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.