The ability to reduce waste and streamline business processes will keep forward-thinking companies alive as the economy rebuilds itself. Whether a large corporation or a small-to-medium business, business process outsourcing (BPO) of critical functions in document intensive areas such as Accounts Payable, Human Resources or Customer Service can quickly improve productivity and reduce costs. Companies of all sizes are finding themselves able to focus on their core business and not on their business processes with a trusted BPO partner whose expertise is in:
- Document Scanning Services
- Mailroom Services
- E-forms
- Workflow Automation
- Document Management Systems
Look to a BPO partner to perform tasks that are productivity bottlenecks at your organization. Those logjams can distract from your company's core business goals while requiring a disproportionate percentage of internal resources. That's the very reason business process outsourcing delivers a quick ROI and can help strengthen your company's competitive position.
Working with a BPO Provider
Identify with the help of your BPO partner, the critical document-intensive business process that are draining your productivity. Typical of most businesses, accounts payable processes tend to be inefficient, costly and time consuming. Specifically; opening and distribution of mail, routing invoices for approval, invoice processing, filing of processed invoices, document retrieval and audit preparation top the list.
The right BPO partner will propose and implement solutions that can:
- Lower invoice processing costs by 91%
- Shorten processing times by 46%
- Result in 12% fewer late payments
- Require 30% less time to respond to inquiries.
Here is an example of how outsourcing accounts payable processes to a document management specialist can help companies achieve these goals.
- Provide mailroom services to include having all invoices sent to their facility, where it is opened, sorted, scanned, indexed and routed digitally to the appropriate client staff using workflow automation. The digitized images are simultaneously uploaded to an off-site, secure, web-based document management system for storage and 24x7 retrieval capabilities.
- Implement workflow automation to streamline AP business processes by automatically distributing and passing digitized invoices, information or tasks from one participant to another for action according to existing business rules. Documents are easily entered into workflow management software via scanning, importing or by creating an e-form that kicks off an automated routing, approval and tracking process.
- Create e-forms to replace purchasing documents, allowing staff to access, complete and sign the purchase orders online and route them automatically to the appropriate internal departments and vendors. This solution not only saves paper forms and the storage space they require, it improves productivity in the accounts payable department and fits nicely into the automated workflow for invoice approval. Completed e-forms are also uploaded into the off-site document management system for storage and retrieval.
- Implement an electronic content management solution that is integrated with a company's financial software application, such as Oracle PeopleSoft, Intuit QuickBooks or SAP Business Suite. This allows users, and auditors, to access documents related to an invoice directly from within the business application software.
- Provide document scanning and automated indexing of existing files into the off-site, secure, web-based document management system to eliminate the need for additional file storage space and free current storage space for office expansion.
Finding the Right BPO Provider Given the financial restrictions most companies are experiencing, finding ways to reduce waste and improve productivity is no longer optional. If your company is considering outsourcing specific document intensive business processes, it's important to find a partner whose services will actually result in savings. A skilled provider will employ comprehensive project management and multiple vendor partnerships to craft a solution that's unique to the customer and deployed quickly and seamlessly. The right BPO partner offers services for handling high volume projects and backlogs as well as your company's daily work, allowing you the flexibility to use BPO services every day or only when necessary. They will also be equipped to provide on-site or off-site services. Whether your company is turning to business process outsourcing to improve productivity, enhance compliance efforts or go green, the key is finding an experienced BPO partner who understands your business. Using these key qualifications as a guide, begin to investigate the BPO vendors in your area. Doing so can be the first step to a leaner operation and a stronger bottom line. *Source: IOMA