Everything you need to know to get higher quality and better performance of your business processes
- What makes BPO necessary and important?
- The main reasons to consider a BPO
- Best time to consider a BPO?
The post-pandemic “new normal”
It has been a genuinely challenging couple of years. The COVID-19 pandemic has had a harmful impact on almost every business in every industry across the globe. The global country-wide lockdowns have created a “new normal” working environment, forcing companies to introduce and exploit remote working possibilities. Now more than ever, companies face challenges beyond surviving in the market. The priority has been keeping their employees safe during the pandemic and simply keeping their employees during the Great Resignation. Maintaining a workforce has been incredibly challenging as many struggled to adapt to the new working conditions. Working from home was often imperfect, and business owners and managers also felt the pain.
Why is outsourcing specific business processes to a BPO a smart choice?
The constant growth of BPO industry
By 2025, it is estimated that the BPO model will become a standard instrument in the strategic management toolbox. The outsourcing industry has become an attractive opportunity for companies to increase their overall efficiency while saving on additional costs, resulting in massive growth.
The main reasons to consider a BPO
Running a business requires experience, knowledge, patience, strategic thinking, time, and of course, money. When running a business (no matter the size), you have to know the industry, understand the market and key competitors, and have a game-changing team of people who can transfer your goals into results. This all goes into the strategic reason for hiring a BPO. Business Process Outsourcing allows you to focus solely on perfecting core business functions and the work that matters most to growing your business. By outsourcing the non-essential work, if you lack knowledge or manpower, you’ll be able to reallocate your best resources onto the core strategic tasks and accelerate the growth of your business faster and easier. Focusing on core competencies is one of the fundamental strategic approaches in every business. By working with a BPO, you will have experienced and talented specialists available at your disposal. This, in essence, means you’ll have top-level “employees” available without going through the long process of recruiting and hiring.
BPOs are cost-effective. They require shorter commitments and smaller team sizes. This helps you reduce overhead costs and save valuable time (which can reduce costs even further). Think about the costs of setting up an office and building onsite or remote infrastructure (both hardware & software). Add time spent selecting and interviewing candidates, hiring expenses, employee salaries, and employee benefits. By eliminating those costs, Business Process Outsourcing becomes incredibly cost-effective. Another important economic component is that if the Business Process Outsourcing partner you hire is located in an emerging economy, you will achieve additional savings through labor cost arbitrage.
The digital age is ever-evolving, and technology seems to improve in the blink of an eye. Today, every business strongly relies on customer experience, and this is especially true of Saas companies. So, to perfect customer experience and care, BPOs are continuously adopting the latest trends and technologies to offer digital, omnichannel, seamless, and innovative solutions. A good outsourcing partner utilizes the power of technology to deliver the best customer experiences and create an end-to-end united customer journey across all touchpoints. So, by working with a BPO, you automatically have access to the latest technology, skilled and trained people, and innovative solutions tailored to you, your business, and your customers.
6 simple yet powerful strategies to improve customer retention
Can you remember the last time you re-engaged with your customers and tried to win them back?
These strategies will do exactly that and more.
When is the best time to consider a BPO?
Yesterday. Literally. Every day is the best time to consider a BPO, especially if you have tons of work piled up on your shoulders. But if you look back at everything said earlier, here are the best times to consider outsourcing and partnering with a BPO:
- When you need to reduce or lower costs
- When you need to grow your team but don’t have the time or cannot find the right personnel
- When you need to focus on strategy and core or critical business matters
- When you need or want to grow fast (start-ups and mature companies)
But it all depends on the business type, size, needs, and opportunities. BPOs can be beneficial for both large and small companies and start-ups. They provide global, specialized talent ( available 24/7) regardless of the location of your business. They are cost-effective and take some of the non-essential work off your back. A combined approach using both in-house teams (i.e., marketing, sales, operations, etc.) and an outsourcing partner (i.e., call center, customer support, technical support, software development, etc.) can see the greatest and fastest business results.