How color-coding saved one company $250,000 per year
Producing color-coded files is a great way to improve efficiency. But for an organization that produces high volumes of records, the process can be time-consuming and require significant resources.
When one finance company implemented a Rapid Response Color-Coding system, they were able to realize efficiencies that saved them $250,000 a year.
This blog post explains you exactly how they did it.
1.0 The challenge
Our client, a financial services organization, produced over 5,000 color-coded labels and folders every day to handle the loan documents produced by their consumer lending division.
The company needed to find the most efficient way to produce all those files and labels.
2.0 Files, files and more files
TAB had been working with the organization for seven years and had previously implemented a software-based labeling system called TABQUIK, which allowed the financial institution to produce its own file labels in-house.
3.0 Rapid-Response needed
A new solution was required that would automate the creation of color-coded folders and have them available when and where they were needed. TAB’s Rapid Response Color Coding service would do exactly that, and TAB recommended implementing it on a pilot project basis.
4.0 Pilot project takes off
The label designed for use with TABQUIK provided a template, and the folder and label stock the client was using was ordered in sufficient quantities.
Because the organization’s process included imaging each document as it was created for improved customer service, it was agreed that the data collection would begin after imaging was complete.
A batch number would then be created and this data would then be sent to TAB over a secure Virtual Private Network.
5.0 A good fit
From the first transmission, the folders were generated and shipped within the time frame, all with the correct batch numbers and in the right order.
As the Department Manager, Imaging, said: “Outsourcing the production of our color-coded files to TAB has made us much more efficient. We are always looking for ways to streamline our operation, and using Rapid Response allowed us to move the resources we had around our loan documents operation to other areas where they could be put to better use. We are very happy with this arrangement, and we’ve had no issues. This is really a testament to the relationship we have with TAB. They know our business and that enables them to help us find new ways to be efficient.”
In fact, the pilot project was designed for the Consumer Lending Retail Business, but the entire Wholesale Mortgage Business of this organization has since switched to Rapid Response Color Coding service.
The client estimates that the project has saved $250,000 to $350,000 a year.
6.0 Rapid-response and your organization
This service is ideally suited to organizations that produce a large volume of files in-house. You send us your data, we send you the labeled files on demand.
7.0 So how does it work?
Here’s a high level look at the Rapid Response Color-Coding process:
- We receive your new records’ data, at a pre-determined time of your choice, transmitted electronically over a secure network.
- When your data is received, your order is routed immediately into production, and your files are produced with the proper labels on them.
- The files are then produced and shipped where and when they are needed, all within 3 to 5 business days.
- Your file orders are ready for implementation—no additional labels, configuration or printing required.
For this client, the process was a complete success and they continue to work with TAB to keep their records centre lean and responsive.
8.0 Rapid-response benefits
The system creates efficiencies and has other advantages including:
- No inventory costs
- No labels to produce
- No staffing requirements
- No wasted space
- No double handling of documents or file folders
