Back office filing will play a key role in the ever evolving business landscape. Faced with intense competition, organizations are looking for ways to reinforce their market reach and differentiate and develop systems to effectively cater for their client base. Below is a look at the importance of filing processes that are carried out in the back office of every organization.
Visionary organizations recognize the need for rationalizing tasks that are manual, paper-based or which use software for the automation and streamlining of back office processes. Factors that drive the need for office filing systems include the desire to enhance the creation of cost-to-income ratios, increase efficiency of operations, and gain a larger piece of the customer’s wallet. Another key driving factor is the need to capture the rules of business, along with knowledge that has not been documented before in repeatable processes.
The standardization of repeatable tasks across the back office also allows for the concentration of services and harmonization of customer service levels across the organization. In this way, the organization gains in terms of significant productivity, as well as freeing up its staff for higher-value-add tasks.
Organizations today are focusing a lot of their attention on ways to improve customer experience, accessing a single view of the customer and their transaction history, as well as ensuring that customer interactions with the organization are satisfactory regardless of the type of channel they go through. Organizations are in turn reaping the benefits of wide scale office filing which affords them improved visibility and cooperation between the back office and the front office, as well as increased productivity and customer satisfaction levels.
Such office filing tasks do not require direct interaction with customers and can therefore be performed more effectively and efficiently. These include:
- Back Office Filing Account Origination for New Customers
- Back Office Filing Account Servicing
- Back Office Filing of Specific processes for Small and Medium Sized Businesses
Retail organizations will typically have tens of back office processes that they need to monitor and manage. In addition to the customer-centric processes, the organization will have to ensure compliance with regulatory processes that require additional filing tasks. Back office personnel for a regional network can range anywhere from dozens of employees, who manage numerous filing activities on a daily basis, depending on the number of retail outlets that the organization has.
The benefits of back office processes include a reduction in processing cycle times; improved visibility into request status for customers and front office; standardization of processes; as well as improved quality of customer service. With office filing, the organization’s management is also able to gain valuable insights into the processing workloads through sophisticated analytical reporting techniques. This in turn allows for dynamic distribution and prioritization of workloads across various customer service departments. When tasks are intelligently routed and prioritized by back office filing staff with specific skill sets, they can be processed by skilled operators within a reduced timeframe.