Businesses and organizations are always on the lookout for ways to surpass their competition. From streamlining their processes to incorporating business process outsourcing solutions and reducing costs; there are several viable solutions.
The COVID-19 pandemic has brought many businesses down financially, and now that the lockdowns are being lifted, it’s time businesses put their best foot forward – or face bankruptcy. One of the easiest ways to reduce overhead is to outsource administrative tasks so that you aren’t wasting resources or management staff on improving skills that don’t drive revenue.
These solutions are known as Business Process Outsourcing (BPO) solutions.
Business Process Outsourcing solutions are more than just a short-term solution. While the post-COVID environment presses the need for BPO solutions, many large businesses outsourced their work even when their industries were booming.
This poses two questions – do some industries benefit more than others? And who can actually benefit from Rocket Station’s BPO Solutions? Below are 6 types of business that must consider business process outsourcing to unlock their true potential.
1. MARKETING INDUSTRY
From large enterprises to small startups, it is crucial to rely on outsourced marketing in order to get the best possible hands working on promoting their products and services. Building your brand is a very grinding task, and not everyone has the resources to do so.
You need to be persistent, know what to say, when to say it, and most importantly, how. Furthermore, most businesses have a long list of products or services they offer; marketing each one individually can be a very expensive task if you start hiring individuals. Plus, paying them hourly can be… counterproductive.
That is why you outsource your marketing and branding ventures to those more skilled than you, paying a fraction of what you would pay an internal marketing team.
2. IT SERVICES
Hiring an IT team just for the sake of getting one internal ERP (Enterprise Resource Planner) or CRM (Customer Relationship Manager) can be a costly venture. Tuckman’s stages of group development (forming, storming, norming, performing) are applicable especially to IT staff as they are all dependent on each other much more than any other team.
By hiring a full IT staff, you don’t just waste resources, but time.
If you outsource your IT development and optimization, the teams will have already gone through the first stage of formation and training. This will give you a chance to skip right to the performing stage, saving time and other resources.
3. FINANCE INDUSTRY
Another very common business process outsourcing solution that companies adopt is to outsource their accounts department. This type of outsourcing is called cross-industry BPO. It involves more than just filing returns or audits, and also includes broad-spectrum accounting, tax handling, payroll management, and even some HR tasks.
There are a lot of complexities that may arise in a company’s finances. Accounting BPO solutions can help navigate those complex paths efficiently. Outsourcing your accounting can allow you to focus on your core business goals, while your vendor handles the more time-consuming tasks.
4. HEALTHCARE INDUSTRY
The healthcare industry is very similar to the finance industry in the sense that there are very complicated operational processes involved. There are more than just doctors involved – from the accounts department to the call center, IT department, and marketers, each departments comes together to make a hospital or a medical practice run successfully.
Hiring dedicated staff for each of these tasks can prove to be a very expensive and relatively difficult management step. The last thing that a hospital or medical practice should do is to skimp on quality of service. The slightest slack in the core business of a hospital can have life-threatening consequences and adversely impact its goodwill.
5. INSURANCE INDUSTRY
When it comes to insurance providers, everything might seem as simple as assessing the damage and paying off what’s due, but that is rarely the case. To ensure that an agency is geared for growth as well as for maximum profitability, the agency has to make sure that there are no weak links inside or out.
This may include anything ranging from following accounting standards all the way to making sure you have knowledgeable and helpful executives, an astounding sales team, a reliable customer care center , and having systems that enable employees to remove inefficiencies.
Common business process outsourcing solutions for the insurance sector include:
- Claims handling
- Debt collection
- Claim delivery model, and
- Customer retention planning
6. SUPPORT INDUSTRY
Call centers typically are not designated to a single company, but handle calls for a number of companies at the same time. This is a rather lucrative industry and is a major part of the customer support industry; especially now after the COVID-19 situation has forced everything online.
Call center outsourcing has helped many companies meet regulatory requirements, as well as strive towards maximum customer satisfaction. Having a dedicated team available 24/7 helps maintain and grow customer loyalty.
Roughly 32% of people who have made online purchases believe that good customer service is one of the prime qualifiers of their brand loyalty. When it came to their chosen mode of communication for receiving customer service, calls were a popular choice.
While your internal team may be able to handle email or chat customers when you are a small business, it gets increasingly difficult as you grow. Hiring said staff isn’t just about onboarding, but also bringing in specialized equipment to make sure you comply with relevant regulations.
Where outsourcing used to be a ‘get out of jail free’ card, it has now become the norm. Companies simply can’t afford to miss out on the cost- and hassle-saving benefits offered by business process outsourcing solutions.
Rocket Station has been helping companies cut down costs, remove inefficiencies from their processes, and improve brand loyalty for over 10 years. If you’d like to learn more or are looking for a quick virtual staffing session with an equally quick return on investment (ROI), we recommend you give us a call or schedule a meeting time now to see what we can do for you.
Our virtual teams are located in the Philippines, but that doesn’t mean that we can’t adapt to your time schedule or customer base. We’ll help you find the perfect business process outsourcing solution for your company, and then some!