Imagine a traditional outsourced mailroom - what comes to mind?
Hourly deliveries, boxes of paper being sorted and scanned, documents being electronically archived and/or the data being extracted and either sent back to the client for processing or processed internally.
Parseq is one of the largest business process and technology specialists in the industry. They provide high quality outsourced and on-demand finance and document management solutions, handling in excess of 50 million documents per year. Every day they process more than 100,000 payment transactions on behalf of their clients, with an annual transaction value in the region of £25 billion. That’s a lot of boxes!
Most BPOs and internal mailrooms have seen a significant shift from paper to electronic over the past two years with robotic process automation. The team at Parseq note a significant increase in the percentage of documents arriving at their centres by email with PDF attachments, rather than on paper through the postal service. This creates a problem, where many bureaus have to print off the PDFs and then pass them through for paper scanning.
It's a challenge which no doubt sounds all too familiar. Parseq are continuously looking to reduce costs for their clients, extend functionality and raise service quality. They decided to look at ways of improving how electronic documents were handled.
Parseq worked with CloudTrade, whose unique technology classifies incoming emails and reads the data embedded within PDFs, Word and other data documents, converting it into a format that can be integrated into other applications. Using this simple non-disruptive way of sending and receiving business documents, Cloud Trade can process any type of business transaction.
Key examples of the ways CloudTrade has assisted Parseq clients include BACS payment advice notes, parking charge notices for local councils, forms processing for financial institutions and invoices for a large food manufacturer.
By utilising this simple technology, they have been able to reduce their staff costs by over 70%, as well as improving timeliness.
Rod Edwards, Parseq’s Chief Executive says the partnership with CloudTrade has enabled his company to process even greater numbers of documents. “Mailrooms are rapidly evolving as more companies aim to reduce the volumes of paper within their organisations and move to electronic forms of communication," he explains. "Outsourced and internal mailrooms need to be able to handle and process documents arriving in any number of formats. Cloud Trade easily allows us to do this without disrupting any of our existing systems; it has become an essential “add-on”. We have been able to increase our productivity for our clients whilst still keeping our pricing model competitive “