How to Reduce Costs and Improve Efficiency of Your Business Operations

by | Published on Jun 22, 2017 | Back Office Outsourcing

Improve Efficiency of Your Business OperationsA profitable business is any business man’s dream. To achieve this, either the business organizations should increase their sales (which is not in their hands) or cut costs and increase productivity. Outsourcing to onshore or offshore data entry services can be the practical solution to considerably reduce costs and increase productivity. When outsourcing offshore, you also stand to gain by the difference in time zone.

Data forms the basic structure for any organization and the process of data transformation is an enormous task. In today’s business world that is rapidly moving towards digitization, if your business hasn’t adopted any digitizing standards then it’s high time to rethink because your business will be left behind. It is advisable to utilize back office outsourcing solutions to ensure expert management of your business data. By doing so, you can focus on your core business and also reduce your infrastructure cost without dismissing the staffs or compromising on customer experience.

Let us consider a few ways in which businesses can reduce costs and improve efficiency of business operations.

    • Tax Automation and Outsourcing : Tax preparation and processing are important but challenging tasks in a business organization. You have two options to choose from – either automate the entire process or choose to outsource to a good outsourcing company. This will save money and time and help you to focus on core business processes vital for growth. According to Ernst & Young LLP’s Kate Barton, “the level of tax outsourcing is estimated to stand at about $25 billion in 2016 and is expected to grow as much as 5 percent per year through 2021. This will certainly be a major trend to watch in 2017.” This report has clearly pointed out the importance and advantages of tax outsourcing to a provider who can do it better, faster and cheaper. When outsourcing your tax processing needs, the service provider will enter the data into the tax software. The next step is auditing of the tax returns to ensure that the data received is accurately entered and accounted for. Next, the tax returns are submitted to you for review by using ASP (Active Server Pages)/FTP (File Transfer Protocol). Once you review and finalize the tax returns, your outsourcing company will update your tax file and send a final copy to you.
    • Outsourcing data entry and other non-core functions : Increasing data volume is a huge challenge in any growing business establishment. Any delay in data processing can have a negative impact on customer experience, with increasing customer attrition and negative long-term impact on growth and revenue. In addition, the data entry costs will also increase significantly. Outsourcing data entry requirements can bring down the operational costs. For example, a retailer can outsource data entry to convert shopping bills into e-format because it’s a smarter way to run such non-core activities.

Improve Efficiency of Your Business Operations

  • Go for Virtual Assistance : By opting for virtual assistance, you don’t need to hire full-time staffs in your office to perform and manage tedious and time-consuming tasks as well as specialized tasks. This method helps to save space, money, and recruitment hassles. It also improves the quality of the employee’s life and increases satisfaction.
  • Reduce Paper Use : Try to reduce the paper usage in offices and move onto electronic means. For example, in the banking sector you can ask for electronic statements instead of paper receipts. Try to pay employees through online banking, which can also reduce paper involvement.
  • Energy Saving Strategy by Going Green: Make your workspace, home, storefront or any other space, energy efficient because the more energy efficient your space is, the lower utility costs you are going to have.
  • Move to Online Operations : This strategy helps the employees to get their work done efficiently, because by moving your operations online, your team is allowed to collaborate online and share documents electronically instead of wasting time searching for files in the cabinets and drawers.
  • Buy Used Equipment and Sell Unused Items : Try to buy second-hand equipment from office furniture to pens or binders that could be more affordable to save money. If your office space is full of clutter or unused equipment then, clean it up by selling.
  • Reduce Travel Expenses with Virtual Meetings : In this digital era, you can make use of virtual tools such as Google Hangouts or Skype for meetings instead of face-to-face meetings which are not that necessary for a simple meeting or demonstrations. By doing so, you can reduce travel expenses.
  • Negotiate Everything : Always do negotiations to meet your budget constraints. Share your budget with the suppliers, consultants or customers on products, services and payment schedules to smooth out your budget.

Take your business to the next level by saving money and time, and stay profitable among your competitors. Make wise use of onshore or offshore data entry services. Happy customers and employees are the key to the success of any business organization.

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