WNS (Holdings) Ltd. (NYSE:WNS) Q2 2019 Earnings Conference Call Transcript
Oct 25, 2018 • 08:00 am ET
selected us as their strategic partner to co-create a target operating model for their business. The solution involved the creation of a shared services model leveraging multiple delivery locations, proprietary WNS frameworks and technology assets, third-party products and advanced analytics. Over the past year, we have made solid progress together along our joint transformation road map.
Today, WNS delivers service for this client from three different countries in Asia supporting their operations, which are located in more than 50 countries throughout North America, Europe and Asia Pacific. We currently manage over 30 processes and 60 subprocesses across their front, middle and back office. These include several mission-critical, complex and domain-centric processes such as bookings, export documentation, vessel scheduling, equipment control, rig agreements, service contracts and detention and demurrage.
We are also supporting the CFO's office with finance and accounting services, including accounts payable, accounts receivable, reconciliations, cash management and treasury. WNS has created a framework of KPIs and dashboards for the entire shared services organization and has implemented a Lean Six Sigma global quality support program. We've deployed technology and automation across processes, including WNS proprietary shipping platforms and robotic process automation tools.
We are also leveraging our analytics capabilities, including dedicated data scientists and WNS developed advanced analytics tools, which have been customized for the container shipping business. As a result of these efforts, WNS has been able to create significant tangible business value for our client. Through process redesign and transformation, global delivery, analytics and technology, we've been able to impact cost, quality and the customer experience by delivering the following outcomes.
One, we have reduced the amount of time it takes to confirm bookings and allocate a shipping contract for in-scope transactions by up to 50%, helping create a competitive advantage. Two, WNS has delivered a 30% improvement in turnaround time for translating shipping instructions into bills of lading leveraging advanced analytics and automation tools. Three, we are currently delivering 99.7% accuracy in bookings and bills of lading processes and improvement from 97.7% at the time of transition. Four, WNS has reduced average outstanding freight collections by 87%, improving working capital and reducing write-off risk. Five, we have reduced the amount of manual efforts across the quality assurance function by 30%, while improving quality metrics. Finally, WNS has generated an overall cost savings to the client in excess of 50% for processes outsourced.
The most exciting part of this relationship is that the journey is still in its early days. Today, WNS manages only 25% of the client's shared services work. We fully anticipate expanding both the scope and the scale of our relationship in the coming years as we move along the transition road map. WNS' approach based on domain-less co-creation is clearly helping us demonstrate and deliver value, enabling us to expand existing relationships and add new strategic clients.
In the second quarter alone, WNS added seven new strategic logos across verticals and service offerings. These included an operations management win for a cruise line,