The Top 7 Advantages of Outsourcing
The business process outsourcing (BPO) industry is predicted to grow to $400 billion worldwide by the year 2020. Why is it so popular?
For businesses it’s a convenient, attractively-priced option for taking care of risng overheads
For BPO workers it’s a chance to use their education and work at jobs that pay well by the standards of their home country. The cost-of-living difference benefits both parties, making outsourcing a win/win situation.
Outsourcing, done correctly, can highly benefit your company.
1. It lets you focus on what’s important
When your business hits a growth spurt it’s a wonderful time. It can also be a very dangerous time. Do you have the staff you need to fill all those new orders? Answer all those customer service calls and emails? Do the billing?
Depending on the nature of your business, outsourcing probably can’t help you fill orders, but it’s a great help in fields like customer service, bookkeeping, telemarketing, and tech support.
If you do a lot of e-commerce, you can outsource ordering and refund processing. If your website needs help, you can hire writers and coders.
2. Efficient and cost-effective
Wouldn’t you love it if you could go to sleep and wake up the next morning to find that all your accounting had been done overnight?
That’s possible if you outsource. The time difference means you can have people working for you 24 hours a day if you want to.
Another example is a healthcare professional who wants to accept different types of insurance but doesn’t want to hire a full-time staff member to take care of all the paperwork. There are many companies that specialize in medical billing and insurance claim processing.
3. Helps keep overhead down
Your customer base is expanding, and your business needs to expand right along with it. Unfortunately, real estate in your area is very expensive. What do you do? Hire BPO workers and you can outsource your need for space as well.
There are plenty of office jobs that can be effectively outsourced. A virtual assistant can do almost anything for you that a regular assistant can.
With new advances in technology they can take your calls, remind you of your appointments, do data entry work, write emails, and a host of other duties. And you don’t have to pay for a square foot of extra space.
4. Gives you access to the newest technology
Why buy the latest versions of expensive software programs if you don’t use them very often? For instance, say you need a professional-looking logo and marketing materials, but don’t want to pay thousands of dollars for a top-of-the-line graphics program. Well, you don’t have to settle for second best. You can outsource the project to a graphics-design professional who has all the necessary tools at hand.
5. Allows you to adapt staffing to your seasonal needs
There are certain demands that eventually come upon us all. Tax season is never fun at any time, but it’s even more troublesomewhen you have a lot of extra work to do.
Outsourcing lets you fulfill seasonal demands with no fuss or bother. You can outsource data entry during inventory, as well as many other tasks.
6. Makes it easy to hire skilled professionals
Good staff members are a significant asset to any company. The problem is that hiring them (not to mention training them) can be difficult, expensive, and time-consuming.
Outsourcing’s flexibility makes it easy to hire people, test their skills, and let them go again if they fall below standard.
7. You can help people
The BPO industry is an important part of the economy of several Asian countries. You can hire educated, hard-working people who’ll happily do your data entry or customer service work, while giving them opportunities they couldn’t find at home.
With all these advantages, it’s easy to see why BPO is such a rapidly-growing industry.
What are your thoughts on outsourcing? If you have any comments or questions, please don’t hesitate to drop me a line.
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