Focus Capital Group
Focus Capital Group (which was acquired in 2004 by Alleasing) were a premier vendor finance operation in Australasia. They provided small ticket products and services to major banking institutions along with leading vendors such as Apple, Ericsson, Toshiba and Kodak.
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- Focus Capital Group
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- Tailored Solutions: HR Workflow
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"Using the technologies of Revolve™, we transformed our business. It systematised our processes, allowing us to scale the business to five times its original size."
Richard Power
CEO and Executive Chairman
Focus Capital Group, 1984 - 2004
Business Challenge
Operating around Australasia, the company dealt with a large number of paper contracts, and multiple parties internally and externally. The approval process for new deals was highly manual and unsystematic. Unnecessary time and cost was spent shuffling paperwork and contracts across multiple locations.
Physically the organisation had difficulty simply storing the completed paperwork, let alone retrieving it if required. Executives were unable to gather key data and assess or improve the approval process due to the disorganised and old-fashioned paper shuffling.
Our Solution for Focus Capital Group
All 20,000 current paper contracts were scanned and placed online, so they were accessible from any location, by any authorised user. Once scanned, the physical contracts were able to be housed in long term storage at a significantly lower cost. This also meant that any documentation could be simply searched for online. By pulling data from two back-office systems, staff were able to retrieve five years of contract history from their desks to quickly resolve customer queries.
All new contracts were then produced online through Revolve™. This simultaneously reduced contract printing costs, cut approval times from days to minutes and lowered processing costs by up to 85%. Previously, multiple parties working to prepare contract documents were reliant on a previous stage of the deal to be completed before they could proceed. With Revolve™ however, this 17 step process became a 2 step 'parallel process'.
The company then provided its auditing partners access to the system. Using Revolve™, audit requirements were reduced from one full-time employee for two weeks every three months to a process that required no internal staff and took only three days.
Revolve™ was also integrated with Cognos business reporting tools, which provided Senior Executives and Sales Managers with a view of the contracting pipeline across States and around Australasia.
Outcomes
The company continues to use and evolve the system to drive significant business efficiencies for the company.
Key benefits
Revolve™ revolutionised the Focus business. The key benefits included:
- Multiple parties working on contracts at the one time reduced rejection rates from 20% to 3%
- Reduced annual document storage and retrieval costs to the business by hundreds of thousands of dollars
- Greater visibility over business performance through reports extracted from the system
- External parties could be involved in the contract process, saving time in the development of contacts, reducing costs and manual errors
