How can the back-office maintain its worth?
Back-office systems must work seamlessly with continuous product development to drive greater value and propel growth.
It is often the unheralded part of the business, but back-office operations are vital to successful business performance, enabling greater efficiency at the front office and the delivery of better customer service. But updating back-office systems to meet the demands of a rapidly-changing business landscape can be challenging – and time-consuming – to get right.
Moreover, knowing how to transform these functions without disrupting product development and business growth can be complicated. Companies that fail to seamlessly blend new back-office systems and tools with product development can encounter persistent problems in the implementation phase.
One solution for companies struggling with these issues can be to turn to external partners for support. Close collaboration with an external partner can offer a fresh view of how to improve overall end-to-end operating procedures, without hindering a business’s existing growth strategy.
For one fast-growing, online global payments systems business, updating its back-office operation was crucial to improving business efficiency. To do so, it licensed a new sub-ledger tool from a global software company and began rolling it out over a multi-year period.
However, during this time, the payments business discovered several problems with enhancing the tool to meet its specific needs, particularly with issues concerning new product launches and the integration of acquisitions.
One of the unique features of the payments business is the sheer volume of transactions that it processes on a daily basis, making it the highest-volume client the software company has.
Recognizing the complexity of its back-office operations, the payments business decided to search for a specialized, external partner. One with the expertise to help it create an innovative approach to adding further enhancements to the sub-ledger, along with a strategy that would transform its end-to-end operating model.