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Business and professional services organizations are unique in that people and knowledge are the core service offerings. With a business revenue model largely based on time and expense (T&E) billings, accounts receivables (AR) make up the bulk of corporate assets. Actively managing T&E based billing, AR, and credit are critical focus areas for this industry, as a well managed Order to Cash function can improve revenue recognition, collection rates, cash flow, and liquidity.
Just as important as top line revenue in the business services industry are bottom line cost savings. By focusing OPI’s offerings to include procurement services for indirect goods, companies further stand to decrease expenses and improve purchasing power.
These functions are central to the industry business model, but companies also can benefit from outsourcing other functions including document / contract management and analytics services. By partnering with OPI Analytics for business intelligence, companies can gain timely, efficient access to competitor information, industry research, and even client-project related research. These services can pave the way for improved competitive differentiation or even a more cost-efficient client project delivery business model.
In addition to the full suite of finance & accounting and analytics services, some of OPI’s Business Services focused solutions include:
- Order to Cash Management - T&E based bill preparation, T&E audits, AR age reporting, cash applications, collections - results in timely revenue recognition and improved cash flow.
- Credit Risk Management - credit analytics - proactively controls credit exposure, minimizes risk of bad debt, and rightsizes reserves.
- Purchase to Pay - PO and non-PO invoice management including scanning, workflow, matching, reconciliation, exception resolution, payment and internal cost allocations - optimizes invoice processing, validation, and cash management.
- Procurement - spend analysis, indirect goods procurement research, vendor contract administration, RFI management - provides better insight into expenses and can lead to improved supplier pricing arrangements and streamlined sourcing.
- Document / Contract Management - electronic imaging, indexing, storage of contracts and documents, contract details monitoring and compliance - automates document storage and allows for superior compliance with contract details and document retention policies.
- OPI Analytics - competitor monitoring, industry research, project research, and customized analytics - provides timely access to knowledge and data for more informed strategic decision-making or a more efficient project delivery model.
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