How can you increase compliance with BPO services?
May 31, 2023 || FCTEC
Digital automation that centralises processes can increase organisational compliance and digital trust.
Digital trust has become a business imperative. It is the foundation on which reputation rests, ensuring that companies are compliant and aligned with regulatory expectations and best serving the needs of customers. It means that the organisation has created systemic processes that ensure data, documents and systems are secure and accessible on demand. And it defines the organisation that has prioritised resilience.
However, companies are struggling to find this resilience and to resolve legacy challenges around document automation and management while still delivering exceptional customer service within increasingly tight budgets. Research undertaken by the Boston Consulting Group found that companies are facing a ‘double-headed challenge’ this year as they try to balance digital transformation and costs.
The problem is, without digital processes and enhanced business process capabilities, systems are fractured and disconnected. There are no repeatable processes in place which ensure ongoing compliance across legal and internal requirements. Documents are lost, messy or non-compliant and standardisation is sporadic and limited. Access is complex and time-consuming and the data difficult to source and store.
Wedded to the need to streamline document access and management is ensuring that rules and formats are consistent, particularly across areas such as legal, payroll and accounting. These usually come with standardised rules and formats that should be automated to ensure compliance and to make it easy for them to be repeated and shared throughout the organisation without deviation. By embedding compliance throughout business processes, companies ensure that documents are stored easily, are accessible from any location from a centralised repository and that standardisation is relevant across department and requirement.
This is also exactly why business process outsourcing has become such an invaluable resource. It helps the organisation optimise its documentation, compliance and systems while minimising the impact on the bottom line. This is evidenced by the recent Deloitte Global Outsourcing Survey 2022 which found that third-party delivery models unlock value and provide holistic ecosystem management while meeting business needs and cost expectations. Business process outsourcing (BPO) can also potentially help companies achieve up to 400% increase in productivity, save on labour costs of up to 50%, and reduce processing times by 90%. It helps companies of all sizes mitigate the admin and compliance burden with a proven methodology that enhances documentation, processing and service delivery.
FCTEC uses machine learning, artificial intelligence and automation to transform the organisation’s documentation into a structured environment that allows for swift and seamless workflows and effortless compliance. It is smart, it standardises processes and it fits neatly onto the bottom line. Leveraging digital automation through a central process that allows for a single flow of documents, FCTEC removes the manual burden, centralises documents, frees up employee time, and improves speed and accuracy with a service that makes life (and documentation management) easy.
The speed, transparency and accuracy of BPO with FCTEC creates space within which the business can thrive.