2011 Award Winners  

The GEO Award for Best Practices - Bancolombia

Natalia Gil and Luisa Toro of Bancolombia

The following overview was presented by Luisa Toro, Manager of Outsourcing Services, Bancolombia, in discussion with Professor Ron Babin, an outsourcing researcher at Ryerson University.

Bancolombia is the largest bank in Colombia and one of the larger banks in Central America. The bank has grown through a series of acquisitions over the last decade. A result of the acquisitions has been a growing and diverse set of outsourcing relationships. Recognizing the problems of having too many outsource providers and contracts, the bank decided to actively consolidate and redesign the outsourcing process. A central outsourcing strategy management group was created. A corporate-wide outsourcing methodology was established and has been successfully implemented across most of the banking operations. The result has been a consistent method for implementing, operating and evaluating outsourcing relationships, which is directly aligned with methods for managing and evaluating business processes. Using the balanced scorecard technique all outsourcing and business processes are measured and evaluated consistently across all banking operations. This also allows the bank to implement a common outsourcing methodology for new business acquisitions.

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The GEO Award for Innovation - Microsoft

Left to right: Srini Krishna, Henric Haggquist, and Andrew K. Cheung of Microsoft.

The following overview was presented by Srini Krishna, Director of Finance Operations, Microsoft, in discussion with Dr. Beena George, Ph.D., an associate professor at The University of St. Thomas.


Microsoft embarked on the OneFinance initiative in 2006 to completely re-engineer its global finance processes and operations. As part of this effort, Microsoft outsourced back-office finance transactions spread across 95 countries to Accenture under an agreement that promotes commitment to mutual gains and performance improvements. The outsourcing engagement was successful in transforming Microsoft’s finance operations and cementing a productive partnership between Microsoft and Accenture. This case study highlights how the use of two software tools, Controller Workspace and Governance Workspace, within a well-planned and carefully implemented outsourcing process and governance structure contributed to the success of the OneFinance initiative.

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