Finance Case Study: How Automated Color Coding Saved 250K
A large in-house records center for a major financial institution wanted to find the most efficient way of producing upwards of 5000 color coded files and labels required for loan documents generated daily.
Jeters Rapid Response Color Coding
If you could free-up all of the resources your organization currently uses to label files, would you? When a Jeter consultant put this question to the management at a major financial institution, the answer was a resounding ”yes!”.
Files, Files, and more Files
This organization had a very large records center. At the time, they were producing over 5000 color-coded labels and folders every day to handle the loan documents produced by their consumer lending division. Jeter had been working with the organization for seven years and had previously implemented a software-based labeling system which allowed the financial institution to produce its own file labels in-house. The system they established worked very well, but over time the increased volumes were placing a burden on personnel and inventory.
Rapid Response Needed
Knowing her clients commitment to efficiency, Jeter’s consultant realized that a new solution was required that would automate the creation of color-coded folders and have them available when and where they were needed. Jeter’s Rapid Response Color Coding service would do exactly that, and she recommended implementing it on a pilot project basis.
- No inventory costs
- No labels to produce
- No staffing requirements
- No wasted space
- No double handling of documents or file
How it Works
Its simple. Rapid Response Color Coding is designed to work within an organizations business process. Data for new records is sent in electronic form on a daily basis at a time suitable for the organization. Jeter’s system is designed to dynamically receive this data, and the order is then immediately routed into production according to a regular schedule. The color coded folders are then generated and shipped within three to five days business days, all in the correct order and with the right numbers.
Pilot Project Takes Off
Since Jeter had an existing relationship with the financial institution, some of the necessary groundwork was already in place. The label designed for use with the software provided a template, and the folder and label stock the client was using was ordered in sufficient quantities. Because the organizations process included imaging each document as it was created for improved customer service, it was agreed that data collection would begin after imaging was complete. A batch number would then be created and this data would then be sent to Jeter over a secure Virtual Private Network.
A Good Fit
The pilot project was a complete success. From the first transmission, the folders were generated and shipped within the timeframe, 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 Jeter 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 better used. We are very happy with this arrangement, and we’ve had no issues. This is really a testament to the relationship we have with Jeter. 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 them from 250,000 to 350,000 dollars per year. No wonder then that they continue to work hand in hand with Jeter to keep their records center lean and responsive.