How Business Process Outsourcing Can Improve Cash Flow
This article aims to discuss how business process outsourcing providers can improve cash flow.
According to a U.S. Bank study, a whopping 82% of businesses that failed cited cash flow problems as a factor in their failure. (Fundera)
Improving cash flow is a key factor in business growth and continuity. How can business process outsourcing improve your cash flow? Here are some factors business process outsourcing providers can help:
Cost-effective Access to Top Talent
There are many global business process outsourcing destinations offshore where you can find the right people for the right roles at a much lower cost than hiring domestically. The Philippines, for instance, is one global destination for business process outsourcing.
When it comes to literacy, ninety-four of every 100 Filipinos five (5) years old and over are basic literate in 2019, according to the results of the 2019 Functional Literacy, Education and Mass Media Survey (FLEMMS). (Philippine Statistics Authority)
The country has over 100 million people. This means you can tap into a large talent pool with relevant experience. According to the Commission on Higher Education (CHED) as of 2020, in the academic year 2018 to 2019, students who received a baccalaureate from both public and private institutions were 718,880. The Philippines also has a highly specialized talent pool with employees who have worked for large multinational and business process outsourcing companies.
Finding the right offshore team for you is easy with the help of an experienced business process outsourcing provider. Connext Global Solutions is a global business process outsourcing provider that uses a multi-tiered recruitment process to ensure you find the right people for your business. Hire, train, retain top talent and fill in the right people for the right roles with Connext Global Solutions. The company sources top talent for you and take care of your payroll, benefits, and engagement needs.
On top of that at Connext there is no minimum commitment to entry. You can start with a single person, working a single function, and scale as you see fit.
Technical Expertise
Business Process Outsourcing lets you work with talents that have the right technical expertise in aspects that can improve your cash flow. With a business process outsourcing provider, you can hire Back office Support Specialists that can handle efficient billing collections and let them track payments, call customers on payments on Accounts Receivable payment collections, make the necessary follow ups on Accounts Receivable payments, conduct claim audits and more.
Client and Employee Retention
Consider the ability of the business process outsourcing provider in client and employee retention. Your remote staffing provider can implement and nurture trust-based relationships and develop a solid client relationship and organizational culture.
Connext Global Solutions has implemented trust-based relationships and developed a unique organizational culture between globally distributed offshore business process outsourcing teams.
Here are some data to back this up:
- 60% Client’s Average Cost Reduction
- 98%Work Retention
- 100%Client Retention Rate
- 6+ Years handling Information
- 0 Information or Security Incidents
It is estimated that losing an employee can cost a company 1.5-2 times the employee’s salary. Depending on the individual’s level of seniority, the financial burden fluctuates. For hourly workers, it costs an average of $1,500 per employee. (Builtin)
Connext prides itself in its people and has also dedicated a lot of time and effort in promoting positive work culture resulting in high employee satisfaction and engagement. With this the company maintains a unique organizational culture for their distributed workforce which sets them apart and results in low turnover. The company has a high work retention rate. during the first quarter of 2021, the monthly average of employee retention was valued at 98.4%.
Improve Business Process Outsourcing Cash Flow with Connext Global Solutions
Connext Global Solutions is building industry best client experience through its commitment to management philosophy and leadership development at all levels. The company is equipped with secure state of the art monitoring and technology to support current or recommended cloud-based platforms and systems to ensure seamless operations, flexibility and centralized operations.
Connext Global Solutions provides excellent offshore staffing solutions that add value and unlock client growth. Partner with Connext and improve your cash flow today.
