With businesses popping up every now and then in our connected world, an efficient business is what make a successful business! The little differences that make or break a company are how well-oiled its processes run. Proper business management technique will turn your otherwise good company into a great one!
If asked, what the crux of a good business management technique is, Experts would undoubtedly say, BPO!
So, What Is BPO?
It stands for business process outsourcing. It means to contract a specific process or processes to an external agency or provider. Now what are these services? These include payroll, accounting, data recording;outsource social media marketing and many more. You may have noticed by the examples listed that, BPO is for supplementary business functions and not corefunctions.
It doesn’t matter if yours is a thriving start-up or a fortune 500 company, businesses of all sizes and reach outsource! Well, and it doesn’t seem as the trend is dying out anytime soon. As more innovative services are introduced, companies are outsourcing to become faster, cleaner and sleeker in its functioning. BPO can further be divided into: Back or front office. The former consist of internal business processes pertaining to billing. The latter is all about customer facing such as marketing or maybe tech support.
Why Should I Outsource My Business?
The advantages of outsourcing are plenty:
- To Trim Costs
It helps trim cost by means of work space to accommodate local employees. Not to mention their staffing and training. A BPO located in a developing country will come with lower-cost labour markets.
- Helps Shift Focus On What Really Matter
This allows businesses to hone in on what really matter to their company. A lot of the wayside process do nothing but stray the company away from its core competencies and services that it is hoping to offer. Focusing thus allows them you to highlight your business from your competitors and maximize the overall growth! All in all, this leads to increased profits and business booming!
- There Are Others That Can Do It Better
Outsourcing companies specialize in the non-core function! What this means for your company is it is able to offer world class functionalities without having to shoulder any of the additional baggage!
- To Expand And Grow!
Most BPO are able to service customers speaking varied languages or from different parts of the globe. This increases your company’s coverage, and helps it reach out to places you earlier thought you never could!
- Speed, Is The Name Of The Game!
Why wouldn’t you want experts handling the work? The outsourcing companies specialize in these tasks. The result is work is much faster, with greater accuracy and capacity you could ever fathom!
What All Services Can You Outsource?
BPOs help in filing the empty lattices in your company’s framework. The services offered depend on the niche, but then again there are plenty of overlaps. Let’s see. Retail, E-commerce, telecom, supply chain management asset management, energy, healthcare and automotive. There are many subspecialties which include the follows:
- Legal Process Outsourcing (LPO)
It encompasses high level legal work. LPO companies can perform legal research as well as draft patent application and applications. Experienced paralegals using industry standard database help strengthen the legal standing of your firm.
- Knowledge Process Outsourcing (KPO)
These include work such as research, analysis or Microsoft word and excel work. KPO vendors are attached to your businesses chain, and the KPO in turn hire people who are competent to get the work done. Apart from these, they provide more domain based experiences as well!
- Information Technology Enables Services (ITES) BPO
Many of you may be more aware of this sort of BPO service. ITES takes place over the internet or network to deliver services. IT analyst or service desk analyst are forms of ITES BPO.
- Travel BPO
These are the outsourcing companies that are involved with taking care of logistics or customer services, especially for those pertaining to the travel niche. These could be of the form of either a back or front office process. For example: A hotel chain could outsource its booking.
Most BPO companies specialize in certain services. Let us look at what these are!
- Customer Interaction Service
The BPO takes care of the email services, payment processes, telemarketing, surveys, order processing, warranty administration, appointment schedules and many more.
- IT Operations
Technical support over the data network or internet including testing and IT helpdesk
- Finance And Accounting Services
Checks, credit, debit card processing, billing services, general accounting, auditing and regulatory compliance all fall under this category!
- Human Resource Services
These BPO take care of the payroll services, hiring and recruitment of new staff, training and on boarding among others.
The End Note
Availing services of BPO’s can slingshot your enterprise into a global standing. If you want to break through the barriers and limitations of your company, one easy way is to pass the tedious work on to the experts. They know what they’re doing!