Top business benefits of Modern BPO services
Modern BPO services have greatly eased the efforts of various businesses by taking care of the non core business activities. Not only does this enable the businesses to take care of the core activities and focus better on the strategy of the business, it also drastically improves the productivity and efficiency. BPOs are also economically advantageous since they take care of activities such as payroll, accounting, taxes etc. that are relevant for practically all businesses. They also take care of the shooting customer support demands and ensure high quality in services. It enables the organization to meet the demands of all of their customers with ease. Below are some of the merits of BPOs for small businesses.
This is one of the most crucial benefits that can be availed by the companies outsourcing their work. Not just that, they also have the privilege to get their work done from the best of the best in the field of BPO at really low prices.
Consequently, outsourcing services becomes an irreversible process. A whopping 40-50% of saving was observed when the businesses moved their BPO services. Outsourcing has proved to be a major boon for the American BFSI who managed to save up to six billion dollars over the last four years. Firms can hugely cut down on the cost of a new drug development from 600-900 million dollars to just 200 million dollars in the field of pharmaceutical R&D by outsourcing work.
Surge in capabilities
Outsourcing increases the skill set of the employees and the business. Additionally, employees have the opportunities to broaden their capabilities by delivering new services and products to the ever demanding customers. Factors like scope and scalability heavily rely on the company’s international reach and its ability to scout for new talent across the world which is possible only through BPOs. A lot of globally established outsourcing companies are helping by increasing the potential of various businesses.
Improvement in productivity
The corporate executives can focus better on the core business tasks by outsourcing the non-core tasks to BPO. Consequently, the companies are able to spend a lot of time in strategy formulations rather than unnecessarily spending time on operational management. BPO gives the executives ample amount of time to venture into new areas of endeavor, speed up on other aspects of the projects and concentrate better on the customers by taking care of the non-core processes. This eventually leads to higher efficiency and a growth in productivity. Since BPOs only employ the most skilled and educated people, the task management and performance levels shoot up inevitably.
Improvement in human resources
Popular studies have proved that outsourcing of human resources saves huge amounts of money, ranging from 20-40 percent. There has been a considerable growth in the HR BPO sector from past few years and the growth is set to become more rapid. To sustain a HR unit that is only strategically oriented, the companies have to outsource non-core processes and transactions to BPOs. So, if the HR function is freed from the burden of redundant activities, it will be able to focus better on running the HR tasks more efficiently. A saving of 20-40 percent can be achieved depending on the priorities of the company and the rate at which they choose to move, if they invest well in Onboarding.
Availability of advanced technology at low costs
The leverage of outsourcing being technology eases off a lot of work of the company executives. Considering how expensive and risky it is to invest in the latest technology, it is a smart move to outsource processes to companies that are well equipped with the latest technologies, expertise and resources.
Better concentration on core competency
BPOs enable the companies to focus better on the most value adding aspects of the business. The smartest of the BPOs make an effort to understand the core areas of the business by studying their internal operations and easing off their work by efficiently performing the redundant internal processes. Once the company outsources certain operations, it gets easier for them to study the efficiency of the services they offer.
Judicious utilization of resources
It is essential to keep track of how and where the scarce resources are being used. BPO helps with smart utilization of these resources. Enterprises can reallocate the scarcely available resources and tap on to new capabilities through the process of outsourcing resulting in an increase in the productivity. Since the BPOs are well equipped with skilled set of employees and advanced technologies, it becomes easier to optimally distribute and utilize the resources.
BPOs are therefore all about resource optimization and utilization so the companies can focus better on the core areas to achieve more value.