There can be perceived negative connotations in businesses regarding outsourcing core functions. Centralis Group don't believe these assumptions hold true. If organisations continue to be disillusioned by outsourcing myths, it can present detrimental results in the long term for businesses, based on the ability to scale, recruit talent, and/or manage costs.
Centralis Group offers a bespoke service to our clients based on their specific needs; we do not offer a generic service. We're industry experts who are fully integrated into the business of our clients and keep on top of market evolution. Here's how we're tackling five myths circulating the industry and creating a better reality:
Compromised quality
Many organisations may still focus on stereotypes which infer that outsourcing equates to an inferior quality of service. This is not the case for Centralis Group – our services are extremely high touch. We manage risks efficiently and boast complete transparency with our clients.
Loss of control and visibility
Centralis Group mitigate this risk by providing clients with immediate access to their system once it has been set up. This ensures complete transparency with the client, so they can see everything and have operational control and access to their back-office reporting. As a service provider we will only accept instructions from authorised personnel, which gives clients assurance of greater control.
Exposure to risk
Shane Rath, Senior Treasury and Implementation Manager at Centralis Group, explains: "Once operational controls are in place any losses due to an erroneous trade or similar would have a far lesser impact than if the client was to manage this function internally. As a service provider, Centralis Group have very stringent operational controls. Annually, we undergo an SSAE examination which tests controls and processes using actual client data to ensure that everything is running as it should be. This is something we pride ourselves on as we take our responsibility to our clients to the next level."
There's no time to focus on strategy
Here at Centralis Group our services give our clients the ability to step away from the day-to-day operations and focus on strategy. This enables them to assess what they want from their treasury function, and allows them the time to create a road map for getting there. Many of our clients know what they need to do to improve their functions; they simply don't have the time to build out a system whilst maintaining the status quo.
It takes too long to set up
Everything we provide to our clients is bespoke and built around their needs by our team of experts and a trusted framework. In order to build a new system, it involves scoping, implementing, testing and 'go live' which takes time; but far less than if a business was to manage this internally. We find that once we've set up our client's treasury management systems, they know they've made the right decision to outsource and they never look back.
Please contact Shane Rath, Senior Treasury and Implementation Manager, to answer any of your treasury outsourcing questions and to find out how we can support your functions.