The article illustrates how Business Process Outsourcing can unlock business growth.
Business Process Outsourcing
Business Process Outsourcing, or BPO, is the process of contracting standard business functions, particularly those that are non-core, to be handled by a third-party provider.
The Relevance of Business Process Outsourcing
Businesses nowadays are looking at innovative solutions that allow them to redefine business workflows and processes. Business Process Outsourcing is one such solution for companies looking to streamline operations, increase the bottomline, and unlock growth.
According to a study conducted by Grand View Research, Inc., the global Business Process Outsourcing market is expanding at a Compound Annual Growth Rate (CAGR) of 8.0 %, annually, and is expected to reach US $405.6 billion by 2027. (Grand View Research)
Business process outsourcing services cover industries such as:
- Healthcare
- Banking
- Finance and Accounting
- Information Technology
- Customer Service
- Human Resources
- Supply Chain Management
Business Process Outsourcing provides a number of both long and short-term benefits for growing businesses. To illustrate the importance and need of outsourcing services to a business process outsourcing provider, here are some points how business process outsourcing can unlock business growth:
Competitive Advantage
The opportunity cost of not being able to outsource non-essential processes can affect business growth and continuity.
Businesses that outsource functions to an offshore team have the competitive advantage in the market. The time your in-house staff spends on non-essential functions such as back-office functions ranging from data entry, billing, order processing, payment posting to insurance eligibility verification can be delegated and outsourced to an offshore team.
Outsourcing allows organizations focus and control of the business by freeing up time and effort allotted to non-essential functions.
Reduced Cost Structures
Through outsourcing there is increased productivity and output, and at the same time reduced cost structures.
Connext provides customized offshore staffing solutions designed to supplement onshore client staff with highly qualified, but lower cost offshore team members personally selected by the client. Businesses can save up to 60% of the cost when outsourcing services to Connext. Companies can hire competent offshore staff at a lesser cost compared to the US employee with a median standard income.
Seamless Intergration of Communication Tools
Transparent communication is critical to successfully cascade business processes to an offshore team. Clear communication must exist between the business and the outsourcing provider to ensure proper understanding of the business process, goals and objectives.
According to Gartner, a renowned insights and research firm, nearly 80% of workers are using collaboration tools for work in 2021, up from just over half of workers in 2019, according to the Gartner, Inc. Digital Worker Experience Survey. This is an increase of 44% since the pandemic began. (Gartner)
The transition to a digital-first and remote-first workforce increased the demand and need for the integration of cloud-based collaboration tools to foster productivity within teams. Cloud-based collaboration tools allow for a seamless transition and flexibility for companies looking to shift from an office-first model to a hybrid model, or even a remote-first model. Some commonly used cloud-based collaboration tools by companies for communications within the company for leadership teams, in-house staff, and offshore support teams:
- Slack
- Zoom
- Microsoft Teams
- Google Meet
- Webex
- Skype
- Pipedrive
- ZenDesk
The right outsourcing provider can adapt to your current communication tools and processes and integrate these systems in order to provide support to your offshore team. Clients must partner with an offshore provider with a remote-ready outsourcing model.
Connext understands technical and support requirements of companies. Connext supports any and all existing cloud-based collaboration tools used by the client for offshore team communications.
Solution to Critical Staffing Challenges
An extensive new report by consulting firm Korn Ferry finds that by 2030, more than 85 million jobs could go unfilled because there aren’t enough skilled people to take them. (KornFerry)
U.S. job listings are at a record-high at 9.2 million, but there are not enough job-takers. (MarketWatch)
The labor shortage is driving more people to consider outsourcing to an offshore team. Outsourcing services to third-party providers with offshore teams helps solve the relevant challenge of staffing. Connext Global Solutions helps mid-sized businesses tackle the staffing challenge head-on with their innovative remote staffing solutions.
Clients start their own offshore (captive) teams with the flexibility and scalability to start with 1 Connext employee or 50. With our scalable and flexible staffing solution, companies can easily build and outsource staff and get to onboard additional staff depending on the need, and adjust as they see fit.
Highly-focused and personalized service
Outsourcing enables businesses to screen from a pool of talented and skilled employees. With the right outsourcing provider, clients can have a dedicated offshore team of employees who have highly specialized skills perfect for providing industry-specific business support.
The Connext offshore team of industry experts include the following:
- Senior CPAs, CPAs, Staff Accountants, and Accounting Techs
- Real Estate Title and Escrow Specialists
- Information Technology/Web Developers and Administrators
- Nurses and Healthcare Claims Processors
- QA and Data Analytics Specialists
- Graphic Designers and System Engineers
- HR and Payroll Service Professionals
- Technical Support
- Underwriters
- Data Entry Specialists
- Customer Service Representatives
- and More
Connext Global Solutions – People and process management through Outsourcing
Connext Global Solutions helps mid-market businesses find the opportunity and pivot their operations by providing staffing and process solutions in a highly disruptive market landscape. Outsourcing services to Connext enables client growth with a 100% tailored solution where the client can personally select the remote staff based on the clients’ preferences and needs.
Connext is uniquely positioned to take on new projects, regardless of size and scope. The company has a proven track record of innovative staffing and process solutions for clients in project management and across all industries. The company has a diverse service portfolio ranging from customer care, collections, virtual assistants, graphic design, applications and web development, data analytics, medical billing and claims processing, payroll, HR support services, public accounting services, reservations and bookings, property management, title and escrow, and more.
Connext powers small and medium sized enterprises with custom solutions, from highly talented offshore teams to process solutions. Unlock your business growth with Connext today.
Discover the keys to unlocking your business’s growth potential. Visit our blog to explore the top business process outsourcing options, and see how they can catalyze your company’s expansion and success.
Connext Global Solutions helps companies build custom, dedicated support teams in the Philippines. Learn more about Connext Global Solutions.
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