Service provider solutions have traditionally focused on the wholesale “lift and shift” method of migrating existing company processes to offshore centers. Today, however, most prominent service providers have established offshore capabilities with multiple global service centers.
Transformation and the service provider’s ability to bring full process redesign and technology solutions have become critical drivers of the OTC process approach.
As buyers recognize the benefits of OTC process transformation, their finance and accounting (F&A) optimization interest shifts from the service providers’ offshore capabilities to their transformational capabilities to drive the cost, efficiency, and service quality requirements future.
Service provider solutions have traditionally focused on the wholesale “lift and shift” method of migrating existing company processes to offshore centers. Today, most prominent service providers have established offshore capabilities with multiple global service centers linked by technology and telecommunications infrastructures that provide low-cost, workload balancing, and disaster recovery/business continuity capacity.
In effect, providing offshore capability has been the admission price for playing in the large-company business process outsourcing (BPO) segment.
OTC transformational solutions have been evolving. Some service providers have taken aggressive steps to quickly build their OTC capabilities, as evidenced by the acquisitions of niche receivable and collection management companies.
Other providers have focused on building their tools and processes to enhance their OTC abilities. As discussions increasingly center on process transformation, service provider investments in OTC capabilities are likely to speed up as larger players continue to acquire niche players to gain or develop OTC proprietary tools and processes.
THE SWAP BETWEEN CUSTOMER SERVICE AND COST-REDUCTION
Buyers of OTC services have become much more sensitive to the service provider’s call center capabilities as companies react to increased customer complaints — both internal and external — that come with offshore outsourcing.
Customer complaints are most often attributed to language barriers and delays in getting issues resolved, which results in frustrated and dissatisfied customers.
OTC buyers have come to value customer language and time zone compatibility. In some cases, they are willing to trade off some of the cost-saving benefits from offshore solutions for better service and higher customer satisfaction that comes with onshore or near-shore alternatives. For OTC, where customer satisfaction is critical, the interest in onshore and near-shore customer call centers increase. This includes solutions designed with separate, but highly integrated front-office (same or near-shore) and back-office (offshore) arrangements that provide seamless communication and processing capabilities.
STANDARDIZED IS BETTER THAN CUSTOMIZED
Service provider investment in end-to-end OTC solutions will continue. On top of this trend’s many other benefits, the push for less labor-intensive solutions will drive investments toward integrated technology and processes. Functions will be redesigned to minimize processing activities, such as reducing reconciliations and eliminate the errors and disconnects that result in time-consuming investigation and correction processing.
As part of the technology push, ERP platforms will be implemented with less emphasis on customized applications. The benefits of standard ERP solutions with lower cost, less maintenance, and less complexity will outweigh the benefits of personalized applications, especially in transaction-based functions that add little value.
Most ERP standardization will likely occur in the ITC segment as many companies continue to demand custom processes in upstream order-management and order-processing functions to meet their customer-specific requirements and their own complex product/service/term requirements.
TECHWAVE’S BPO SERVICES
CFOs’ across the globe have one goal in common: To create a best in class finance organization that drives business strategy and fuels revenue growth. To achieve this goal, the Finance & Accounting process needs to align with CFO goals and the overall company’s growth plan.
Techwave’s comprehensive end-to-end support for CFO offices adds significant value to a business, making us a strategic asset to our clients. Our BPO solutions can integrate into any ERP systems/tools. We make our clients’ financial functions lean and efficient through Automation and agile technologies that are entirely driven by Metrics. We approach clients’ vision of creating a stable process in Finance & Accounting with innovation, agility, and transparency.
ROBOTIC PROCESS AUTOMATION (RPA)
Companies are utilizing RPA software to automate internal business processes and cut down on the employees needed to do those jobs. While the need for better F&A operations may be clear, taking the time for in-depth process mapping and re-engineering financial services is another matter that many companies don’t get around to accomplishing. It can be challenging to move away from practices embedded in a company’s workflow—even when they cost the company significant time and resources.
ACCELERATE BUSINESS GROWTH WITH RPA
Robotic Process Automation (RPA) has become a significant differentiator for leading Business Process Outsourcing (BPO) organizations looking to retain, acquire, and grow customers and increase profitably. Enhanced value propositions and improved service level agreements (SLA) are some of the benefits of employing a Digital Workforce.
TECHWAVE’S PARTNERSHIP WITH AUTOMATION ANYWHERE Recently, Techwave announced a partnership with Automation Anywhere, the global leader in Robotic Process Automation (RPA). Techwave has set up a Centre of Excellence (CoE) for RPA to provide best-of-class implementation services and in-depth technical support on Automation Anywhere’s Enterprise RPA. The CoE will offer benefits of RPA to customers across several functions, helping them improve efficiency and reduce operational costs. The CoE will work parallelly with several Functions (HR, Finance, Admin, Sales, Marketing, etc.) and Business Units (Digital, Cloud, SAP, IoT, Analytics, etc.) across different regions to identify business opportunities and to grow further.