Operational Assessments from Integrated Financial Technologies Identify Top Back-Office Deficiencies Among Businesses

Leading business process outsourcing company Integrated Financial Technologies (IFT) reported that its Operational Assessment projects have identified six back-office inefficiencies among businesses. These areas include outdated technology, inadequate data storage, siloed departments, reliance on specific employees for critical information, inability to cross-sell products, and lack of corporate documentation.

IFT's assessments examine each organization's processes, workflows, and infrastructure. Based on these reviews, IFT offers recommendations to optimize operations. For instance, outdated technology and manual data input are prevalent issues that complicate management and upgrades.

Many companies still use on-premises data storage systems, while cloud-based solutions are more secure and offer automated backups. Additionally, relying on a single employee for critical information poses risks if that person leaves the company. Shared knowledge across multiple employees is recommended.

Businesses can also improve by cross-selling additional services, thereby turning customer inquiries into sales opportunities. Siloed communications between departments impact productivity, and the absence of company-wide documentation hinders consistency and equity.

IFT provides a general assessment manual that Managed Service Providers (MSPs) can use to offer added value and deliver back-office solutions. "We typically find room to drive efficiency and lower costs, opening doors for MSPs to fill service gaps," said Tod Chisholm, president of IFT.