What are the Most Commonly Outsourced Services (and Which are Right for My Business?)
It’s easy to see why today’s most competitive businesses outsource. The most commonly outsourced services improve operational efficiency, lower bottom-line costs, distribute responsibilities, and expand growth potential.
More significantly, when outsourcing services that are right for your business you’ll be able to concentrate on the actions that can make or break your organization. These aren’t just hollow promises made by business outsourcing advocates; they’re real benefits deserving of serious consideration, backed up by facts.
Consider how common call centers are in the Philippines, where outsourcing contributes to at least 10% of the country’s GDP. Outsourcing is a growing sector that denotes unflinching, worldwide faith in, and reliance on the process. Businesses around the world believe in outsourcing, and it’s because there’s a monetary incentive for them; it all boils down to increased profit margins, improved performance, and opportunities for expansion.
Most Commonly Outsourced Services That Could Work for You
Some businesses lack the resources or capacity to accomplish all tasks in-house. To potentially save money or avoid the trouble of doing it yourself, it’s often preferable to outsource certain tasks to specialists who are qualified in that area of expertise.
Here are a few business functions that you could outsource to high-quality vendors or partners:
The level of customer service you provide has a direct impact on sales. One dissatisfied consumer can lead to the loss of numerous business transactions. Keep in mind that these days, individuals aren’t shy about sharing their opinions about your product or service on the Internet. Your business will suffer if your reviews aren’t in line with the image you’re trying to present.
Customer service is a time-consuming component of running a business. Outsourcing the job to an experienced partner will relieve you of that stress. Consider hiring customer support representatives from the Philippines, India, or Kosovo. Make sure your outsourcing partner understands your preferred customer service strategy and your specific expectations.
Data Entry, Processing, and Management
Keeping up with back-office administrative tasks is typically tedious, time-consuming, and tough to manage on a daily basis. Look for an outsourcing provider that has highly trained personnel who can assist you with a variety of tasks from form processing to PDF data extraction and conversion, and everything in between.
Order processing, cataloging, scanning, and indexing are other examples of routine data entry operations that are ideal for outsourcing. A cost-conscious business will simply employ outsourced staff to complete virtually any data entry activity imaginable and do so with precision, dedication, and speed.
When it comes to outsourcing data entry projects, the only time a company should be hesitant is when the information involved is sensitive. Even then, a reliable outsourcing provider will know precisely what to do to lift the responsibility from your shoulders.
Accounting and Finance
This is the best option for small or midsize businesses (SMEs). It will take some time to learn the ropes if you have no prior experience in finance. Hiring professionals to handle your accounting needs makes the most sense if your main aim is to grow your business quickly. This will free up time for you to dedicate to critical business matters that actually require your rapt attention.
Keep in mind that your company will have to adhere to bookkeeping compliance regulations. There are also tax regulations to follow. In the hands of a competent outsourcing partner, these tasks will be completed quickly and accurately.
If you need to study cash flow, your ledgers will be organized for simple reference. You’ll have easily consumable financial data to help you make the best decisions about how to spend capital and profit. More importantly, you can rest assured that your company is financially compliant with the law.
Sales Support & Management
Sales support and management are a vital part of running a company. If you aren’t closing deals, you won’t be able to accomplish your profit goals.
However, effective sales necessitate a set of skills, including, among other things, an exceptional gift of persuasion. Sure, you can train your own sales force, hire a sales specialist to do it for you, or do it yourself if you have sales experience. But the process would be time-consuming as well as financially draining.
An outsourcing partner with the right amount of experience can take over your sales-related tasks for you and make magic happen at a fraction of the cost of doing it yourself.
The first step in ensuring that only the best candidates join your company is to ensure that you have the best recruiters on your team. But keeping a human resources department in-house is pricey.
Thankfully, HR outsourcing is both a more cost-effective and more efficient option. Independent HR outsourcing partners are proud of their pool of qualified recruiters. They also offer a full range of HR services, including everything from hiring and training to payroll and benefits administration.
Are Any of These Services Right for My Business?
You don’t need to be an expert in outsourcing to recognize that it is a wise business decision. This will help your company become more competitive and growth-oriented on a global scale.
The departments and systems you should outsource are determined by your business’ needs, your expansion objectives, and your budget. Take some time to consider what you aren’t good at, what you don’t have time for, and what you need help with.
Before signing up for any of these most commonly outsourced services, ask yourself these questions:
- Does the outsourcing opportunity match my organization’s business needs?
- Will outsourcing this service improve performance?
- How will I be able to understand and control the costs of outsourcing this service?
- Are adequate protections in place for when my business needs change?
- What are the cultural ramifications of outsourcing this service?
- Who will manage the financial and performance-related aspects of this service?
- Will I need to hire someone to manage this service?
If you are able to favorably answer these questions, you’ll probably find that one or more of these commonly outsourced services are the ideal fit for your business. As long as you partner with an experienced outsourcing provider with a demonstrable track record, you’re making the right choice.
See our professional BPO services here, including:
- Sales Support
- Customer Support
- Recruitment Process Outsourcing
- Accounting & Bookkeeping
- Data Processing
- Insurance Processing
See our BPO case studies to see how we’ve helped businesses to grow.