The pandemic served as a wake-up call for all global businesses that were unprepared in the event of any major disaster, reminding everyone of the power of having a potential redundancy or backup plan with a shared services partner. With almost every industry affected, grasping the concept of the new normal meant turning towards often underrated solutions like Outsourcing. So, what are the requirements for successful outsourcing of any business model? And why should you Outsource in COVID times?
According to a Technavio forecast, The Global BPO market is projected to grow at a CAGR of 10% during 2020-2024; growing by 105.49 Bn USD
Understanding the impact of covid-19 on outsourcing industry, it is evident that it remains one of the flourishing business sectors despite the detriment to functions everywhere else. To complete in the cut-throat market, you need extra leverage on your side, which is something Business Process Outsourcing can readily offer.
Outsourcing Made Easy with Premier BPO
Outsourcing successfully requires a few simple things to bear in mind for a smooth-sailing experience, that can turn profitable later on. Having years of experience in back-office services dealings, here are some significant items according to Premier BPO veterans and experts:
Determine your Outsourcing Need, Scope, and Reason
It’s important to know your motivation for outsourcing, the extent to which you want to outsource your functions, and the major driver behind the choice; cost-effectiveness, more skilled workforce, flexibility, etc. As said by Peter Drucker –
“Do what you do best, and outsource the rest.”
Identifying what your strengths are and what needs to be worked upon, will help you determine what part of your business should be outsourced. Evaluating your existing functions will get you some semblance of a plan for your goals and targets; the rest can be aided by your new partner. It is also wise to get an estimate or sample savings beforehand; similar to our ROI calculator; which is interactive for individual figures as well.
Choose the Right Partner
Reiterated by Premier BPO leadership time and again, the correct choice of partner is imperative for a business; particularly for successful offshore outsourcing.
‘Your partner should offer right-shoring and co-sourcing capabilities, sharing both risk and reward for mutual growth’; as said by one top premier BPO executive.
Picking a partner with the right service offerings, niche, size, and ability to adapt to your company culture is substantial to your outsourcing experience. Having someone dedicated to your objectives as much as you are, greatly impacts the outcomes; especially when they share your corporate values.
Measure and Manage
Performance metrics, KPI’s, milestones; all must be kept in mind when targeting company growth. Your Outsourcing partner should provide continuous Process Improvement, statistics, and analytical reporting every step of the way while maintaining a constant channel of communication between teams. An efficient partner should leave only minimal management at your end, where you only have to overlook things with transparent dealings.
Have a Business Continuity Plan
Needless to say, outsourcing post-pandemic mandates a data recovery plan to be in place. Choosing a partner with a BCP ready when signing a contract will ensure your operations are uninterrupted, no matter what the situation globally. Offshoring to multiple locations also helps create multiple, cloud-capable, data redundant sites for working, in case one may go offline in crises such as pandemic lockdowns. Premier BPO has partnered with its sister company dinCloud, to offer remote-ready infrastructure to facilitate online working as and when needed, without any loss in productivity.
Although the price may be a major driving factor to your outsourcing preferences, it should not be the only one. A seasoned partner will provide you with skilled personnel to suit your business needs, which is more relevant to making outsourcing successful than any other factor. Knowing the market and the service banner required for a particular type of function is the key attribute of an Top BPO company. This will also enable your outsourcing partner to add value to the services they provide while presenting themselves as a contributing entity, focused on your augmentation.
Your BPO partner needs to be smart, prepared for any unforeseen circumstances, and well-equipped with the necessary tools, skill sets, and personnel to effectively deal with anything. All this comes with experience and vigilance, along with a good portfolio of past clients. Premier BPO has decades of experience to suit any type of client, an illustrious portfolio, and was recently named a key player in a global industry report.
The right outsourcing partner in the present-day scenario should provide you with a customized, efficient model, that applies all the rules of modern industry trends. According to Deloitte, four key outsourcing trends have emerged amidst the disruption, that must be adopted to effectively run a business. Since cost reduction is on top of the list, the most efficient way for businesses to reduce overhead costs is to outsource and offshore. The next most important feature is the utilization of the cloud and adopting RPA models; which of course is innate to remote working, fueled by Business Process Outsourcing evermore today.
The worldwide Managed Services market is expected to grow from around 200 Billion USD in 2020 to almost 350 Billion USD in 2025, at a CAGR of 11.5% (Statista)
Next in line is the supply chain ecosystem, followed by agility. All of these characteristics are a must-have for any shared services partner if you are thinking of outsourcing in covid times.
Outsourcing business processes effectively can be a simple, yet powerful method of enhancing your existing operations, while helping you focus on expansion elsewhere. Premier BPO offers expert consultancy on all matters Outsourcing post-pandemic. To get an expert advisory on your customized business plan, contact us, and we will get back to you shortly.