As the United States Postal Service closes facilities and scales back service, there is no shortage of companies looking to keep money moving with electronic transactions. Banks have been especially active in this area as they look to cut costs and adjust to new business realities. Many companies will address this situation by employing business process outsourcing.
Electronic transactions are a third the cost of processing checks, for example, and the savings grow with the volume. Another savings stems from time. If the Postal Service eliminates Saturday delivery, many invoices and payments will be delayed a day or more. Again, considering the volumes of transactions involved, the situation simply has to be addressed. If to make up for a slower Postal Service a company has to put in $4 million in additional working capital borrowed at 6 percent, that’s a $240,000 added cost.
Making the Case for BPO
The natural next question is whether a solution is available in-house or is more effectively achieved through business process outsourcing. There are established processes for making the right decision with respect to outsourcing. One consideration here that may not be so obvious: It is more advantageous than ever for businesses to work with a BPO company with locations near the operations the USPS will keep open to ensure prompt payment processing and the processing of other inbound mail.
The BancTec team is in Las Vegas this week, enjoying the HIMSS12 Annual Conference & Exhibition at the Venetian Sands Expo Center!
For healthcare payers and providers, HIMSS12 is an opportunity to find new solutions for tackling the most vexing business challenges. With many looking to outsource demanding back-office processes, BancTec is there to offer smarter outsourcing solutions when it comes to EOB processing, claims processing and medical records management.
BancTec is at Booth #7600, discussing how its Intelligent BPO (iBPO) methodology goes beyond simply outsourcing an existing process. The approach analyzes then optimizes business processes to address the root causes of inefficiency, improving profitability for the long term.
If you’re at HIMSS12, stop by the BancTec booth to meet the team, share your processing pains and discover what iBPO can do for you. You’ll see why we call it the smarter way to outsource.
Not in Vegas? Follow the action with us on Twitter @BancTecInc.
Today’s post is from Lori Messana, Vice President/Managing Director, P2P Portfolio, at BancTec.
When meeting with a potential BPO provider and its team of “Subject Matter Experts” it is important to determine if the provider actually understands the corporate world, especially when it comes to procurement and accounts payable. After all, knowing how to drive a car doesn’t make someone a mechanic.
Has the Provider Walked in Your Shoes?
Someone who has done what you do will be in a much better position to understand the key issues involved in your business processes. With a provider that can act as a consultant and work with you, the best technology solution can be developed.
Of course the whole provider team does not have to understand your entire business, but be sure that someone there understands your typical day and how to solve the issues you confront.
Get to Know Your P2P Vendor
Simple research of a P2P provider and looking up the individual team members on LinkedIn and other public sources will help you get to know your potential partner. Asking the vendor team directly to tell you more about themselves is another good way to learn about their experience with P2P and AP automation.
Learn more about AP automation services, and see how BancTec offers smarter business processes through Intelligent BPO.
BancTec is proud that in many of its processes it has achieved Six Sigma accuracy — that’s 99.99966 percent accuracy in transactions. Six Sigma is a management philosophy that transforms organizations, helping them become more effective and efficient.
As a global leader in BPO, BancTec delivers when it comes to processing information, distributing information on time and getting funds for customers fast.
BancTec is showcasing its Intelligent BPO, the smarter way to outsource financial and back-office processes, this week at the Association for Financial Professionals (AFP) Annual Conference in Boston.
Intelligent BPO moves beyond simple, labor-arbitrage-focused outsourcing to help businesses automate and truly optimize their business processes. BancTec experts help our clients identify the root causes of process inefficiency, then address these issues systematically in making the transition to outsourcing.
This year’s AFP Conference kicked off Sunday evening at the Boston Convention and Exhibition Center with a keynote address from former President Bill Clinton.
Visit BancTec at Booth #1030 through Wednesday to learn more about iBPO services benefiting treasury and finance professionals.
You can outsource your business processes to save money. Let’s take that as a given.
But your savings are limited if your business processes are cumbersome to begin with. A broken process that’s outsourced is still broken.
The BancTec approach to outsourcing is different. Our clients—1,600 across 50 countries—rely on our internally developed solutions and the technology we’ve built in house.
We take business processes and do more than replicate them. We offer clients a holistic methodology to assess where business process outsourcing can increase efficiency and reduce costs the most. That’s Intelligent BPO, or iBPO.
As the United States Postal Service closes facilities and scales back service, there is no shortage of companies looking to keep money moving with electronic transactions. Banks have been especially active in this area as they look to cut costs and adjust to new business realities. Many companies will address this situation by employing business process outsourcing.
