Finance Case Study: How Automated Color Coding Saved $250,000
A large in-house records center for a major financial institution wanted to find the most efficient way of producing upwards of 5,000 color coded files and labels required for loan documents generated daily.
TAB’s Rapid Response Color Coding
If you could free-up all of the resources your organization currently uses to label files, would you? When our TAB 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 more than 5,000 color-coded labels and folders every day to handle the loan documents produced by their consumer lending division. TAB had been working with the institution 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. The system they established around TABQUIK worked very well, but over time the increased volumes were placing a burden on personnel and inventory.
Rapid Response Needed
Knowing the client’s commitment to efficiency, TAB 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. TAB’s Rapid Response Color Coding service would do exactly that, and TAB recommended implementing it on a pilot project basis.
Pilot Project Takes Off
Since TAB had an existing relationship with the financial institution, some of the necessary groundwork was already in place. 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 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.
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 Imaging Department Manager 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 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 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 them from 250,000 to 350,000 dollars a year. No wonder then that they continue to work hand in hand with TAB to keep their records center lean and responsive.
Rapid Response for Your Organization
If you produce a large volume of files, then you should consider TAB’s file creation service, Rapid Response Color-Coding. This service is ideally suited for organizations that produce a large volume of files in-house. You send us your data, we send you the labeled files on demand.
How It Works
- We receive your new records’ data daily, 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 three to five business days.
- Your file folders are ready for implementation – no additional labels, configuration or printing required!
Rapid Response Benefits
- No inventory costs
- No labels to produce
- No staffing requirements
- No wasted space
- No double handling of documents or file folders