Business Process Outsourcing, commonly known as BPO, is the trade of services between a company and an outside supplier, or provider of services.
The BPO Industry has been gaining popularity these days, providing both core and non-core services to organizations in need of outside expertise and objectivity. Services that are commonly outsourced include bookkeeping, payroll, accounts receivables,customer services, marketing, and more.
Of course many companies choose to have full-time staff dedicated to the aforementioned tasks and services, which in certain cases is the right decision. The key, however, is to analyze objectively if your business is getting the desired result from this decision. And do you think the amount of investment you put on it is worth the result?
Many companies are realizing the ongoing benefits to outsourcing. Here are a few:
Cost effectiveness- In most cases, the profit growth offsets the investment you put in paying business process outsourcing companies. So contrary to general belief that outsourcing is expensive, you are actually saving money with the increase in profit and income.
Access to outside expertise- BPO companies house experts with creative talents and experts with analytical prowess. You are assured that your business is in a balanced packaging, increasing your profit and building a better image for your company as well.
Focus- by putting the nitty-gritty details of some non-core business process in the hands of these outside but trustworthy experts, your company can now focus on the more important tasks and transactions that require more of your physical presence and attention. The executive officers’ minds can focus on more strategic ideas and programs to improve the company’s performance in the market.
Improved Productivity- BPO companies ensure that they give their clients better and faster services because they recognize the great importance of time in business. Time is money. So outsourcing non-core business processes buys the company more time and more production.
Increased Competitive Edge- with the increased efficiency at work, organizations are given an advantage against rival companies in their respective industries. Since they have more time for inventing new things and ideas, improving products and services, they gain a sharper competitive edge against other companies that still struggle with their in-house processes.
Considering all these advantages, take a look at your own company and ask, "Are you getting the most out of your business?" Or, "Are your hands tied and bound with the dirty work so you are not progressing as you should?" Maybe, it’s about time you outsource the dirty work and leave it to the experts!