Holding prices, cutting costs and boosting margins aren’t mutually exclusive – how a company did all three, and came out stronger.
Company Profile: A regional Public-Document Research company providing high-volume research services to larger national title companies, lenders, energy companies, law firms and investors.
The Challenge
Margins were thinning as labor costs rose with increased order volume. Pressure from clients to reduce fees made raising prices feel out of reach. The company needed a way to stay competitive, deliver faster turnaround, and improve profitability—without scaling headcount. They had delayed raising prices, but labor costs were shooting up, and competitive pressures were mounting.
The Solution
Partnering with RDS and leveraging the RDS platform, the company streamlined operations, reducing manual work, minimizing errors, and eliminating inefficiencies that previously slowed production. The solution meant better outcomes, to include better margins and overall profitability.
Now, prices could hold steady, as labor costs dropped. RDS eliminated rekeying work done with order tracking, invoicing, report generation – it was all-in-one, and streamlined. Orders on hold, needing information or curative/resolution orders weren’t stuck, rather, quickly identified by status and moved forward appropriately. Nothing falling through the cracks like their prior system, and everyone in the loop.
“RDS makes invoice work a breeze!”
The Outcome
- Efficiency boost: Up to 60% improvement in productivity over legacy workflows, zero lost orders, and over 15% reduction in errors and rework hours.
- Reduced operating costs, margins increased: Experienced an ROI of 3 months with RDS, and increased output without adding to the staff.
- Pricing stabilized, Staff stabilized, More Business: Pricing to the Client was held. Work volume increased with numerous Clients without adding staff or sacrificing turnaround times or quality.
- Client retention up: Clients appreciated the proactive updates and their confidence in the work product increased.
Other interesting articles on this topic:
- The Role of Automation in Enhancing Operational Efficiency Nick Pericle: Efficient workflows can be achieved without necessarily raising prices or increasing staff, primarily through automation and improved processes. Automation, for example, can streamline tasks like order entry and invoicing, reducing both time and labor costs
- How Automation Can Increase Efficiency and Productivity in Companies Poyatos.com : Avoiding price Increases and maintaining profitability by improving efficiency through automation and process optimization, businesses can often maintain profitability without needing to raise prices. Reduced costs associated with lower labor needs, reduced errors, and decreased waste can offset any potential increases in other areas.
- Source of Title – Guest Blog, Denise Williams: Finding ways to compete includes technology. Change the game, Raise Your Prices and Reduce Your Costs!