BancTec will be heading to Nashville this weekend to talk business process outsourcing (BPO) at the Fusion 2012 conference that opens Sunday at the Gaylord Opryland Resort and Convention Center.
A BancTec team will be at Booth #927 to discuss BPO services specifically designed for financial transaction processing and document management. During the conference, BancTec will present three educational sessions:
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Lies My P2P Automation Vendor Told Me
- Presented by BancTec’s Lori Messana and Tami Kight, AP Manager with BMW,
- Tuesday, May 15, 3 – 4 p.m.
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A 360 Degree Perspective of AR
- Presented by Michael Alfonsi, BancTec
- Tuesday, May 15, 4:15 – 5:15 p.m.
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The Challenges of Inbound Mail Processing, Are You Ready?
- Presented by Pamela Wu, BancTec
- Thursday, May 17, 9:15 – 10:15 a.m.
These sessions will lead conference attendees through the common struggles businesses face when managing P2P automation, accounts receivables and inbound mail services.
In the face of these challenges, BancTec’s Intelligent BPO (iBPO) services can enhance a variety of business processes, including invoice processing, AP automation, remittance processing, inbound mail services and image archive.
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.
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Outsourcing inbound mail processing does more than improve mailroom efficiency.
Our solution is capable of processing very high volumes of incoming items – up to 100 documents a second. It opens the mail, scans the contents, and identifies each document. Each item is then electronically distributed directly to the appropriate email account or to the required content management, ERP, archive or legacy system.
Automatic Notifications Help Resolve Issues
BancTec’s inbound mail processing solution offers additional services, such as processing supplier invoices, extracting customer data from application forms, and automatic notifications of missing and incomplete data.
Automated notifications can save time for the employee waiting for the data, the customer who sent what they thought was a completed document, and the customer-service person called to answer questions about the delay. The notice of missing data ensures that the document is completed as soon as possible, so the business process can continue without unnecessary delays or costs.
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Which is more efficient: Delivering mountains of mail by cart throughout your facility or one inbound mail process doing document management work for everyone?
Processing high volumes of inbound mail by hand can be slow and expensive. A digital system recognizes forms, letters, invoices and other content and feeds them directly into the appropriate business processes. That kind of efficiency cuts costs and delays.
Adding Financial Flexibility
For example, instant processing of supplier invoices gives the accounting department the flexibility to process payments in a manner that best benefits the company. Accounts payable can be paid according to available cash flow, “early payment” discounts and other variables.
Manual processing is often too slow to give companies that flexibility.
Digitizing mail—capturing the content and indexing it for searchability—puts it right into the process flow and makes it visible to the right managers when they need it.
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The last thing a CEO wants to hear is, “Our marketing campaign is so successful that we have to stop it.” Or, “We need to stop growing until our mailroom can catch up.”
Is your mailroom too full, or getting there fast?
Communications from customers are vital — orders, warranties, loyalty programs, surveys, returns, complaints, rebates, coupons — and have to be processed quickly and efficiently.
But what does efficiency look like, and how do you get there?
Choose Your Strategy
Companies need a strategy for handling “too much” mail.
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Is your business trying to improve efficiency and define business processes? Mailrooms don’t have to be the last bastion of utter inefficiency. An automated inbound mail process can optimize processes and workflows throughout your business.
Organizations differ, but yours may find even more benefits of transforming your mountains of paper.
Let’s start with these seven:
1. Easy, instant transport
Mail that is scanned and converted to a digital format can be transported and routed anywhere in the world instantly.
2. Virtual data storage
Digital content can be archived quickly, efficiently and takes up very little space.
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Implementing digital mailroom solutions can result in significant process improvements and real return on investment.
But inbound mail processing doesn’t happen overnight. Once centers are up and running, there is a optimization process that needs to take place: Observe, Orient, Decide and Act, or OODA. It’s a step-by-step process of continual adjustments and optimization.
Key Areas of Optimization
Optimizing the digital mailroom once it is created is often done to meet new challenging service level agreements, reduce costs, improve delivery or to improve the utilization of operators.
[Read more…]
BancTec will be heading to Nashville this weekend to talk business process outsourcing (BPO) at the Fusion 2012 conference that opens Sunday at the Gaylord Opryland Resort and Convention Center.
