People are the heart of any business and drives the success – both internally and externally. Hfs Research found that “Despite the growth of technology, companies are still in need of people, processes, and systems to help create an ideal customer service experience.”
Business Process Outsourcing, or BPO, is a subset of Business Process Management. BPO involves the contracting of specific processes to a third-party provider. Most businesses initially embark on an outsourcing partnership to save costs the actual value goes well beyond the cost savings. A survey on the Global Outsourcing Market by Deloitte found that ‘value is being achieved through the impact of innovation, ease of relationship management and improved strategic flexibility.’
It’s no wonder that the same survey by Deloitte found that 30% of IT, Healthcare, Finance and HR firms partner with a Business Process Outsourcing firm. It’s no longer a question of if you should outsource portions of your business processes…but when.
3 Benefits of Outsourcing your Business Process Needs
You wouldn’t launch a new product without researching the market. The same should be true for outsourcing. Let’s take a look at 3 benefits to outsourcing your Business Processes.
Access to extensive resources that have multi-function expertise
One of the major benefits of outsourcing your business process needs is gaining instant access to highly qualified talent. McKinsey & Company, a top management consulting firm, when describing the importance of superior talent, states that “superior talent is up to 8 times more productive.” When you have top talent at your disposal, you get more for your money, furthering your ability to grow your business.
HR and management workloads will become more focused
If superior talent is 8 times more productive, as McKinsey says, then the efforts to recruit that talent are significant. Competition is high to recruit those individuals to your business. A lesser known advantage to outsourcing is the reduced load on HR and management. The outsourcing firm takes on all attendance and vacation recording, management of performance, recruiting and termination, and even takes on the task of training and onboarding new staff. This frees up your HR department, allowing them to focus on recruiting more strategic roles and creating the workplace culture that will keep that top talent with you.
Lower cost of labor, and thus higher margins and profitability
When partnering with a business process outsourcer, the cost of labor becomes one predefined number. The number is fixed, allowing for more accurate budgeting and forecasting. Additionally, the expense of space allocation and utilities falls on the shoulders of the outsourcing firm, reducing your bottom line even further.
Why Premier BPO?
No two businesses needs are the same. The solutions applied depends on management, the perception of risk, their internal level of preparedness to conduct their business transactions, and ultimately the level of competition faced and the profitability they need to achieve. Premier BPO is dedicated to increasing the profitability and productivity of your business through a strategic partnership that enables your company to focus on your core competencies, while we focus on ours: Business Process Management. Contact us today to find out more about how you can grow your business through outsourcing.