So, you’ve been asked to reduce back office operating costs. In complex back office environments, this can seem like an endless and mammoth task, but with more accurate information and better processes, a cost cutting exercise can also double up as an opportunity to boost the performance of the whole organisation!
5 steps to reduce back office operating costs
These 5 steps have proven the most effective for our clients in the financial, banking and public sector in reducing back office operating costs:
By addressing workforce management as well as the workflow, you can ensure that the right tasks are allocated to the right people based on their skills and competencies. Whilst this might seem obvious, failure to do so creates bottle necks and errors, both of which are costly when having to be rectified. Granular performance management of both individuals and teams will highlight any skills gaps or areas for concern. Through detailed skills tracking and skills management you can empower users and team leaders to progress.
Avoid regulatory fines; stay compliant
Being agile and responsive to changing regulations as they happen ensures that you avoid costly penalties. It is also important to be able to track and monitor multiple sites, even if they are overseas. OPX can not only manage multiple sites, but its personalised checklists ensure process adherence and the powerful MI can report on activity across the board to support compliance.
Apply robotics to high volume, low-skill tasks
Free up your resource by applying robotics where appropriate. This not only means that you can reduce back office operating costs by decreasing the need for resource, but it will free up staff time for more value add activities. Applying robotics can also remove human error, thus reducing the cost of rectifying mistakes later on.
Avoid recruitment fees
By investing in your team, the frustrations associated with being inadequately skilled or overworked will be alleviated, helping your employees to feel more fulfilled in their roles. This will help you to retain your people and avoid costly recruitment fees trying to replace team members. By improving the working environment, you will get much more out of your employees.
Accurate capacity planning
By providing managers with real-time, historical and forward planning information on a wide spectrum of key aspects of their business including demand, capacity to fulfill the demand throughput, quality and service level agreements, this highlights what resources are needed to carry out SLAs. This means that no departments are short staffed and those with underutilised resource can help other departments when needed. OPX even enables front office workers to carry out back office activities when there is slack time. By enabling team leaders and managers to dynamically change the work allocation, or processing location, real-time, OPX empowers organisations to be agile and responsive even in times of unpredictability.
Through its award-winning, workforce optimisation software OPX, Corporate Modelling helps companies to continually improve business processes, get the most out of their people and reduce back office operating costs. We have helped companies such as the Student Loans Company and HCL to make significant organisational transformations.
OPX integrates with your existing systems, implementation time is minimal as is training. Try a demo for yourself and see what more your business could achieve through OPX.