Grow your business by outsourcing
Monday August 20, 2018
Grow your business by outsourcing
In today’s ever-changing business world, more and more companies are seeking ways to cut costs while focusing on their core business operations and strategy. While many organizations might have an external accounting firm do their books, outsource their communications to a PR firm, or even handle payments through a collection agency, business process outsourcing (BPO) can offer many more advantages that go beyond cost and service improvement measures. In fact, for many companies, forming relationships with strategic partners allows them to free up time to concentrate on long-term growth.
With that in mind, here are some ways in which companies can grow their business through Business Process Outsourcers (BPOs).
1) Get access to the latest industry insights and business practices
By outsourcing your business processes, you are forming strategic partnerships with qualified professionals that add value to your business. Many of these organizations have industry insights and access to the optimized business processes that can help your business scale and grow in the most cost-effective way. Accessing BPO expertise also allows companies to leverage global talent, which focuses on very specific or specialized work. That means contractors will exhibit best practices related to their field, whether in accounting, billing, account reconciliation or other areas. This expertise can include knowledge of legal processes or other languages that can positively impact your business processes.
2) Utilize state-of-the-art technology without investing in it
Apart from cost savings on time and human resources, BPOs allow significant savings on the cost of technology, as your business doesn’t need to invest in the latest technological advancements. Many companies resist purchasing software that is not related to their core business, even though it may provide significant benefits. BPOs can provide access to specialized technology for a short time, or indefinitely. This gives greater flexibility to your company and allows you the benefit of using this technology without buying it.
3) Allow lower labour costs and greater scalability
Outsourcing tasks to experts in specific fields can provide access to a superior product or service, without having to buy it/devote other resources to it such as office space and benefits. Access to superior products and services can result in increased productivity and enhanced efficiencies – which can lead to opportunities for expansion.
4) Improved profit margins as staff focus on core business activities
BPOs are equipped to handle heavy workloads, giving your staff more time to concentrate on core business activities. As experts in a specific field, BPOs can work at very high levels of efficiency, eliminate redundancy and lower the costs of doing business. Staff morale can also improve, as many employees findoperations such as debt collection to be challenging.
5) Focus on core competencies
Engaging with a BPO helps you focus on the core competencies of your business. Routine tasks such as taking inbound calls, responding to emails and chats or managing social media, or specialized functions such as accounting and legal services can be outsourced, allowing you to concentrate on key strengths, with a view to increasing productivity and revenues, or expanding operations. Thus, working with a BPO can increase your competitive advantage.
6) Better products and services
By outsourcing some of its responsibilities, a company can focus on the improvement and innovation of its products and services. Better products or services lead to increased customer loyalty and sales.
7) Improved supply chain
Expert partners throughout the supply chain can result in better procurement, better lead times, and reduced complexity and costs. Advanced management tools and automation of workflows provided by third party suppliers can lead to increased efficiencies.
Working with a BPO gives you access to qualified professions who allow your company to focus on its core competencies, enjoy simpler work processes and increased flexibility – for a competitive price. Is your business ready to outsource?
At SCORE, we help businesses maximize their returns through advanced collection technology, analytics, and a comprehensive BPO solution. Contact us today on 647.309.1803 to get the conversation started.