Businesses across the world seek support to get their non-core work done with optimal efficiency, and at minimal costs. 54% of companies in the world take the assistance of a third-party service provider to connect with their consumers.
Worldwide, businesses spend $75 billion each year on outsourcing.
Besides, 78% of firms that have outsourced one or the other service felt positive about their outsourcing partner.
300,000 jobs are outsourced from the US in a year. Further, 71% of executives active in the financial services domain admitted that they outsource one or the other service.
According to IBISWorld research, BPO industry in the US in 2019 was $130 billion, thus registering a 2% growth. By 2022, the BPO market size in the U.S. will be worth $140 billion.
6 Key Benefits of Outsourcing Business Processes
#1. Access to Highly-Skilled Professionals
Virtual assistants will always be more professional, efficient, and skilled. As they are experts in their respective fields of study, they perform with an added precision, quality, and finesse. There are fewer errors in their work, mostly none.
#2. Cost-Cutting
It is among the top contributing factors for businesses reaching out to a BPO firm to outsource a business process. Not only you receive the work deliverables conforming to world-class quality standards, but you get to pay much less in comparison to having an in-house team to deliver the same work.
#3. Satisfied Customers
Only a thorough professional with a stronghold over customer interaction can keep the reputation of your business intact in the worst of times. Besides, a certified bpo professional with experience in dealing with customers from your industry can make a huge impact in terms of dealing with customer complaints, and providing apt resolutions for them.
Besides, upselling and cross-selling are the kind of skills that can only be acquired by practicing and thus demand highly-skilled experienced professionals. Here, the need to outsource becomes obligatory.
Remember, happy & satisfied customers equal more business!
#4. An Upper Hand Over Your Competitors
A streamlined process does allow you to optimally utilize and allocate existing resources. Outsourcing allows you the scope of doing just that. As you gain access to the expert bpo associates, your business process goes into the hands of those who can handle it the best way possible.
BPO service providers make use of the modern-day cutting-edge technology to handle business processes that eventually leads to increased work efficiency, thus driving growth and profitability for their client.
#5. Luxury of Focusing on Core Business Competency
Non-core, but essential business tasks, are often left out and are not given the importance they deserve. Hiring a third party who are experts at managing the work that is considered secondary in your business, allows you to save time that you can devote to developing your core business competencies.
This way, bpo professionals can indirectly contribute to your business growth without you even realizing it.
#6. Easy and Instant Access to Process Innovations
BPO service providers are better positioned to understand and implement the innovations happening in their area of specialization, as they are global experts at providing that specific service. They are more likely to invest on incorporating new developments.
They will handle your process infusing advanced levels of process automation that will eventually better the pace and quality of work and will bring down the costs associated.
Concluding Words
Outsourcing work to Business Process Management (BPM) firms puts you in a win-win situation every time you struggle with a non-core work consuming your valuable time. With the above-entailed benefits and advantages with BPO, as a business owner, you must be tempted to try it out at least once, and you should.
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