LBB OSMO: absorbing its way into the enterprise

OSMO gets its name from ‘osmosis’ - an analogy for the company who’s technology helps to move financial data seamlessly from one organisations’ accounting system to another. One of our ‘Fifth Dimension’ of Little British Battlers (see here), OSMO impressed us with its innovative approach to a long-standing problem among finance departments - how to efficiently access relevant financial data on customers and partners.

Led by CEO and founder Oliver Chadwick, with a background in insurance and credit risk, Chadwick saw the problem first hand, that to get this information both supplier and customer were bogged down by form filling, rekeying data, e-mail attachments and printing off documents. This led to huge inefficiency, frustration and cost for both sides.

'OSMOs' are the solution Chadwick came up with. These system connectors work with over 240 accounting packages and are installed in minutes. They non-invasively trawl through the customers’ accounting system, collect the relevant financial data and transfer it to the suppliers’ financial system. OSMOs are able to do this by making use of open database connectivity (ODBC) within accounting systems, allowing it to collect any sales ledger, purchase ledger or management accounts data securely and confidentially.

Since gaining Close Brothers as its first customer in 2005, OSMO has added other high-quality clients like Experian, Credit Safe, Lloyds Banking Group and most recently one of the world’s largest e-invoicing networks. We’re told other big names are on the cards for 2015.

Like other players in the business process automation (BPA) space, OSMO has huge potential to expand its reach, targeting specific business outcomes for its customers. OSMOs help to reduce risk through supply chain assurance and fraud prevention. It increases the speed of cash collection within the business and helps financial institutions improve their commercial banking services, particularly to SMEs.

More to follow for subscribers in our Little British Battlers report out in a few weeks’ time.

Posted by John O'Brien at '09:04' - Tagged: lbb   bpa