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ITM100 Assignment Number 6 Andrae Brown

Symcor is a large financial processing company located in North America that provides services like check, credit card, and statement processing. The company helps other companies reduce costs by moving from paper-based to electronic systems. Symcor's existing processing system was outdated and in need of replacement. It cost over $1 million per year to maintain and could not provide all the services clients requested. A new enhanced software system was proposed to capture more customer information electronically, allow flexible document design, and interface with other systems. This would help Symcor provide better service at lower costs. Implementing the new system would benefit Symcor by making operations more efficient, compatible, and flexible to meet growing demands. It would

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53 views2 pages

ITM100 Assignment Number 6 Andrae Brown

Symcor is a large financial processing company located in North America that provides services like check, credit card, and statement processing. The company helps other companies reduce costs by moving from paper-based to electronic systems. Symcor's existing processing system was outdated and in need of replacement. It cost over $1 million per year to maintain and could not provide all the services clients requested. A new enhanced software system was proposed to capture more customer information electronically, allow flexible document design, and interface with other systems. This would help Symcor provide better service at lower costs. Implementing the new system would benefit Symcor by making operations more efficient, compatible, and flexible to meet growing demands. It would

Uploaded by

Arti Panday
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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ITM100

Assignment Number 6
Andrae Brown

Symcor is an established processing company, located in North America and is one of


the biggest financial processing companies. Their head office is located in Toronto, Canada.
Symcor is owned by RBC, BMO, and TD Bank. Various transactions including checks, lockboxes
and credit cards, as well as statement-to-payment are services that the company provides.
Symcor assists companies in lowering their clients’ cost by easing the transition from paper to
electronic business.

Companies go to Symcor for cost reduction on the document production process which
can provide lower cost without affecting their customers. Clients don’t mind outsourcing that
department to Symcor because they can provide a low cost service so allowing the client to
focus on their sales in order to bring in more revenue. Symcor helps companies reduce their
overall cost.

This financial processing company had a system that was becoming out of date and
needed to be updated to provide clients with cost savings and efficient services. There would
be a one-time cost to implement this new software which includes training staff, moving
information from their old system and purchasing new software. The software was limited in
its use and was not being used to the full potential of the company. Clients were requesting
more services that the system was not capable of providing. Their systems that they were
currently using required a lot of maintenance and support. The cost for maintaining the system
was more than $1 million.

They constantly pay particular attention to improving their old systems processing and
printing technologies in order to maintain revenue and low operating cost in order to please
their customers.

A new software system that would benefit the company would be an enhancement to
the old xPression system. An enhanced version would run on a server which could process the
client’s data and capture the individual customer information. This would collect all the
information and combine it with the transaction detail so it could be put into a design template
to send the customers information for an output result. This information would also be
accessible electronically for future reference. The system will allow a variety of design formats
to be used. It will also offer a more attractive image toward the potential market/clients. With
this new technology system, the company would be able to receive more beneficial
information.

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The advance system will capture more information and be more effective. This software
will utilize the capabilities to make the system more efficient. The new features gave the
capability to be compatible with different systems to allow quicker speed, presentation, and
more flexible document design to accommodate the new demands. The current messaging
software communicator would be replaced with message pro if approved by the companies.

This new system would also benefit the environment, reducing paper used, it provides a
green strategy. This would help the company be more accessible to their clients would be able
to access information electronically. Electronic billing could help reduce the cost of mailing and
printing. With this faster and improved technology approach it will help bring new clients to
help generate more revenue and still offer low costs. With the new system it will be able to
capture new designs and break down language barriers.

Companies usually find it beneficial to outsource their processing operations so they can
focus more on more critical business areas. Many organizations tend to use technologies to
improve their relationships with their clients and to have things done faster and more
efficiently. By implementing the new system they should be able to provide more speed and
accuracy to provide better service in a timely manner while maintaining low costs which will
continue to make the company more competitive.

Reference

Symcor. (undefined). Symcor Dedicated To Your Success. In symcor. Retrieved November 05,
2010, from http://www.symcor.com.

Kroenke, D, Gemino, A, & Tingling, P. (2010). Experiencing mis custom


e d i ti o n f o r r y e r s o n u n i v e r s i t y . T o r o n t o : P r e n ti c e H a l l .

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