The financial industry is central to a functioning global economy, so it’s a given that companies that belong to the banking, financial services, and insurance (BFSI) sector typically transact with individuals and organizations from all walks of life and all types of industries. Having a long list of customers is a sign of stability for most businesses, but managing the finances and accounts of a wide variety of clients presents many challenges in and of itself. In an age when financial establishments are expected to offer highly customized and modular packages to their clientele, ensuring that every customer is billed accurately and on time can be a costly task.

Some companies in the BFSI sector have found a way around this issue by using a single platform to carry out their billing and reconciliation processes. Using consolidated revenue management solutions to compare financial records and make and send out invoices is a cost-effective option that compromises neither the timeliness of the billing process nor the accuracy of the figures in each account and transaction. How has this solution benefitted the companies in the BFSI sector? Here are some of the reasons why forward-looking companies chose to work with a single platform for managing billing and reconciliation, and why you should consider the same strategy for your financial organization as well.

You Want to Create a Single Business Continuity Plan Around One System

A business continuity plan is a document that outlines how your organization will continue providing its products and services in the event of an unplanned interruption. This plan is a vital element for BFSI companies, especially since people and organizations depend on the financial sector to provide them access to resources and financial products and services in the event of a disaster or a cyberattack.

It can be a challenge to choose an appropriate backup and disaster recovery (BDR) solution when your company uses multiple systems and databases to conduct the same functions, such as billing and reconciling the accounts of their clients. This is not only inefficient operations-wise; it also forces the company to use more expensive backup solutions. Plus, the company has to deal with backing up its redundant systems multiple times to ensure that its BDR solution has the latest version of its data and applications.

With a consolidated platform, however, a financial institution will only need to backup one system and database to ascertain that the company can resume its services if something unexpected happens. The company will be able to cut the cost of its BDR solution as well as improve the efficiency of its internal processes.

You Value Flexibility and You Want to Maximize Your Company’s Resources

Many traditional BFSI companies operate in multiple locations. There’s always a possibility that one of these locations becomes inundated with assignments and requests, while another will have almost nothing to do. Assigning the task of billing and reconciliation or even tracking delinquency to anyone who’s not too busy at the moment can be risky, as the employee might not be familiar with the details of the accounts in question. However, since it’s possible for the said employee to check all the details of each account and transaction on a single platform using a standardized process, then the risk of making errors is reduced.

It’s also an option to automate the billing and reconciliation process altogether. All you need to do is input the rules that the platform should follow when defining and enforcing fee structures for different accounts. With the system taking care of this task all on its own, you can delegate more of your employees to work on tasks that require human judgment and intuition.

You Want to Use a Single Platform for Generating Internal and External Reports

Using separate platforms for generating internal and external reports is the norm for many financial organizations, but this doesn’t always have to be the case. If all your accounting functions such as billing and reconciliation are done in a single system, then it’s possible to use the database within that system to gather information and prepare reports for internal and external audiences. There’s no need for your employees to conduct different investigations for internal and external reporting. All you have to do is pull up the information to complete these reports from the consolidated system and select the dataset that you have to report on.

Investing in a well-rounded and highly customizable revenue management solution is key to reducing the cost of your billing and reconciliation processes, among other accounting functions, from here on out. Aside from this, upgrading the platform that you use to manage your revenue today is a key step in ensuring that your company can adapt to the changes that are being brought about by the ongoing digital revolution. Aided by data, analytics, artificial intelligence, and other emerging digital innovations, your organization will be in the perfect position to meet the expectations of a generation of tech-savvy customers.

The global average of females in Fintech engineering is 17%, however in Nordic engineering, Fintech recruitment company Storm2, have found in their latest diversity report, that it is far lower at only 11%.

With a focus on FinTech companies in the Nordics, Storm2 examined the current state of gender diversity in engineering. The report highlights that there is still work to be done and aims to “educate, spark discussion, and inspire change.”

Angela Ward, VP of Europe at Storm2, said: “The Nordics are world leaders when it comes to gender parity in many areas of society, but this has not filtered through to the FinTech sector. We hope that by sharing our research on why this is still a problem, in even the most progressive of regions, and offering actionable advice on how to turn the dial on the problem, we can create a more diverse, inclusive and more profitable FinTech ecosystem.”

Storm2 is a specialist FinTech recruitment firm that focuses solely on finding candidates with the skills needed to build and scale a successful FinTech company. 

Maintaining a hospitality company is a challenging task. Laundry is a big threat to hotels, restaurants, cruise ships, and hospitals, affecting or damaging their performance and productivity. Laundry is considered the least important and non-profitable part of your business, therefore investing in large equipment and recruiting new workers is not a good idea. We’ll tell you why using an industrial laundry service is beneficial.

Laundry and linen care requires the availability of space and staff for washing of bed sheets and towels. Hiring an industrial laundry service near me is a more reasonable option than going through all this trouble. Because they are experts in this industry, they can ensure that the project will be swift and efficient while reducing your worry.

Prime Laundry provides a variety of suitable commercial laundry services for any hospitality industry. These businesses contribute significantly in terms of resources, time, and energy. The following list will explain why hiring an industrial laundry service is a good decision. 

• You’ll save time and money

Depending on your local dry cleaner and washing facility, you and your team may focus on other tasks like customer service, cooking meals, and premise cleaning. Instead of taking your linens to the local laundry, waiting for them all to dry, organize your pick-ups and deliveries with efficiency.

Although linen bundles and bundles of dirty laundry can quickly become heavy, it’s best to take the support of professionals who know how to manage them properly. Having team members carry heavy loads can lead to back strain and other ailments, leading to lost working time.

• Benefit the environment

Use commercial laundry services as part of your commitment to green business decisions. Industrial washing machines clean large loads more quickly than household laundry facilities. It will enable you to market your business as eco-friendly. Because many consumers prefer to support firms that are always reducing their carbon footprints, this decision can lead to higher income, brand exposure, and improved public perception.

• Quicker turnaround time 

Hotels use more linen during the Christmas season, and restaurants have more clients on weekends, so businesses have hectic days. It will take more time for business owners to outsource cleaning to their employees after an already stressful day.

Think your staff will be unable to complete the business laundry in addition to their other responsibilities. In that situation, this is probably an extra task that is not high on their priority list. Before they can do the laundry, they must do other tasks, and the dirty linen will sit and wait to be washed.

You will not have to choose between laundry and other important tasks if you hire a commercial laundry service in London. The dirty linens can be picked up and delivered immediately to your door, and the industrial laundry service near me is so much faster than doing it yourself. Additionally, if you need a quicker turnaround time, you can use a fast laundry service.

• Saving space

Depending on your hospitality business type, the washing facility will be the only one that takes up more room. The more linen you use, the more space you will need to wash and dry it. Therefore, hiring a commercial laundry service in London avoids the need to invest in a large drying area.

• The business maintains regulatory standards 

Hotels and restaurants are businesses that need to maintain strict hygiene regulations. Thus, they have to provide clean sheets and other freshly laundered things. Dirty linens can not wash in a store-bought washing machine. However, hiring a commercial laundry service in London is the best option because you transfer responsibility for implementing regulatory requirements. These outsourcing firm services are skilled with all the requirements, from linens to business regulations. Hotels and restaurants must adhere to stringent sanitation regulations, and therefore, they must provide clean sheets and other freshly laundered things.

• All-in-one place 

The biggest benefit of hiring commercial laundry services in London is the variety of work done at one place. They do everything from towel washing to linen and uniform washing and folding, providing you an advantage over your competitors. Laundry, ironing, dry cleaning, and changes and repairs are included in the normal laundry services.

Final Words

Commercial laundry services like Prime Laundry save time and money for businesses. It allows focusing on more essential tasks rather than routine tasks like laundry, which helps them develop their services further. Whenever it comes to running a business, time and money are important. Do not worry about outsourcing the task to a respected firm when you can. Reduce your work and concentrate on the things that you can do to get more clients.