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- Category: ECM Use Cases
Creating Value through the Veratics ENGAGE Shared Services Experience Platform
– Connecting People and Information –
The Veratics ENGAGE Platform provides an optimal Shared Services Intelligent interface to increase collaboration, improve information sharing, improve services and product availability while reducing operating costs and tax reductions across the enterprise or public sector. Shared services is growing in popularity with governments and large corporate enterprises saving significant costs through shared service offerings, pooling of equipment, resource sharing, software reuse, shared staffing, and non-core mission critical services sharing. Many organizations are reducing their overhead cost centers by 30% or more through strategic planning and applying automated shared services Enterprise Content Management (ECM) – Intelligent Information Management (IIM) technology. Marketplace automation has a profound effect on the bottom line, particularly in light of the sales equivalency formula which demonstrates that cutting costs by 5% is equivalent to increasing revenue by 30%. Sales equivalency formula is: Amount of Savings ÷ Profit Margin = Sales Equivalent such that $100,000 in cost savings ÷ 8% in profit = $1,250,000 in revenue that would be required to have the same effect as a $100K reduction in overhead. For government implementations, idle resources like heavy equipment, i.e., tractor, snow plow, sump pumps, can be leased for payment through a marketplace implementation generating revenue while saving the other municipalities a reduction over commercial leases. The new profit can then be applied to cut taxes or applied to new initiatives like affordable housing or other deferred projects.
A successful Shared Services system starts by building an internal customer experience for the departments being served. The ENGAGE Intelligent Information Management (IIM) “ECM” Platform is configured to support the Shared Services and Co-operative (Co-Op) business patterns to reduce overhead and resource/inventory carry-costs through optimizing business operations.
Our Shared Services ENGAGE Platform provides four fundamental components to ensure success:
Shared Services – Doing More with Less
An integrated Shared Services Experience seeks to eliminate redundancy, reduce costs, while increasing performance and buying power, particularly in Government Shared Services. Reducing duplicate contracts and consolidating purchases through a single purchasing entity reduces overhead and purchasing costs. For government, shared services opens up new revenue streams through the sharing of idle resources or extra service capacity that results in a revenue stream to help offset the cost of other services or help fund new public initiatives.
Most enterprises shift to a Shared Services model first, without thinking through the connectivity and business rules and workflow requirements. With Veratics ENGAGE, a configured out-of-the-box solution provides precise applications and workflow logic, tying roles and responsibilities to outcomes. Centralizing functions is possible, for example, in Human Resources shared services that improves collaboration and transparency through integrating a workflow, template, and checklist “i.e., work bench” that supports the hiring managers timeline and brings everyone into a single digital thread that makes add another communications contextual dimension. ENGAGE workflows are tailorable to reduce bottlenecks and reduce the hiring timeline. The same applications and processes support IT and other shared service initiatives. Key Performance Indicators (KPI) “metrics” tracked as metadata provide dashboard views highlighting in real-time successes or areas needing improvement. This built-in accountability is critical to fine tune the Shared Services environment, ensuring maximum benefit and optimal outcomes.