Labor costs, overtime, contract workers and lost time due to ineffective measurements… these are all challenges back- office operations have in managing the growing costs of just doing work. How are a few innovative companies getting ahead… real-time workforce analytics!
We see a lot of back-office operations and have been very impressed by the best of the best. However, in many cases it is what you don’t see that will drive the most immediate impact to the bottom line. So where can back office managers and directors look to get the fastest payback on their operations?
Whereas management consultants and large software platform vendors typically look to re-engineer process and organizational systems in monumental shifts taking months if not years to see results, what is actually needed is something to deliver value now. Let’s simplify the approach. To achieve faster results; we have identified 3 key areas of improvement that will deliver payback in 3-6 months:
Work Time – on average American workers waste a little over 2 hours a day (before lunch and breaks according to a Salary.com survey in 2013) due to interruptions, poor system design or simply a lack of knowledge of the process. What if…you could re-claim a mere 10% of this unproductive time back into the productive category and increase your back office productivity by 15% or more?
Overtime – due to massive changes in legislation and regulations over the past several years… insurance and financial services companies are pressed into a tight spot operationally. Take health insurance as an example. With a huge shift to individual exchanges and enrollment opportunities, companies are trying to change from B2B to B2C operations while maintaining an operating margin within their mandated ratios. The result of all this is an unparalleled amount of overtime pay being accrued at a rapid pace. Add to that the need to bring on contract workers for seasonal enrollment periods and an increase in claims processing complexity. What if you could reduce overtime in the next twelve months by 45% or more?
Self-Reporting – Based on the pressures felt from the above mentioned issues, how do back- office operations even begin to forecast and plan the future need for resources? Unfortunately, it turns to a data capture and data veracity problem. With inadequate technologies to automate this process, companies rely on self-reporting. This method is fraught with issues of inaccuracies and incompleteness leading to incorrect decisions based on erroneous data. An additional adverse effect of self-reporting is taking more productive time and moving it to unproductive activities. Filling out a spreadsheet or inputting your output (hm?) into other systems is a downward spiral. What if you had a method to automatically collect productive time and output without asking the employees or managers to input data?
All three factors flow into an incredible payback model, based on real-time workforce analytics, which we will explore in our next edition….. “What is your WorkiQ?” (if you can’t wait until the next edition to find out the answer, just fill out this form and we will help you calculate your WorkiQ within 90 days, risk free!