Cost Reduction Success: Hexter-Fair First American Title
Organization: Hexter-Fair First American Title
Location: Plano, TX
Primary Business: Title Insurance
Hexter-Fair First American Title is a locally managed title company owned by a leading global provider of title insurance and settlement services for real estate transactions. Hexter-Fair saw a 40% cost reduction after working with FPR. They offer a full range of title insurance and closing services, with all decisions made by people who have personal knowledge of transactions and the people involved.
Challenging the Status-Quo Every Step of the Way
With seventeen Hexter-Fair offices in the Dallas / Fort Worth metroplex, the need to completely challenge the status-quo and positively impact the methods and processes in which this portion of their business was being managed demanded a completely unique perspective, found only via FPR. To claim that the title industry is document-intensive would be an understatement. In addition, due to the direct correlation between the state of the economy and title business growth (and shrinkage), participants in this vertical necessitate real-time alternatives to address contractual obligations relative to market flux.
Individualized Strategy Based on Each Unique Location
Lastly, presenting methods to reduce expenditures and improve overall management of their document output environment was a barometer used to gauge overall success. Freedom Profit Recovery (FPR) performed our industry-unique VISIONAnalysisTM at the individual Hexter-Fair offices to determine the overall scope of potential. As of March 2013, FPR has delivered Hexter-Fair a documented, hard dollar cost savings in excess of 24% (over 31 months).
Hexter-Fair chose to partner with FPR because it is an independent professional management company not affiliated with any hardware manufacturer or distributor. This independence allows FPR to manage independently and objectively.
FPR aggressively collaborated with Hexter-Fair to not only deliver hard-dollar cost reductions to their document output environment, but through our industry-unique VISIONAnalysis™ process FPR was able to deliver similar results to their telecommunications expenditures. FPR delivered a 40% hard-dollar cost reduction to Hexter-Fair relative to telecommunications expenditures as well.”
Highlights Realized With FPR’s Telecommunication and Document Management Solutions
- The document output asset environment at Hexter-Fair was right-sized, allowing for the elimination of antiquated and unproductive devices.
- Through the consolidation process, the elimination of multiple vendors increased service response times, increasing dependability and eliminate the confusion on which vendor to contact when there was a need.
- As is typically seen, the recommended solution allowed for a shift away from a silo-based management approach to a consolidated approach.
- Controls were established to control and provide for consistent acquisitions.
- Peripherally, this allowed for single-source invoicing encompassing all output assets within the organization. This assisted the accounting department who was responsible for attempting to bill-back by location based upon actual usage and expense.
- Prior to FPR’s implementation Hexter-Fair faced lease obligations from multiple leasing companies. The local copier dealer sold the equipment to third parties leaving Hexter-Fair to deal with the individual leasing companies that had NO vested interest in making sure assets were utilized to their fullest extent. By taking control of this process, FPR was able to reduce the total cost of ownership and extend the useful life of these assets.
- FPR implemented a managed solution that provides Hexter-Fair with a single point of contact to address all output devices.
- The recommended solution has dramatically assisted the Hexter-Fair IT staff by eliminating non-core tasks associated with supporting output assets from their daily routines, enabling them to focus on the primary initiatives.
- Because the DOAM model developed by FPR utilizes integrated life cycle services to manage critical business document output assets throughout their lifespan of value, technology refresh is proactively optimized on a continual basis.
Our mission is to successfully deliver value through visibility. One of the ways we serve our clients is by proactively recognizing trends in the marketplace and then applying a best-in-class strategy to effectively guide our clients into those trends which benefit them the most. Ethically, our compass for decision making from our executive team down is very simply biblically based.
We thank you again for considering our organization and the business model we believe to be second to none.