Chennai, May 20 (IANS): Polaris Financial Technology, a major player in banking, financial services and insurance software, has begun its organisational restructuring process even without hiring a consultant, said a senior company official.

"By June 1, 2013 we have to have the new organisational structure in place and lot of ground work has to be done for that. Hence, we have begun the work even as the process of selecting is the consultant is on," Rama Sivaraman, partner and global head, performance excellence, told IANS.

In an earlier interaction with IANS, company chairman Arun Jain had said the company is in the process of finalising the consultant to implement the organisational restructuring.

In January this year, based on the recommendations of Boston Consulting Group (BCG) Polaris Board authorised the company management to explore options that would provide an impetus for the next stage of growth and maximise shareholder value.

A task force, in turn, was set up with senior management officials that recommended restructuring the business into separate divisions - services and products - each having independent management teams and strategies aligned to their respective customers' needs.

As per the revised structure, Polaris with a head count numbering around 13,000 is appointing five CEOs for each distinct line of business across services and products for greater customer focus and agility.

Sivaraman said that under the new organisational set up there will be rejig in the services business as it will be end-to-end customer centric.