Off late, white label products and services have made an enormous impact on the U.S. market, influencing almost everyone, from producers to customers.
There has been a prominent explosion in the number of while label brands. This is specifically true in Europe, where white label goods and services have captured almost half the products and services that is marketed and offered worldwide which may span from consumer products to IT services like accounting and bookkeeping services. This trend is catapulting. What advantages this white label services and products bring in the market and to whom?
Who Are Beneficiaries
White label products and services are those services which are created and produced by one company and the same is branded and marketed by other small and midsized enterprises lacking appropriate infrastructure, manpower, and ample fund and a vision, channel and market to sell the product. Benefits of white label products and services include:
Save Development Cost: These products and services are developed and created by small companies hence the development costs are borne by these companies. This enables the marketing and selling enterprises to save production and development costs on these products and they can cheaply partner with the white label companies to incorporate new products to their services without establishing any in house resources to develop such services and products.
Easy Access to Services: Easy access to solutions and products, in the form of white label products, and services can enable a brand to reach out bigger market faster with customized solution to the customers in a cost effective manner.
Product Expertise: Marketing and private labeling company can retain the viability of innovativeness and scalability in the product and solution by partnering with the developing company. The white label company can always add new updated features to the product and service to offer the private label company an edge over other service providers.
Multiple Service Portfolios: Marketing companies can incorporate diversity in their service portfolio by offering multiple products and solutions to the customers of various verticals.
Market Penetration: Small of midsized private label companies can enter into new markets without actually producing and developing the services and products. It will open up new avenues to the private label companies.
Cross Promotion of Multiple Products: The white label products will enable the private label companies to cross promote and sell different other products and solutions into the market easily at least expense leading to brand building.
In this way white label and small and medium size private labeling companies both are complementary to each other and this concept is very much in trend these days in the global market. Small producing companies can create and develop products and solutions and they don’t need to search for the market. On the other hand the small and midsize enterprises can partner with these white label companies to market and sell their products and solutions under their own brand name at a cost effective manner.
For more information on White Label Accounting and Bookkeeping Solutions send us an email at sales@analaytixsolutions.com or call us at 781-503-9004
Friday, September 16, 2011
Friday, July 22, 2011
Accounts Outsourcing Transition – Pitfalls and Practices
Outsourcing accounting and bookkeeping services is witnessed when a firm purchases online accounting and bookkeeping services from an outside vendor, rather than executing the same task within its own facilities, with an aim to cut costs. In this process the transitioning phase is a critical step in outsourcing.
The Challenges
A few of the challenges could include change management issues, deployment and procurement delays, insufficient knowledge transfer, lack of senior management support, communication gap etc.
Change management system is often not in practice to deal with the transition in several companies. Lack of methodology and foolproof planning is yet another pitfall that frustrates the success of outsourcing transition. In addition, communication breakdown or lack of proper communication also contributes to the failure of transition. Lack of proper knowledge transfer puts the transition phase in doldrums. More importantly, absence of senior management backing to the transition process is the most prominent pitfall that jeopardizes the entire transition initiative. The bigger challenges may be even unpredictable because not all challenges can be predicted at the initial level.
The Best Practices to Ensure Successful Transition
Methodology
Methodology isn't simply a process, it shows how important an accounting and bookkeeping services provider treats the transition phase and with how much of maturity level. The core elements of a good methodology are frequent audits, facilitation of tools and techniques, simplicity of implementation and effectiveness of monitoring process.
Robust Planning
More robust the planning process, better the execution. The key activities at the planning phase should be amalgamation of timeline and expectations, proper resource allocation, and clearly defined criterion to access the success of transition phase should be formulated to make the outsourcing online bookkeeping from transition to business phase.
Risk Management Approach
The proactive approach to predict potential drawbacks early, gives sufficient time to carry out amendments, if required, and enables design a response strategy. In this risk management practice risk identification and risk response methodology should be reviewed occasionally. Risks must be specified clearly and the impacts and possibilities need to be evaluated. Every potential risk response should be addressed with equal significance.
Governance
Many transitions fail with the failure of implementing a governance structure. “No-slack” implementation of governance structure during transition ensures alignment of project objectives with the stakeholders. The communication plan also needs to clearly circumscribe the frequency and format of communication that will be received and sent by shareholders. The well structured governance tracks status of project and changes if any and more importantly, avoids any surprises.
Buyer Readiness
Synchronization of service provider’s past experience and buyer’s readiness is instrumental in the successful transition of online bookkeeping phase. Support of management team should be identified and involved closely to check the progress and delivering support. Clearly defined expectation, clear, fair and upfront communication with affected staff should be the initiative of change management. Resource and budget allocation should be done to guarantee the support to multiple work streams.
Partnership Approach
The joint efforts of accounting bookkeeping service provider and buyer ensure the success of the outsourcing initiative. The teamwork of online accounting service provider and buyer during the transition phase constitutes the foundation and pitch of relationship for the duration of the contract. All pitfall and issues needs to be viewed as project issues rather than service provider or buyer issues. Understanding and trust among both the parties are crucial and they should work towards the common goal of successful transition.
These are a few of the best transition practices that should be considered when hiring online bookkeeping and accounting services.
The Challenges
A few of the challenges could include change management issues, deployment and procurement delays, insufficient knowledge transfer, lack of senior management support, communication gap etc.
Change management system is often not in practice to deal with the transition in several companies. Lack of methodology and foolproof planning is yet another pitfall that frustrates the success of outsourcing transition. In addition, communication breakdown or lack of proper communication also contributes to the failure of transition. Lack of proper knowledge transfer puts the transition phase in doldrums. More importantly, absence of senior management backing to the transition process is the most prominent pitfall that jeopardizes the entire transition initiative. The bigger challenges may be even unpredictable because not all challenges can be predicted at the initial level.
The Best Practices to Ensure Successful Transition
Methodology
Methodology isn't simply a process, it shows how important an accounting and bookkeeping services provider treats the transition phase and with how much of maturity level. The core elements of a good methodology are frequent audits, facilitation of tools and techniques, simplicity of implementation and effectiveness of monitoring process.
Robust Planning
More robust the planning process, better the execution. The key activities at the planning phase should be amalgamation of timeline and expectations, proper resource allocation, and clearly defined criterion to access the success of transition phase should be formulated to make the outsourcing online bookkeeping from transition to business phase.
Risk Management Approach
The proactive approach to predict potential drawbacks early, gives sufficient time to carry out amendments, if required, and enables design a response strategy. In this risk management practice risk identification and risk response methodology should be reviewed occasionally. Risks must be specified clearly and the impacts and possibilities need to be evaluated. Every potential risk response should be addressed with equal significance.
Governance
Many transitions fail with the failure of implementing a governance structure. “No-slack” implementation of governance structure during transition ensures alignment of project objectives with the stakeholders. The communication plan also needs to clearly circumscribe the frequency and format of communication that will be received and sent by shareholders. The well structured governance tracks status of project and changes if any and more importantly, avoids any surprises.
Buyer Readiness
Synchronization of service provider’s past experience and buyer’s readiness is instrumental in the successful transition of online bookkeeping phase. Support of management team should be identified and involved closely to check the progress and delivering support. Clearly defined expectation, clear, fair and upfront communication with affected staff should be the initiative of change management. Resource and budget allocation should be done to guarantee the support to multiple work streams.
Partnership Approach
The joint efforts of accounting bookkeeping service provider and buyer ensure the success of the outsourcing initiative. The teamwork of online accounting service provider and buyer during the transition phase constitutes the foundation and pitch of relationship for the duration of the contract. All pitfall and issues needs to be viewed as project issues rather than service provider or buyer issues. Understanding and trust among both the parties are crucial and they should work towards the common goal of successful transition.
These are a few of the best transition practices that should be considered when hiring online bookkeeping and accounting services.
Friday, July 1, 2011
Happy Independence Day
Analytix salutes all the freedom fighters who fought for our freedom. On this occasion of the Independence Day, Analytix Solutions wishes you all a very delightful and happy Independence Day!
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