Financial Services Company (FSC)

For over a decade, FSC has been keeping people organized by turning paper clutter into organized digital data. With more than 500,000 accounts in over 100 countries, the company streamlines accounting, bookkeeping, and tax preparation in order to save people time and money.

FSC uses CloudFactory to handle the sheer volume of documents flowing into its system, as well as to provide a springboard for the forward-thinking firm’s growth and success.

There was a time when making users’ lives easier was costing FSC too much time, money, and hassle. After all, it’s no surprise that companies that deal in high volumes of semi-structured documents (receipts, invoices, and the like) face an ongoing challenge: how to capture and extract accurate data in the most cost-efficient and scalable manner possible.

According to FSC’s director of operations, a growing user base compounded that challenge. The company doubled the few million documents processed the previous year and they predicted similar growth the following year with the help of CloudFactory.

To handle this ever-increasing volume, the operations team needed a solution that could keep the cost of processing each document under a certain price point without compromising the speed or quality of service. And combining optical recognition (OCR) technology with more operations staff wouldn’t do the trick. This option, as everyone quickly recognized, involved development and operations costs that were simply too expensive to scale.

FSC had reached a critical juncture, and its director of operations says that his team was asking itself a tough question: “How can we grow by doubling the amount of receipts processed each year without having to double our operations staff at the same time?”

To solve this processing bottleneck, the director decided that the company should turn to the cloud. He considered five providers until determining that CloudFactory provided the best cloud-based solution, citing the following reasons for the decision.

• Scalability: Last year, FSC went from processing a few million documents to doubling that volume while maintaining a high level of accuracy. This year, the FSC team is expecting to double the number of documents processed again and have no worries because they know CloudFactory can easily handle higher workloads without compromising on speed and accuracy.
• Cost-Effectiveness: CloudFactory offers a great price in several ways: lowering FSC’s overhead costs and offering on-demand pricing. CloudFactory also saves FSC a lot in development costs because the team doesn’t have to build tools to improve the capture process. CloudFactory is a technology company in its own right, so it doesn’t drain FSC’s internal technical resources.
• Speed & Accuracy: FSC could do some in-house processing, but CloudFactory allows it to do really, really fast data entry without sacrificing accuracy. And accuracy within a 24-hour cycle is making a huge difference in FSC’s customer experience. A year ago, its users on the west coast who submitted documents after 10 p.m. to FSC would have to wait a few days for them to get processed. Now, it all goes to CloudFactory and gets processed into the user’s account within one hour.

The manual side of document operations remains a critical part of FSC’s business, but the director says he no longer worries about it because of CloudFactory.

The company can also better forecast operational costs, which allows it to focus time and resources on improving important metrics and pursuing activities that fuel growth. For instance, the operations team has already significantly decreased its customer cancellation rate and improved its margins.

And when FSC recently expanded to a new international market, it was able to roll-out a new offering and new features without any delays thanks to the cooperation and support from CloudFactory.

“We no longer think or worry about the manual side of the document operations— even though it’s a critical part of the business. CloudFactory has given us the ability to grow and scale without any operational constraints,” said the director.

Note: This client/company requested to remain confidential; therefore real names were not used.