Organization: Brazos Higher Education Service Corp (BHESC)
Founded in 1975, Brazos Higher Education Service Corporation (BHESC) is the largest non-for profit holder of student loans with total assets in excess of $13B. Higher education is its business. Whether providing loan origination and repayment servicing, lending, consolidation, or secondary markets, Brazos aims to make higher education possible for students, parents, financial aid administrators and financial institutions.
Business Challenge: Paper-based, Non-Standardized Processes; Doing More with Less
“It comes down to doing more with less,” explains Sam Redden, Senior Vice President of Information Technology. “Starting many years ago our business began growing quickly. We were adding new lines and new sales channels. And with each product we had to handle reams of paper work. We found that losing just one note cost us from $6K-$15K in lost revenue.” Redden continues, “We also had several different locations. We needed to get these locations in sync with each other. We also needed to streamline customer service. With growth came a mountain of requests.”
Brazos decided to move forward with a BPM software solution to streamline organizational growth through reduced errors, increased productivity and improved quality. Right out of the gate, the project would touch 350 employees, 20 departments and 100 different documents to automate processes such as loan origination, loan purchases and collections.
BizFlow Solution: Enterprise-Class Process Automation for Millions in Savings
Brazos retained Trinity Wave, a systems integrator, to lead the analysis, design, and implementation of its BPM solution. Trinity Wave recommended the BizFlow BPM Suite because of its flexibility, cost competitiveness, and proven customer base.
Explains Redden, “With BizFlow BPM software in place, we have automated more than 100 business processes, including: loan originations, loan purchases, collections, customer services, payments, collections, consolidations, acquisitions, marketing transfers, funding requests, cure, and sales. We have moved from lots of paper and manual processes to focusing purely on the exceptions. We don’t lose anything and productivity has soared. For example, we have reduced some processes from five hours to 15 minutes, eliminated five full-time employees from our loan origination group, and increased from one to 12 bonds closings per Processing year.
We have also differentiated our organization through customer service automation. BizFlow has been a terrific investment for Brazos. It provides the tools to create value-based applications. BizFlow has saved us literally millions of dollars.”
As of today, Brazos has automated more than 100 different processes associated with loans processing.