Why BPO is the chance to grow your business
Posted: Mar 31, 2019
There is a limit to what a person can achieve alone. This limit is even more noticeable in the business. Entrepreneurship is the pursuit of your passion, giving free rein to creativity, in order to create and increase profits, doing what is of great importance to you and those for whom you are striving to do it. Entrepreneurs who pursue their passion and do not invest money in their business because of the fear of failure, loss of money, etc., often do not live to a victorious end.
So what is this investment that we are hinting at? This is called outsourcing! And according to Outsourcing Statistics survey, 78% of business all over the world feel positive about their relationship with their outsourcing company.
Business process outsourcing (BPO) is the process of delegation of a company business processes to third-party organizations or external agencies, using several advantages, such as low costs, high quality and creativity. Companies turn to business process outsourcing for a variety of reasons (which we will discuss later), but what remains significant is the impact of outsourcing on their growth and productivity.
Business process outsourcing is a decision you make when you are trying to run a successful business. You ask yourself if you can run all your business processes from day to day and still be responsible for the activities that allow you to do what you are most passionate about in your business.
These daily business processes may include business development, planning, administrative functions, data provisioning, email management and so on. If you are trying to cope with it all alone or with a non professional team, we have to tell you, you are probably wasting your time.
Give your business a chance to grow
Many entrepreneurs and business owners (medium/small) must learn to get out of this situation in their own way. It is very simple; You either use business process outsourcing and give your business the opportunity to grow, or you can keep your competitors ahead. An entrepreneur or business owner who is on the road to success is the person who is not afraid to ask other people for help. Successful business owners maximize their talent and strengths, and hire people to help them achieve their goals.
Without looking for these specialists and without giving them the opportunity to contribute to your business, you will always lose competitive advantage, valuable time for business development and a few other significant product or service opportunities.
Now that you have read about some of the great benefits of business process outsourcing, you might ask, "Well, what about costs?" Business process outsourcing is now a reality for almost any size budget. There are literally thousands of skilled workers available and ready to serve you and the needs of your business. Think about it.
Smart business owners save themselves from the burden of payment of overhead costs coming from taxes on wages, paid leave and compensation to employees. Hiring personnel and providing them with office space, equipment, training, a guarantee of normal relations, and investing in this is not an easy process.
Why is business process outsourcing a good choice for your business?
6 additional advantages of outsourcing that you cannot ignore:
1. Outsourcing companies provide services faster.
2. Business process outsourcing increases your company knowledge base.
3. The outsourcing work is usually carried out by the hands of a highly educated and specialized professional.
4. Business process outsourcing provides access to resources that are not available internally.
5. Outsourcing reduces overall operating costs.
6. Working hours of outsourcing companies. Some outsourcing companies work during your workday, many of them work while your office is closed, and some have the opportunity to work this way and that. Thus, if you can find a "mixed" outsourcing company that provides 24-hour service at a low rate, you will experience the immediate results and benefits you have always dreamed of.
What types of services do outsourcing companies provide?
BPO providers now support a range of services and help fill many gaps within companies. Some of the industries include business services, retail and electronic commerce, telecommunications, automotive, banking, supply chain, capacity solutions and asset management, etc. In fact, the growth in demand has led to the emergence of sub-specialties, including:
- Information Technology Enabled Service (ITES): This form is used by Information Technology (IT) over the Internet or data network to provide services.
- Knowledge Process Outsourcing (KPO): KPO slightly changed BPO. Companies offer more technological expertise. They can also provide business knowledge and domain-based expertise. Some examples of services include research, analysis or work with Microsoft Word and Excel. To fulfill their obligations, they hire people who are competent in a particular area, whether it is the outsourcing of non-core business processes or specialized areas.
- Legal Process Outsourcing (LPO): LPO is a subset of the previous one and covers a huge range of higher level legal work. LPO companies can develop patent applications and legal agreements, as well as conduct research. Some companies even advise clients.
- Research Process Outsourcing (RPO): another KPO branch that specializes in research and analysis. Companies carry out analytical work that supports business, investment, biotechnology, and marketing firms that need outsourcing services.
Specialization of various industries
Each BPO company specializes in specific services. They can be grouped as follows:
1. Customer Relationship Services. The organization of outsourcing will cover voicemail services, meeting schedules, marketing program, telemarketing, surveys, orders, and payment processing.
2. Back office operations. It includes processing of checks, credits and debit card; direct and indirect purchases; transport management; logistics and shipping; warehouse management.
3. IT and software operations. These technical support functions include application development and testing, feedback services to potential customers who wish to experience business process outsourcing. For example, manual data entry can be replaced by automatic data capture, increased information consumption, and reduced cycle time.
3 features indicating that you might need outsourcing:
1. You cannot recall when you did the update on your website last time.
2. You do not want to spend time updating and maintaining social media channels.
3. You do not get results from your advertising.
How to find a good BPO company?
Find capable, reliable business process outsourcing providers! Start with your own network of friends. Ask who helps them with their business, maintaining a database, payroll budget, web development, or web research.
As a rule, people are more than happy to offer their source. In the absence of a good recommendation, there are online services that work as virtual trading platforms. The key to determining the right BPO company is to know exactly what you are looking for and find out how an outsourcing professional can help you.
When you decide to hire a business process outsourcing professional, do not be afraid to suggest, communicate and/or outline tasks based on a common agreement and your expectations. Never assume that your professional outsourcing manager knows or fully understands your process until he shows you what he is doing.
Even when you clearly indicate your expectations, there is a chance that everything will still be a little crooked and it does not guarantee that all tasks will be completed exactly as you expect. After you comfortably work with a professional outsourcing company, you can consider switching to a more permanent relationship as soon as you are confident in their ability to provide you with services all the time. Business process outsourcing is your movement!
I am a blogger and marketer. I have my Master's in Foreign Languages. I am interested in literally everything from literature to business promotion.