If we go
in for outsourcing, will we have to
change a lot of things in the way we
work?
Yes, processes must change. However,
they will become more efficient
(scanning, organizing data and
completion of checklists). Workflow
systems are extremely important as they
reduce time and tend to drive errors and
exceptions out earlier in the process.
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How do we start? What is
the first step?
If you have figured out what you want
done that’s great. Very often you may
find that there are many more things
that can be outsourced and you may be
surprised at the sophistication and
knowledge of US laws/documents that some
vendors have. If you are not absolutely
clear, it may be useful to have a vendor
scope the project first. Many vendors
would be happy to do this at their cost
and give free advice. In such a
situation, remember it is better to
start small and scale up over time.
Next step is to call in a specialist.
There are many companies who claim to do
all sorts of outsourcing work. This is
not usually the best option. What you
need is someone who specialises in the
sort of work you have in the financial
sector. Review the vendor’s systems and
processes and training.
It is important to understand the
qualifications and the pedigree of the
firm you are dealing with. Preferably
look for a US based company. Apart from
filtering out fly-by-night players, you
are also assured of having someone whose
neck you can catch if you need to.
You need to complete your due diligence
and select an outsourcing partner that
has adequate security, financial
stability and the capability to scale to
your demands as well as the anticipated
growth in industry demands. Workflow
systems are extremely important as they
reduce time and tend to drive errors and
exceptions out earlier in the process.
In short:
• Review the probable outsourcing
partner’s systems, processes & training.
• Select outsourcing partner
• Execute a contract containing a
non-disclosure agreement
• Develop a written outsourcing policy
and procedures
• Issue privacy statements and/or
engagement letters
• Train personnel on new procedures
• Continue to update & improve policies
and procedure
• Evaluate the potential areas that can
be outsourced.
Explore outsourcing opportunities in a
strategic discussion with the
outsourcing partner, identifying your
need and capabilities and strength of
the partner. Ownership of these
processes is then transferred to the
outsourcing partner.
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How do I supervise the
work being done in India?
You have to set up a tracking
system. Most vendors would do that for
you. What you need to track is the
process flow that your documents are
going through at any given point in
time.
Apart from that, it may be possible to
have a web-based tracking system which
would give the status of your job on a
24/7 basis.
With rapid improvements in Information
and Communication Technology, it is
possible for the client in the US to
monitor her work being done in India.
For example, at eMatrix, we have
implemented several customized tracking
systems, which enables clients to view
the status of their jobs remotely on
near real time basis. We also have
customized status-reporting system,
apart from our regular daily reporting
system of files download, upload,
work-in-process status and standard
client query resolution procedures.
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I know that India is a
good destination for outsourcing IT
work. But I am not so sure about
Financial Services and Processes being
outsourced to India.
The benefit accruing from IT outsourcing
is proof that similar success stories
can be replicated across other non-core
functions as well.
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What are the various
services you offer?
eMatrix provides offshore –nearshore-onshore
supplemental IT Staffing, IT services
horizontally and Knowledge Process
Outsourcing (KPO) services vertically to
the Investment Research & Financial
Information Industry sector in the US in
the following areas:
1. Database Development
2. Data Validation and Maintenance
3. Investment and Business Research
content generation
For further details on our services,
please refer to the website,
www.ematrix-inc.com , or request for
a brochure HERE.
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Do you have offices in
the US? Or do we have to interact with
your Indian operations for everything?
eMatrix is a US corporation having its
corporate headquarters based in New York
and has one of its development &
delivery fulfilment centres in
Rensellear Technology Park (RTP) in
Albany, NY. The bulk of the KPO delivery
is carried out in its Delivery
Fulfilment centre in Mumbai, India in
tandem with the Rensellear facility.
Project Requirement Study through
Transition phase is monitored and
supervised by the Rensellear facility.
Any business issue requiring direct and
immediate attention and communication
with the client is taken care of by the
dedicated account manager based in any
of the company’s branches or at the
corporate headquarter in NY while the
operational aspects after the project is
kick started are directly handled by the
Mumbai Delivery Fulfilment centre.
Responsibility of each individual
project is assigned to one of the
Account Managers in the US to work in
coordination with one dedicated Project
Manager in India.
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Are your people qualified
to understand complex financial issues
facing an American company like us?
Of course eMatrix recruits Indian
Chartered Accountants and analysts, with
an in-depth understanding of the
financial and regulatory framework in
the United States. We also have US CPAs
and CFAs on board.
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So, if we outsource, will
we have to lay-off our staff?
That’s not always required. Some of
the surplus staff can be trained and
re-deployed to other functions.
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We deal with extremely
sensitive data. What kind of security
systems do you have in place to maintain
security and confidentiality?
Some of the primary security controls
utilized regarding employees are
background checks, terminals without
diskettes or hard drives, control of
limited paper (colour coded), access
controls (physical), prohibition of cell
phones, paper, pencils and personal
items in the workplace.
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We deal with a lot of
large corporates in the US who are our
clients. They may have certain
reservations about us outsourcing some
of our work. How do we handle these
issues?
How outsourcing is presented to clients
has a direct impact on their acceptance
and response. If you simply say ‘the
firm is outsourcing, do you mind if we
outsource your work,’ you can expect a
negative response. On the other hand if
you convey that you are outsourcing part
of the process in order to improve
client service, turnaround time and
manage costs; clients will understand as
most businesses are outsourcing some
component of their business today.
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Will outsourcing have
any legal implications, as far as
transmitting confidential data offshore
is concerned?
We suggest our clients to buy adequate
cover under “Professional Liabilities
Insurance Policy.” Such insurance
coverage will cover the liabilities, if
any, arising as a result of outsourcing
your client data.
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Won’t outsourcing mean
more work in terms of transitioning,
monitoring, etc.?
Not really. A little bit extra work
might be needed in the initial phase,
when you have just started outsourcing.
Outsourcing will actually optimize
processes and result in reduced
managerial involvement in the day-to-day
processing.
We can help you with implementing our
Document Management Software to compile
and organize your data. Also, we assign
a dedicated team to handle a project.
The Project Manager works as a “Single
point contact” for the client. To make
it a success, it is suggested that the
client also assign one of their staff to
manage outsourcing. This person would be
coordinating directly with our Project
Manager for that particular project.
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How do we send you the
data? And how will you send it back to
us?
Data can be transmitted by scanning and
uploading the source documents, and
sending via FTP server or email
notification. Once we finish processing,
we will send the data back to you via
FTP/email notification.
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How does this whole
thing work? Do you have some set
processes in place?
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Will there be any
restrictions in terms of software? Or
will you be able to comply with all our
requirements?
No, there is no restriction in terms of
software. We can use software provided
by you, or else, we can integrate our
software with your systems, so that
compatibility is not a problem.
^Top
Our client relationship
management is quite unstructured. How do
you think we can outsource such an
unstructured business model?
eMatrix will actively partner you in
developing a structured client
relationship structure and the required
systems also.
^Top
Can we examine your
proficiency through a pilot test?
Of course you can. We welcome and look
forward to such an opportunity. There is
no minimum volume requirement. However
we always suggest our clients to start
with a pilot wherein we work together
with the client on a sample project to
establish business rules, policy and
procedures and help the client
reorganize their internal processes in
order to align with our Workflow and
Document Management System to ensure a
smooth transition.
^Top
You will need to
understand our business, our processes,
and also be up to date with changes
occurring in our company and our
industry. How do you plan on doing that?
We have a network of Associates in the
US, who are qualified CPAs and ACAs.
They function as our knowledge center,
constantly updating us on the latest
compliance regulations.
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What is the advantage of
outsourcing to eMatrix as against any
other company with delivery fulfilment
centre in India?
At eMatrix we have a core team of
qualified and experienced professionals
who would help you develop and create
your outsourcing model, help you
identify the process to be outsourced,
design the workflow for outsourcing and
will take care of the whole transition
management to ease out any problems
associated with the change in your
internal processes as well. Our core
team understands the complexity of
various inputs that go into the products
and services of the financial community.
After the successful completion of the
design and transition phase, the project
is handed over to our large team of
process associates to deliver. Also, our
technical team provides critical input
in technical support at the stage of
product development or delivery. Thus
eMatrix improves efficiency of your
processes, thereby providing you with
data in a better and more cost-effective
form. A coexistence of highly skilled
and experienced human resource and
technology differentiates eMatrix from
other outsourcing companies.
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Can you give me some
idea about the costs involved?
We quote on project by project basis
depending on the scope and requirement
of the project.
^Top
Once we decide to
outsource to eMatrix, how long do you
typically take to get the project off
the ground?
We typically suggest a week to 10 days
ramp-up before going live. However
ramp-up time largely depends on the
project scope and requirements, and is
typically decided in consultation with
the client.
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There are lots of
documents, which are not easy to scan
and upload. What's the alternative for
such unscannable documents?
Documents that cannot be scanned can be
couriered to our processing center or to
our onsite office. After processing is
completed, the documents are couriered
back to you.
^Top
What about the data that
can't be uploaded onto an FTP? What's
the alternative work arrangement?
We can organize a dedicated cable
connecting to your data server for
accessing the data remotely. This will
spare the hassle of uploading /
downloading data onto / from FTP and
will also save time to make the
processing fast and real time if
required. |
