Businesses and major corporate entities may have assets but they need to cut costs to ensure their sustenance. Cutting costs must be clubbed with streamlining the functioning of their processes to ensure the best results, which is why business process outsourcing is so relevant. BPO services are important. They free up resources and help cut costs.
More Time and Resources for Core Tasks
There are always some non-core tasks out there for businesses to carry out, apart from what they specialize in. Research has revealed that business executives typically spend around 80% of their time in managing the details regarding their non-core tasks and only the rest of their time on actual strategy, which isnâ€™t good or the ideal situation. Outsourcing could actually help reverse the ratio.
Non-core tasks, performed in-house, can consume vital resources which could have been usefully employed in core tasks. It could also place greater strain on their employees. For example, in-house medical transcription services would require more staff to be hired, trained and delegated to this function. If the physician and his staff have to manage this in-house team it would be a distraction from their core tasks.
But there needs to be someone to perform these non core but important tasks. Thatâ€™s why businesses often assign these responsibilities to a reliable service provider.
Massive Cost Gains
The cost gains from outsourcing are also hard to ignore. Resources are allocated to the other projects, the core ones. It helps to leverage the investment in technology. The saved resources could be used to acquire skilled and senior professionals for their vital productivity enhancing tasks and to build up infrastructure.
Mr. James Smith, the director of an IT firm in Chicago, saved up to 60% on his operational costs by outsourcing document scanning services to a reputable service provider. He did not have to set up the infrastructure for scanning, allot separate space for this or purchase expensive scanning equipment. By outsourcing, he got the job done for a fraction of what he would have spent to do it in-house.
Greater Growth Potential for Businesses
BPO services can also help client businesses to enhance their capabilities by freeing them from those bothersome non-core tasks. There is greater potential to increase productivity and performance, improve market presence and increase customer satisfaction. There is greater scope for companies to aim to grow internationally, invest more in infrastructure and secure talent since outsourcing partners can help their client businesses.
For instance, take the pharmaceutical company that needed to collect and analyze data fast to take important decisions. Faced with a sea of data, the company just did not have the expertise to unlock the potential of this data to predict future trends. Assigning the data management to a professional business process outsourcing company proved to be the right solution. The pharmaceutical company was able to collect and analyze its data faster, identify drugs with low market potential and market approved drugs sooner. BPO services helped to greatly improve business outcomes