Epiq streamlines operations for financial services firm to achieve $500,000 in savings
- Financial Services
At a wealth and asset management company, the in-house mail operations were staffed with 37 employees in three mail rooms in three locations. All of the employees in the mailroom were seasoned, with an average of 12 years with the company. The mail room had become a heavy financial burden and the company needed an alternate, more cost-effective solution.
When a new second vice president/mailroom manager was hired, she recognized an opportunity to cut costs and improve efficiencies with the implementation of an outsourced solution. She hired Epiq.
Despite 37 employees, deadlines were missed and work went undone. The company needed a fresh start. The culture of the mailroom suffered because of these challenges, and the company needed a fresh start.
Their implementation plan included:
- A rollout that included first observing current processes, then implementing new processes for existing employees
- Fair treatment for existing employees
- Training from veteran staff for new employees
Throughout the transition, existing mailroom employees were vital in maintaining consistent service and providing training in the intricate bank coding, sorting and delivery processes in use. These processes were maintained for 3-6 months during the observation period and were then transitioned to new workflows.
One key change was to consolidate mailroom staff to one location. All employees were cross-trained in each mailroom activity. This minimized downtime and bottlenecks as each employee was able to assist other team members as needed. It also created a collaborative, client-centric team environment. Also, by combining the three locations into one, the number of physical machines needed to perform tasks was reduced, resulting in a monthly savings of more than $2100.
Additional transitions included:
- Reduction in staff by 10 people, from 37 to 27
- Shifted more labor from the late to the early shift, when the largest amount of work typically took place
- Improved signage in the supply room making it easier to quickly find needed supplies
- Streamlined processes and procedures for daily mail room operations
- Implemented a coded billing system, allowing machines to be used for multiple purposes
- Moved scanning operations from their own department to the main mail room, saving time and money
Throughout the entire implementation process, each workflow was recorded and reported on daily. This detailed level of reporting proved how drastically the Epiq team reduced annual spending for the company by at least $500,000 and improved efficiencies.
When the original contract was up for renewal, a strenuous results audit was conducted. We proved that we were the best partner for the job and the contract was renewed.Learn more about our Global Business Transformation Solutions experience