings in employees’ inclusivity by enabling employees to propose solutions to important business challenges. It also nurtures inclusive, transparent, and robust innovation management process and helps Idea realization by ensuring organisation business capture, deliberate and implement the best ideas from employees.
Approximately 15,000 BFL employees are using this Idea Management application for their sharing their ideas and collaboration activities. This solution has resulted into: