You might have heard of the idea of outsourcing some of the organizations’ business processes, and you wonder why it is becoming more and more popular these days.
Business Process Outsourcing, also known as BPO, is when a company outsources one or more of its processes to a 3rd party organization.
The BPO industry has grown significantly and continues to grow, providing business processes to organizations that need the expertise and objectivity of an outside provider.
Services commonly outsourced include:
- Financial services, like bookkeeping.
- Business consulting.
- Recruitment Process Outsourcing
- Training & Development
- Call center or customer care services.
- Animation and multimedia, marketing, and a lot more.
You might be wondering why is there really a need to outsource these services when you can have, or may already have, a whole department dedicated to these areas?
Yes, You can have a dedicated department focusing on these tasks and services but are you getting a good return on investment (ROI)?
Many companies these days realize that it is more cost-effective to outsource some of their business processes. This is just one advantage of business process outsourcing. By availing of business processes outside the company, you avail of the following advantages:
With BPO, a higher return on investment is almost guaranteed. The profit growth offsets the investment you put in paying BPO companies. So contrary to the general belief that outsourcing is expensive, you are saving money with the increase in profit and income.
2) Access to outside expertise.
Some in-house experts are even overly paid for their service while not delivering the best positive results that your company deserves. BPO companies have access to a specialized talent pool. So you can be assured that your business is in good hands, getting better services while reducing costs at the same time.
By outsourcing some business processes, your company can now focus on the more critical tasks and transactions that require more of your physical presence and attention. The leaders can focus on more strategic ideas and programs to improve the company’s performance in the market as they now have more time to explore new and innovative ideas.
4) Improved Productivity.
BPO companies ensure that they give their clients the best results in the least amount of time. They can perform and deliver the required results due to the specialized talent pool and information for their niche. Time is money. So outsourcing non-core business processes buys the company more time and more production.
5) Increased Competitive Edge.
Outsourcing processes leads to increased efficiency and performance of the said processes. That means businesses have more time for invention, research, and development, improving products and services. Enterprises gain a sharper competitive edge against other companies that still struggle with their in-house processes.
Considering all these advantages, take a look at your own company and ask, “Are you getting the most out of your business?” Or, “Are your hands tied and bound with the slow work so you are not progressing as you should?” Maybe, it’s about time you outsource the slow work and leave it to the experts!