7 Reasons to Consider Outsourcing as Your Next Business Opportunity in 2020
Outsourcing industry is undergoing a phase of huge transformation. That is one of the reasons to consider outsourcing as your next business venture. In the light of the Coronavirus pandemic in 2020, the world has gone into an economic slowdown. In this situation, trends on cost cutting and quality services have shifted towards outsourcing of business services.
1) Cuts Costs:
Business expansion needs technological resources, manpower and careful picking of them, infrastructure and much more. If you decide to outsource, these costs become less and you will just outsource one unit which you don’t have to actually manage but monitor. Developmental cost, set up costs, operational costs, maintenance costs all considered together remain low and thus outsourcing for a short period of time makes sense.
2) Focuses on Core Competencies:
Business operations outsourcing leads to applying imagination and creativity to our focus groups of core business. When you get the focus better, you become more productive towards the organizational goals and then achieve the mission towards a vision. Each organization has some core competencies and domains they never want to leave. Outsourcing is the answer to focus on research and development into core domains.
3) Saves Time:
Sometimes, it may not hold true. A company needs to flourish in the domain it is taken into and it is the best at. It is very crucial to find the perfect area of expertise for the organization to work and prosper.
Groundwork research, development, operations and maintenance work is already done to the best optimized level of the process. This in turn saves a lot of time that you could have given into the trial and error for the non-important and non-creative work. In fact, it frees up time for more innovative and imaginative tasks. Taking up tools for automation saves up huge time, efforts and man hours. The time saved out of this can be effectively utilized for actually thinking about new ideas and innovate. In turn it increases productivity and creativity both at once.
4) Improves Quality:
As there are less things to worry about, the quality of services goes up as we get more time to focus on core competencies. Digging deeper into the parameters and optimizing the entire performance with the necessary analytics and improved inputs in turn improves the quality of services and improves the customer experience and employee satisfaction alike.
5) Saves resources:
Understanding the role of resources and their maintenance is crucial when it comes to optimizing the operations. Resources need to be upgraded from time to time to deliver the best results. Be it hardware or software, anything that exists in an organization takes up planning, execution, monitoring and optimization of the resources. Human resources are also one of them. Outsourcing is one of the ways you can just make your work very easy and manageable.
6) Save manpower:
No matter how beneficial the process can be without outsourcing, it will always be a better option to go for outsourcing to save the resources and employ others to take care of your process on parameters set by your organization.
Paying salaries to get different functions performed that cannot be automated are bound to be outsourced when it does not need much creativity but needs motor skills. People get accustomed to certain patterns and behaviours that leads to performance tracking, employee work monitoring and exact mentoring.
7) Track results:
Also, cost to the company is reduced and the cost of rewards and recognition also comes down. However, hiring the right people to work with you needs to be thoughtful. If you lack the experience in it, then it is better to outsource the human resource part as well.
As per the forecasting of the numbers, performance can be tracked through various ratios such as Average Handling Time(AHT), Adherence and shrinkage, average speed of answer (ASA), occupancy rate, cost per call, abandonment rate, first call resolution, etc. These metrics give the exact analytics of your performance and thereby calculate if your investment is worthwhile.
A contact center BPO service consultant can provide you with data to dial, investment to set up your business, and also helps you out with your IT infrastructure. Contact MyBPOFunding for getting started with your outsourcing journey today!