Business Process Management Services by Mynd Solutions

BPM Solutions by Mynd

Business and technology are in constant evolution, as are we. Global markets have created new opportunities for change and growth. Change requires agility, speed and innovation. You need to sense change and opportunity before your competition does, make smart decisions and take rapid action. You need software applications that are powerful and flexible enough to help you constantly re-invent, while preserving the unique competitive advantages of your organization.

Mynd Solutions is a new way – better and faster – to deliver innovative business applications that improve decision-making, mobilize key data and processes, and unite business and IT in driving bottom-line performance. We help overcome functional silos and roadblocks, enabling business managers to improve services offered to stakeholder, customers, and process owners.

We are a leading Business Process Management (BPM) service provider looking after the value-added services of our clients with a proper strategic plan. Our expertise in this domain is towards making an organization more effective to adapt as per changes of the corporate world. The corporate world.We have developed multiple industry frameworks that empower clients to achieve improved business value from integration investments and help them realize the benefits of greater scalability, increased flexibility, and reduced total cost of ownership.

We have collaborated extensively with product vendors to develop solutions in banking, insurance, e-commerce and other industry verticals.

We enrich the experience of all our customers with our valuable services with an aim to increase the visibility of business. As a result, it provides an enterprise, an edge over the competitive environment of corporate sector. Our aim is to impart impactful changes with different tools of process management.

Platform solutions to solve real problems faced by businesses, solution provider and productivity enabler. The Platforms are uniquely blended with customized services suitable for Global Business Environments.

Finance & Accounting Services by Mynd Solutions

Finance and Accounts Outsourcing Services

It is critical that transaction processing is handled with greater reliability and timeliness at a much lower cost. As a result Shared Services and BPO have fast become proven sourcing approaches for most finance processes and finance and accounts outsourcing process is seen as the most convenient and valuable solution. Initially they focused on the high-volume activities associated with Procure to Pay, Order to Cash and Plan to Report processes. Their scope has steadily increased to include areas of more specialist skills such as Management and Regulatory Reporting, Consolidation, Budgeting, Tax and Treasury Management.

Mynd’s Finance and Accounting Outsourcing has pioneered the finance and accounting solutions by integrating domain expertise, global delivery network and technology solutions. Mynd assists in identifying, transitioning, transforming, executing and continuously adding value to finance and accounts outsourcing processes through a low-cost Business Process Outsourcing (BPO) services model, without compromising on quality and compliance. We believe in delivering the right information at the right time.

We provide our clients managed Finance and Accounting Outsourcing Services at the lowest possible costs so that they can focus on their core business activities while saving a significant amount of overhead costs on these activities.

We are offering Accounting Outsourcing Services worldwide and providing tailor-made solutions to our clients. We have our offices inIndia, UAE and Singapore. We are catering our services in India, Asia, UnitedKingdom (UK), USA, and other countries of Europe. We have a very strong partner network in more than 60 countries to offer you smooth outsourcing services.

AccountsPayable Outsourcing

Mynd Solutions provides best solutions for outsourcing your accounts payables. The services offered aims to meet client’s business objectives as well as cost-optimization goals. We deal with global clients and provide customized solutions for many industries namely Media & Entertainment, Health, Telecom, Banking and Finance, Foreign Exchange etc. Delivering them our services of accounts payable enables them to focus on their core strategies. Reduction in operational costs has helped our clients’ boost their business. We provide great control over finances, which in turn enhance profits of the company. 

Our services of accounts payable include Data Capture, Data processing, suspecting its duplicity and disbursement. This is presented in the form of reports, utility bills, tax reporting, travel and expenses. Furthermore, this will help reduce invoice discrepancies and build clients’ relationship stronger. Mynd Solutions has established itself as one of the leading accounts payable outsourcing company in India. It has been able to centralize archiving all sorts of receivable data in a form of document.

AccountsReceivable Outsourcing

Mynd Solutions also deals globally as a one of the largest accounts receivable outsourcing company in India. It is an essential part of a business activity that improves cash flow directly, through extensive account reporting. The customers must consistently follow-up on outstanding invoices and facilitate quicker payments. Accounts receivable outsourcing services includes billing, making entries of transactions received, and record revenue, prepare periodic statements, preparing reports of receivables etc. Our specialized functional area provides best value to the customers as per their investment plans. All the services are mostly presented in the form of documents, as a result, easy retrievals of data is accessible on a common platform. Each account entry gets detailed handling through our customer service representatives efforts and hard work. We provide customized services to our clients, as per the nature of business they are dealing in, and their core strategies.

Vendor helpdesk (VHD) assists companies in tracking each and every vendor invoice as it travels through different departments in the company for approvals, while monitoring the SLA committed to the vendor for payment. This is mainly set up to handle large volumes of vendor invoices or as a support to a centralized payable process running in corporate.

While mostly the VHD is customized to suit client requirements it broadly aims to achieve the following:     

• ·     Centralize the vendor bill receipt / track checked invoices for relevant support and provide email confirmation to vendors for receipt of invoices.
• ·         Forward to departments for approvals
• ·         Forward to Finance for cheque preparation
• ·         Cheque issuance to vendor with details
• ·         Monitor turn-around-time (TAT) for payment
• ·         MIS
• ·         Handling all correspondence with vendors

HR Process Outsourcing and Your Organization..

Business Process Outsourcing

HR Outsourcing

HR is a strategic business function in most organizations and hence outsourcing the processes related to it is a task that requires ample thought and decision. There are several concerns that most HR decision-makers normally have with regards to confidentiality of employee information, loss of control over their internal resources and knowledge also the quality of work delivered remains a major concern.

Several organizations in the employee range of 1,000-5000 are outsourcing their Human Resource processes as a cost-control strategy. HR is primarily a non-profitable cost centre in the organization, and hence qualifies itself as the best area to be outsourced to a third party. More and more companies are now subcontracting the backend HR functions including compensation and benefits administration, recruitments, expense management, payroll and statutory compliances.

As per market statistics, HR is one of the most aggressively growing segments in the Business Process Outsourcing (BPO) market. The primary driving factors behind the increasing adoption of HRO (for not just the redundant backend tasks but even for performance management, talent management, training etc.)-

Efficiency Enhancement: Efficiency is undoubtedly a primary driver in the outsourcing business. Mostly, efficiency depends upon the outsourcing service provider’s capability to enable technology additions to the usual HR platforms and processes.

Cost Benefits: Majority of the outsourcing decisions are intended at direct cost benefits to the company. However, one needs to know that solely basing an outsourcing decision on price benefits does not guarantee success.

Finance and Accounts Outsourcing @ Mynd

Financial Services Outsourcing

When your business increases, managing your global clients can become a complicated task. When you start your business, it is important to know about regulatory framework, which is a crucial aspect to run your business. On the other end managing your tax and compliances within complex rules and regulation can drain out your precious time, money and resources. It is actually the degree to which the taxpayer complies or fails with the tax rules of his country. This is by filing a return, declaring income and paying the tax on time.

With the help of travel and expense processing, companies can significantly reduce the cost of processing and improve the speed of paying bills. It is truly an integrated solution which is easy, quick and affordable to automate their entire travel and expense management.


In this way you can streamline your spend control which will enable you to reap significant cost savings on large amounts of your spending. At the same time you will be able to speed up your reimbursement. All these are possible when you employ an effective process that is faster, cheaper and improves employee satisfaction. Here are some benefits of travel and expense management which are effective control that reduces the cost of expense claims and gains visibility.

Accounts receivable outsourcing is done to eliminate the headache of credit agreement or contract. It improves quality, increases control, boosts productivity and lowers cost. It is the best financial solution for restaurants and hospitality industry, real estate and property management, manufacturing and distribution. In return outsourcing will give you higher productivity, abundance of highly qualified resources, rapid deployment, skilled and table workforce including capacity expansion without any capital investment.

Any company whether large or small has a list of statutory compliances which means of or related to statutes. In literal sense it means rules and regulation and compliance means just to adhere to or comply with. For companies it means that they should follow laws on a particular issue. There are other businesses which are out of statutory compliance because the cost of following the rule is too high or the consequence is too small to get worried.

LOGISTICS MANAGEMENT SOLUTION ON BPM PLATFORM BY MYND

THE CLIENT:

A leading Indian Telecom Equipment Service provider. The company is a Solutions provider to the telecom infrastructure industry for deployment and manufacturing of fiber cables; manufacturing of optimized microwave equipment; power management systems; security and surveillance system and solutions.

THE CHALLENGES WITNESSED BY CLIENT PRIOR TO AUTOMATION BY MYND:

      Distorted Finance, Accounting & Admin Process- Leading to pilferage

?        Not much control on Vehicle Utilization resulting in high costs

?        Delays in Processes resulting in Dissatisfaction 

?        Keeping Track of vehicle movements 

Manual Processes in place for-

•       Vendor contract notes

•       Vendor invoices

•       Log books for vehicles

•       Vendor Payment process

Human Interventions needed!-

•       Approval work flow

Lack of Visibility in-

•       Actual vs. budgets

•       Utilization of Vehicles

SOLUTIONING PROPOSED BY MYND TO CLIENT:

Use of NOVEL TECHNOLOGIES-

1  SaaS Solution - BPM on Cloud:  Software As A Service Platform offered by Mynd is helping drive Business Transformation for clients via “on the fly” configuration and integration of Business Processes such as Fixed Assets, Employee, Inventory, Vendor and Customer Management etc. The SaaS delivery model ensures great cost saving for the customers and helps drive growth through improved competitiveness and connectivity. Other benefits include more productized service delivery (instead of standard lift and shift solutions), broader spectrum of services covered with higher values involved.

Configurable BPM features-

•       eContract Mgt

•       Vendor Mgt.

•       Users Mgt.

•       Vehicles Mgt.

•       Work Flow Approval

•       Business Process Configuration

•       eDocuments Library

•       Dynamic Forms creation with capability to add new fields

•       Email alerts configuration option

•       Keyword based process enablement

•       SMS Alerts:  SMS Reminder to User if No trip created by Driver and Escalation SMS to User Next day if No trip created by Driver

    Disruptive Technologies such as SMAC-Social Media, Mobility, Analytics (Big Data) and Cloud, are being adopted by Mynd to play a vital role in improving the overall business outcomes for customers

•       Mobility- Enables organizations to fulfill strategic imperatives, enhance real time connectivity and operational efficiency throughout corporate functions and develop engaging customer experiences

•       Analytics (Big Data)- Advanced analytics help improve competitive advantage of clients by offering superior business intelligence and useful data insights

•       Cloud- Elastic scaling, service automation, virtualization and substantial cost improvement through dynamic abstraction of IT services

•       Map and Map Data

o   Transaction Mgt

o   Point of Interest for Trips Mgt

•       Mobile Technologies

     Mechatronics

•       GPS Devices

•       Mobile Devices

BENEFITS FROM MYND’S SOLUTION PROVIDED TO CLIENT:

    Controls Enforced-

•       eContracts

•       eLog Books for Vehicle

•       Visibility of  Vehicles

  Efficiency Improved-

•       Just in Time

•       High Visibility

•       Service Levels Monitoring

  Economy: Cost Benefit to Client-

•       Variable Fee Model

•       Reduced pilferage