Total Investor - Groups - Offshoring & Outsourcing

Impressico Business Solutions in

Productivity, Cost & Quality – The balance is essential!

Integrating Service Quality and Productivity Strategy Quality and productivity are twin paths to creating value for both customers and companies. Further, quality focuses on the benefits created for customers & productivity addresses financial costs incurred by the firm. After we determine our customers, we must concentrate ...

Integrating Service Quality and Productivity Strategy
Quality and productivity are twin paths to creating value for both customers and companies. Further, quality focuses on the benefits created for customers & productivity addresses financial costs incurred by the firm.
After we determine our customers, we must concentrate on meeting those needs by providing high quality services at efficient rates & the job to be done should be in high quantities.  Maintaining a balance between these three aspects as we all know is extremely essential for the growth & future of a firm! 
	Thus, the question now arises how do we do it? 
Well, we can improve the quality and productivity by securing the commitments of all three levels of management and employees as follows: 
Top-level management: Implement sound management practices, use research and development effectively, adopt modern techniques and improve upon time management.
Middle management: Plan and coordinate quality and productivity efforts. 
Low-level management: Work with employees to improve productivity through acceptance of change, commitment to quality, and continually improving all facets of their work.
Now, what if this doesn’t work out?
We would have to look out for other ways of higher productivity & quality at lower costs, because we are all always eyeing maximizing our profits simultaneously. Profitability results when money is left over from sales after costs are paid. 
The expenditures made to ensure that the product or service meets quality specifications affect the final or overall cost of the products and/or services involved. Thus decreasing the overall cost, maintaining a successful and constant ratio of predefined productivity & quality targets would indeed result in higher profitability for the respective company. 
This is the reason why more and more firms are looking towards strong Outsourcing partnerships as it significantly minimizes the overall costs while maintaining the predefined productivity & quality targets, hence, the essential balance between the three is achieved, obviously with higher profitability.

Posted 1 Years ago at 12:11

Integrating Service Quality and Productivity Strategy
Quality and productivity are twin paths to creating value for both customers and companies. Further, quality focuses on the benefits created for customers & productivity addresses financial costs incurred by the firm.
After we determine our customers, we must concentrate on meeting those needs by providing high quality services at efficient rates & the job to be done should be in high quantities.  Maintaining a balance between these three aspects as we all know is extremely essential for the growth & future of a firm! 
	Thus, the question now arises how do we do it? 
Well, we can improve the quality and productivity by securing the commitments of all three levels of management and employees as follows: 
Top-level management: Implement sound management practices, use research and development effectively, adopt modern techniques and improve upon time management.
Middle management: Plan and coordinate quality and productivity efforts. 
Low-level management: Work with employees to improve productivity through acceptance of change, commitment to quality, and continually improving all facets of their work.
Now, what if this doesn’t work out?
We would have to look out for other ways of higher productivity & quality at lower costs, because we are all always eyeing maximizing our profits simultaneously. Profitability results when money is left over from sales after costs are paid. 
The expenditures made to ensure that the product or service meets quality specifications affect the final or overall cost of the products and/or services involved. Thus decreasing the overall cost, maintaining a successful and constant ratio of predefined productivity & quality targets would indeed result in higher profitability for the respective company. 
This is the reason why more and more firms are looking towards strong Outsourcing partnerships as it significantly minimizes the overall costs while maintaining the predefined productivity & quality targets, hence, the essential balance between the three is achieved, obviously with higher profitability.

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Impressico Business Solutions in

Reduction of Costs and Operational Enhancement

The objective of outsourcing: to reduce the operational costs, risks and even time involved with doing the work in-house. For mutual funds and other institutional asset managers it has meant offloading middle- and back-office operations to technology firms or other service providers. The awareness and logic is now widespread ...

The objective of [b]outsourcing:[/b] to reduce the operational costs, risks and even time involved with doing the work in-house.

For mutual funds and other institutional asset managers it has meant offloading middle- and back-office operations to technology firms or other service providers.

The awareness and logic is now widespread amongst wealth managers, who manage investments in mutual funds, exchange traded funds and other types of assets for high net-worth individuals, small business owners and families who want or need special attention to their financial affairs
Outsourcing is spreading to wealth management in the nick of time. A recent survey conducted by custodian bank State Street showed that wealth managers spend 16 percent on administration and fixing errors which is  nearly as much time as they spend on marketing and prospecting and double the time they spend on investment research which means that advisors can’t be doing enough to keep their clients happy.
Wealth managers can’t afford to take that approach in a competitive market of over  trillion $ in assets where Wall Street wire houses, banks, independent broker dealers and registered investment advisors are battling it out for a chunk of the same dollars.
“Wealth managers confront a host of immediate challenges that make outsourcing a potentially attractive strategic option,” said Peter Amato, vice president of wealth manager services for State Street in Boston. 
The Challenges include supporting business growth, cost reduction, risk management, becoming more customer oriented and ensuring regulatory compliance.
Although small to mid-tier wealth management firms are more likely to outsource most of their trade processing work, larger firms are quickly seeing the merits of a selective approach. 
“The further the function is from client interfacing the more likely it is to be outsourced,” said Jim Morris, senior vice president of SEI Global Wealth Services in Oaks, Penn, which services over 250 wealth management firms, including banks and independent wealth advisers in the US and UK. “Wealth managers want to differentiate themselves on client centric experiences.”
Among the most common areas of outsourcing of middle- and back-office operations : [b]client account opening, reconciliation of cash and securities positions, scrubbing of performance data, processing of benefit payments, client reporting and clearance and settlement of domestic and international securities transactions.[/b][b][/b]

Posted 1 Years ago at 12:07

The objective of [b]outsourcing:[/b] to reduce the operational costs, risks and even time involved with doing the work in-house.

For mutual funds and other institutional asset managers it has meant offloading middle- and back-office operations to technology firms or other service providers.

The awareness and logic is now widespread amongst wealth managers, who manage investments in mutual funds, exchange traded funds and other types of assets for high net-worth individuals, small business owners and families who want or need special attention to their financial affairs
Outsourcing is spreading to wealth management in the nick of time. A recent survey conducted by custodian bank State Street showed that wealth managers spend 16 percent on administration and fixing errors which is  nearly as much time as they spend on marketing and prospecting and double the time they spend on investment research which means that advisors can’t be doing enough to keep their clients happy.
Wealth managers can’t afford to take that approach in a competitive market of over  trillion $ in assets where Wall Street wire houses, banks, independent broker dealers and registered investment advisors are battling it out for a chunk of the same dollars.
“Wealth managers confront a host of immediate challenges that make outsourcing a potentially attractive strategic option,” said Peter Amato, vice president of wealth manager services for State Street in Boston. 
The Challenges include supporting business growth, cost reduction, risk management, becoming more customer oriented and ensuring regulatory compliance.
Although small to mid-tier wealth management firms are more likely to outsource most of their trade processing work, larger firms are quickly seeing the merits of a selective approach. 
“The further the function is from client interfacing the more likely it is to be outsourced,” said Jim Morris, senior vice president of SEI Global Wealth Services in Oaks, Penn, which services over 250 wealth management firms, including banks and independent wealth advisers in the US and UK. “Wealth managers want to differentiate themselves on client centric experiences.”
Among the most common areas of outsourcing of middle- and back-office operations : [b]client account opening, reconciliation of cash and securities positions, scrubbing of performance data, processing of benefit payments, client reporting and clearance and settlement of domestic and international securities transactions.[/b][b][/b]

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Impressico Business Solutions in

Outsourcing - A Brief

Outsourcing has grown phenomenally in the last ten years. Most of the Fortune 500 companies have outsourced parts of their IT, R&D and back office functions to emerging locations. Due to the accelerated growth of the industry, the market is continuously changing. Organizations that are able to forecast trends are also able ...

Outsourcing has grown phenomenally in the last ten years. Most of the Fortune 500 companies have outsourced parts of their IT, R&D and back office functions to emerging locations.

Due to the accelerated growth of the industry, the market is continuously changing. Organizations that are able to forecast trends are also able to react promptly to the dynamic market and hence, are also able to gain the maximum from their outsourcing initiatives.

Outsourcing is a universal and on-going concept that enables businesses to focus more on their core tasks and growth aspects while reducing costs at the same time.

Financial services are also no exception to the whole broad trend of outsourcing as it is also being done extensively. They key benefits derived from efficient back office finance and accounting outsourcing (FAO) are:

•	Annual cost savings(especially overheads)
•	Greater control over the business and the finance function
•	Real-time tracking and reporting of all financial transactions
•	Elimination of the headache of recruiting, hiring and managing clerical staff
•	Leveraging of expertise
And the most important:
•	The ability to focus on strategic, pertinent finance issues instead of non-value added activities
•	No Risk
•	No capital investment

Further, due to the continuous evolving nature of the industry, businesses should have a clear analysis of the current outsourcing landscape.

An ideal outsourcing services provider has deep industry-based knowledge enabling customers to analyze the existing landscape with the latest trends, business models, best practices to gain better insights and knowledge on the current outsourcing landscape.

Financial Back Office service offerings broadly span around:

•	Data Maintenance, processing & Analytics
•	Transaction processing
•	Audits / Reconciliation
•	Accounts payable, accounts receivable, billing and customer invoicing and reporting
•	Order Receipt, Invoicing, Receipts, Collections and Accounting
•	Credit verification, customer information maintenance, invoice entry, receipts application, utilizing various channels of communication (telephone, emails and letters), write-offs and adjustments

Posted 1 Years ago at 13:07