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BMW Group Financial Services is improving its work processes and efficiency in relation to contract processes
In the car industry, the dealership and its customers need rapid access to financing. Finance lenders have to make the process of entering into a contract as quick as possible and make financing readily accessible in order to be able to maintain life-long relationships with business partners and free up working capital.
BMW Group Financial Services needed a high level of coordination and streamlined work processes in order to efficiently support car sales in more than 50 countries by accelerating the time spent processing contract applications.
That’s why they chose OnBase® by Hyland.
“We recognised that the fact that we’re working across many different countries and with three separate lines of business – BMW Group Financial Services, Alphera Financial Services and Alphabet – meant a high level of process automation for entering into contracts would be needed to improve work processes,” according to Stefan Karlsson, BMW Manager of Business Development, Nordics.
In 2009, the head office of BMW Group Financial Services approved a budget for Enterprise Content Management (ECM) with two important provisos: the solution had to be a single database, and there had to be a shared provider across all markets in order to minimise implementation time and facilitate cross-border cooperation.
“We signed a contract with Hyland for OnBase in 2010, and a structured implementation plan was initiated,” according to Bert van den Berg, Process & Quality Manager, BMW Group Financial Services. In the period from May to October 2011, the ECM was installed in five countries: The Netherlands, Denmark, Belgium, Sweden and Norway.”
- Eliminating paper and manual work: BMW Group Financial Services no longer spends time on manual handling of contracts or appendices. “Working with OnBase means all paper documents can be scanned automatically and sent to the correct department via a secure file transfer protocol (FTP),” van den Berg says.
- Accelerating the process of entering into contracts: “Previously, it could take anything up to ten days to process a finalised contract package and even longer for incomplete packages,” van den Berg says. “The OnBase solution reduced the processing time from day one. By July, processing time for contracts was reduced to five days, and by August, three days. By September, it was right down to just over 2½ days. Finished, incomplete and incorrect contract packages are now dealt with faster and more efficiently.”
- Automatic notification of deficient applications: OnBase flags up deficient applications and e-mails the dealerships, informing them about any inaccurate or missing data. This makes for a more proactive work process and makes it easier and quicker for dealerships to take action. “We’ve moved from a reactive to a proactive solution,” van den Berg says.
- Enabling continuous improvements throughout the company:
“The next step for BMW Group Financial Services is to continue to expand coverage with OnBase by integrating the system with other business systems and making more use of the reporting service,” Lars Karlsson says.