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Business Intelligence: Using Data You Already Have

Everybody is talking about business intelligence these days -- techniques to identify and analyze business data to drive improvements and increase profit.  After all, the old adage “good data equals good decisions” holds true if you aim to make better business decisions.

But the notion of “business intelligence” is often wrapped up in costly and overly complicated data warehousing technology that can ultimately sidetrack your efforts. A recent report from Gartner found that more than 35 percent of the top 5,000 global companies regularly fail to make insightful decisions about significant changes in their business and markets. Is this because of a lack of data?  Or is it more likely that the systems used to mine that data are so complex that meaningful business decisions are caught in the technical miasma of the system itself?

Our answer is centered on simple, straightforward ways to use the information that you are already gathering. For example, every bank can identify how many incoming checks it must process; this data is already available. And since the cost to process a paper check is more expensive than an electronic transaction the bank may want to focus on programs to move these customers to a debit card.

Real business intelligence is less dependent upon technology than the thoughtfulness that is applied to the strategy. Indeed, straightforward analysis of the data you already have can uncover significant process improvements and improved business practices. In the end, “transpromo” strategies, managed print strategies and other process improvements all depend on the ability to apply intelligence to the data you have collected.

Contact us today to find out how our products, like Statement2Web and Managed Print4U, can easily provide you with data to drive intelligent business decisions that will make a real world, bottom line difference in your operation.

The Impact of Health Care Reform on Member Correspondence Systems

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Podcast Sponsored by OMI, Hosted by Kevin Craine

Whatever the implications of the new legislation, we can be sure that the process to create and produce member correspondence will be greatly impacted. The volume of communications will rise dramatically to respond to the many market changes. Member correspondence requirements will become increasingly demanding as plan structures evolve. Insurers will need to initiate new systems, products and processes to appropriately comply with the new law and the ability to efficiently manage member correspondence associated with legislative changes - and there will be many - will be vitally important. The pressure for cost containment will become intense as insurers react, often rapidly and without a great deal of clarity, to the new demands in the market place.

Companies can respond to these implications in two ways: with great efficiency or with great inefficiency.  Either way, the results could mean the difference between survival and failure. Indeed, how insurers manage their document processes will have a direct bearing on their ability to navigate the transition and how well they will fare in a post-reform market place.

Many health insurance organizations will struggle to respond to health care reform due in large part to the current state of their member correspondence systems. What is needed is greater "document agility."

 

Online Statements - Driving Savings & Benefits

Despite the increasing digitization of the world today, paper is still a chief mechanism of communicating with customers. The Postal Service estimates that U.S. households receive over 150 billion pieces of mail each year. While about 75 percent is “junk” mail, bills, statements and other transactional documents make up the remaining volume.

Ever since the first electronic bill presentment and payment solutions in the late 1990’s, the notion of paperless billing has been a holy grail for many businesses and organizations. But until recently making the transition to electronic billing has been too complex and expensive for many organizations to consider. But a new breed of solutions like Statement2Web allows you to migrate from paper to electronic statement delivery without the high cost and high level of support needed in the past.

If you have considered moving your customer statements to an online delivery mechanism in the past, now may be a good time to reconsider how Statement2Web can assist in making your strategy a reality. One clear benefit is in postage – by far the biggest expense associated with printing and mailing customer statements. Indeed, the cost of postage has risen 24 percent in the past eight years and organizations often struggle to make the most of postal savings in the face of ever-changing USPS regulations. Moving to online delivery is one way to battle these rising operating costs.

Online statement delivery can dramatically improve your cash flow as well, since customers are more likely to pay outstanding bills more quickly in an online environment. One click is all it takes to pay the outstanding balance vs. having envelopes sit on desks and in in-baskets waiting for attention. This is an important improvement to cash flow, especially in today’s economy.  

Contact us today to learn more about how we can help through our network of independent and certified Statement2Web partners.

Call 770-814-4284 or email info@outsourcemanagement.com

Managed Print Services – Gain Cost & Operational Benefits

There is a problem confronting small and mid-sized businesses today: mis-managed office printing and copying. Pick any department or any business process and you can bet that printers and copiers are essential tools to get the job done. But despite their importance to company performance, printers and copiers are rarely managed as a corporate asset. Often budgeting is fragmented among various departments and resource planning is for the most part based on proposals from incumbent vendors rather than internal strategy. This inevitably results in increased operating costs, sub-optimal performance of the environment, and lost opportunity for process improvement.

Printers and copiers are an environment that is ripe for greater efficiency and cost savings. Analysts estimate that companies in America spend 6% of their annual revenue on work group printers, copiers and scanners. Ironically, despite significant advancements in office technology most companies struggle to control and minimize the costs associated with office documents. As a result, workgroup printing and copying remains an untapped opportunity for savings and improvement in most organizations today.

One way to get your output under control is through Managed Print Services (MPS) – a strategy to analyze and manage document output devices throughout your company with an eye to minimize the costs. Other benefits come from enhanced productivity, increased efficiency and improved environmental sustainability (to name a few).  

The best Managed Print strategies follow this famous adage: Good data equals good decisions. You must first have a clear understanding of a number of benchmarks in order to optimize your environment. Important data points include device usage, service and uptime, supplies and consumables, and peak demand; among many others. Without a good baseline analysis even the best MPS strategy can run off course. But gathering and analyzing “speeds and feeds” is only one part of the MPS equation. You must also purposefully monitor and examine the environment with an eye to constantly adjust machines, features and placements as needed to ensure optimal performance and cost-effectiveness. Organizations often focus their attention on printers and copiers only every few years when it is time to renegotiate a lease agreement. Ongoing management is needed to ensure both your machines and your vendor contracts perform as expected.

Getting the most from MPS requires an independent view. Most copier companies and print equipment suppliers provide “fleet management” as a value-added service, but these vendor supplied resources typically lack the perspective and motivation required to ensure the best results. After all, vendors and suppliers often benefit financially from inefficiencies in your printer and copier environment. An independent and vendor-neutral resource is essential in order to perform unbiased analysis and most effectively manage the ongoing performance of your fleet.  

 
Contact us today to learn more about how we can help through our network of independent and certified Managed Print4U partners.
 
Call 770-814-4284 or email info@outsourcemanagement.com