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 Well designed processes are vital for efficient and compliant operations. Optimized processes minimize handoffs, ensure the absence of bottlenecks, enable timely resolution of exceptions, and maintain compliance with policies. However, most companies do not have the luxury of designing processes from the ground up. Most companies have grown to their current state through a number of phases and have made necessary and incremental changes to processes in order to meet business requirements. So long as the processes have met the basic business necessities, few companies have evaluated their processes for efficiency.
OPI helps companies to assess their processes and reengineer their finance, accounting, and analytics functions for efficiency and effectiveness. Our Quality team draws upon a number of tools including metrics-based reporting, benchmarking, Lean Six Sigma projects, and best practices. These efforts are further supported by our Towers of Excellence program which ensures that outsourced processes are always operating within or working towards the top decile of benchmarked performance.
Process Performance Reporting
We begin by collecting information about key process metrics. This helps our employees and clients gain insight and transparency into the process itself. Armed with performance data, as well as related industry-standard benchmarks, we evaluate the health and efficiency of the process to identify areas that are working well and areas that may be in need of attention.
Reengineering
OPI’s Quality professionals leverage their experience and specialization to initiate Lean Six Sigma based quality improvement projects and introduce best practices. In some cases this may entail the geographical consolidation of a function, or it may require standardization of a process across multiple business lines, or still yet, it may include automation of certain sub-processes. As always, we customize all processes to ensure optimal integration with our clients’ people, processes, and technologies. Throughout, we maintain focus on the specific goals of each company and ensure efforts create value through incremental savings or risk mitigation.
Change Management
Reengineering typically does not happen all at once, but takes place over time. Efforts are focused on a project by project basis to effectuate successful and long-lasting change, and to ensure improvements are realized before moving forward. This not only allows for improvements to build upon one another, but it also works to minimize risk and disruption. During all transitions, we work closely with our clients to manage the change process and ensure communication and coordination throughout the organization.
Continuous Improvement
We never lose sight of best-in-class performance and we continuously work to deliver innovative solutions for our clients operations. Even after initial improvement projects have been completed, we continue to report on process performance - via OPI’s client dashboard - which allows our clients to monitor the ongoing health of the process. Should performance deviate significantly from historical data, or from benchmarks, we are able to quickly identify and address the issue before it presents concern for the business.
We view continuous improvement so much an integral part of our unique outsourcing model that we define a successful client relationship as one in which our annual fees go down – not up – due to improved efficiencies.
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