Benefits of Outsourcing
Benefits of Outsourcing
There is no question that outsourcing has become a popular, accepted, cost-effective practice across various operational functions of the investment management industry. The outsourcing of accounts receivable, accounts payable, human resources, bookkeeping and accounting functions has become common practice. As firms continue to realize the benefits and cost savings that result, the outsourcing of core back-office functions such as data processing and account reconciliation is becoming increasingly common as well.
Generally speaking, outsourcing provides the same services as your own internal hires, without the cost of benefits, vacation days, or sick leaves. It eliminates the need to hire backup employees or cross-train existing employees on back-office tasks. In addition, an experienced outsourcing firm can provide a thorough analysis of your current processes, finding ways to leverage existing solutions and eliminate overlooked waste. Because they work with a variety of clients, outsourcers have a broad perspective on what works and can think outside the box to create innovative solutions.
A good outsourcing partner frees up valuable time and manpower, allowing your firm to refocus existing resources on revenue-generating aspects of the operation. A good outsourcing partner extends the workday, ensuring that accurate, timely data is readily available to your firm's decision-makers well before the opening bell. Most importantly, a good outsourcing partner provides access to a high level of expertise at a fraction of what it would cost to find (and keep) these resources internally. At its best, outsourcing provides worry-free access to a readily-available, highly-skilled, laser-focused team of experts to handle the repetitive, time-consuming, detailed tasks that are so critical to your firm's operations.
What, then, differentiates one provider from another, and what should you consider in determining the best fit for your organization? We believe there are some factors that set certain providers apart. While all points mentioned above are important, there are some things that make a provider exceptional. An exceptional outsourcing partner offers customized solutions to your firm's unique problems, and can adapt its services to meet your needs. An exceptional outsourcing partner is proactive, actively offering alternatives and seeking ways to streamline your firm's operations while cutting overhead costs. An exceptional outsourcing partner can improve your firm's day-to-day functionality, regardless of the state of your current back-office. And an exceptional outsourcing provider can explain complex concepts - such as performance attribution or GIPS compliance - in terms that are comprehensible to all levels of your existing staff.
In addition, an exceptional outsourcing partner works within the framework of your firm's existing structure as an extension of your organization, and is as dedicated, responsible and accountable to your firm as an in-house employee would be. An exceptional outsourcing partner understands that all aspects of your firm's operations are interrelated, and truly understands your firm's overall business needs. At Matria, we look forward to the opportunity to demonstrate what makes us truly exceptional. Please contact us for additional information on how we can put our expertise to work for you.