How Business Process Outsourcing (BPO) Can Elevate Your Productivity and Increase Revenue
As your BPO partner, solverASSIST provides the technology and expertise to help you increase productivity and revenue
Did you know that according to 2022 data from Capital Counsellor, cost reduction is, at 70%, the number one reason companies choose to outsource. The same report reveals that 24% of small companies outsource because it increases business efficiency.
The underlying question is how business processes outsourcing (a.k.a BPO) cut costs and increase efficiency and productivity. According to Deloitte, robotic process automation, a software-based technology, is a key digital enabler.
Maybe it doesn’t surprise you that technology allows for reduced costs and boosted productivity. But are you convinced that enlisting the help of a BPO partner is necessary? Why not run processes manually and in-house? First, let’s start with the basics.
What Is Business Process Outsourcing (BPO)?
Business process outsourcing (BPO) refers to any process or transaction outsourced to a third party. BPO can refer to a part of the process being outsourced or the whole process.
A BPO company is one that performs these outsourced activities. Hariharan KP, Head of Service Operations for solverASSIST:
The Benefits of Outsourcing to a BPO Company
Companies are likely to outsource to a BPO company for the financial benefits, the third party’s expertise, or simply because BPO will free up their team to focus on their business’s core services. The following examples illustrate the different ways BPO can benefit a company:
- Cut labour and resource costs. If you outsource to a BPO company, you avoid the cost of employing staff to manage those processes. Likewise, you don’t need to spend excessive money on materials, tools, and other resources to help your staff run those processes; a BPO company would take care of those processes for you. It’s extremely cost-effective. You don’t need to find the money to maintain an in-house processing centre.
- Utilise the knowledge of subject-matter experts. There’s nothing worse than getting dragged down by tasks you don’t enjoy and aren’t an expert in (such as accounting or customer relations) but are essential to the smooth running of your business. That’s where a BPO company comes in. They are experts in that niche, and you can trust them to manage that process because it’s their speciality.
- Concentrate on your core services. Hariharan KP, Head of Service Operations for solverASSIST, reports that one of the primary reasons a business might outsource processes to a BPO company is to focus on its core services and those services alone. They don’t want to bother with processes; they want to deliver the services customers pay for.
For example, consider that you are in charge of a shipping vessel. All you want to do is transport goods from one port to another. You don’t want to worry about choosing the optimal route or resolving technical issues. In this case, outsourcing to a BPO company makes perfect sense.
solverASSIST’s Unique Approach to BPO
Traditional BPO is a contracted in-house service. It focuses on delivering a specific service, no more and no less. It’s the equivalent of sending a vessel across the ocean but not determining the best route. Yes, the vessel will reach the distant port, but whether it can get there faster and more efficiently? That’s not something that traditional BPO considers. It simply delivers a service.
That is the difference between traditional BPO companies and solverASSIST, a third-party BPO company that offers a unique advantage. solverASSIST goes above and beyond the traditional requirements of a BPO company because, to us, BPO is not simply a transaction. It is a chance to embed value, support your business’ growth, and prepare you and your processes for the future.
solverASSIST is a technology-driven company, so we harness technology to offer this unique value.
To solverASSIST, it is never about how many transactions are completed. It is about how much value we can deliver over a certain period of time. And that value is offered through the technology embedded at our company’s core.
The Benefits of solverASSIST as your BPO partner
solverASSIST has three primary objectives: identify the touch-points within the business process, reduce the touch-points, and standardise the touch-points. These objectives are achieved through digitisation, automation, artificial intelligence (AI) and machine learning, which offer unique benefits. These benefits include:
- Improved processes. solverASSIST does not simply perform the processes of a typical BPO company – we believe in improving upon the process we’ve been tasked to manage, and we have the knowledge and expertise to do this.
“We take the process, identify all the touch points, identify what are all the process challenges or process gaps. And then, we try to optimise the process as much as possible. That’s our first objective.”
– Hariharan KP, Head of Service Operations for solverASSIST
The result of this process is the identification of the gaps in your business process. When you understand the gaps, you can proactively remediate and optimise them.
- Reduced risk of failure. The second step in solverASSIST’s BPO offering is to reduce the number of touchpoints within the process. Why? Because when you reduce the touchpoints, you reduce the risk of failure, customer dissatisfaction, and inefficiencies. After all, if you reduce touchpoints, there are fewer chances something will go wrong because there are fewer opportunities for it to go wrong.
- Standardised processes. solverASSIST looks to standardise your business process and each step in the process. The benefits of a standardised process include: increased efficiency and consistency, boosted productivity, clear guidelines and a correct blueprint for future output, and simplified workflows for your team.
How Does solverASSIST Help Companies to Increase Revenue and Productivity?
There are two overarching ways solverASSIST helps your business to increase revenue and productivity: automation and improved customer experience. A business would not be a business without its customers. BPO company solverASSIST has the technology to benefit your employees and customers, making both parties happy and supporting sustainable growth.
Ultimately, solverASSIST’s technology allows you to scale and reduces the burden imposed by manual processes. As your business grows, you won’t have to worry about your customers’ experiences because your process capabilities will already be digitised and optimised to ensure great experiences for everyone involved in the process.
As your business grows, the number of processes and transactions will increase. Thus, you need to deploy more people to handle these transactions, which is a direct cost to you. That’s where solverASSIST comes into play: we digitise manual processes to increase efficiencies and, as a result, revenue.
With solverASSIST’s technology, you’re geared for growth, and you don’t need to make a costly investment in hiring more people. All you need is a BPO company that has the technology and knows how to use it, and you can scale without the stress or costs.
Better Experience for Your Customers and Team
As we’ve covered previously, there are more touchpoints in a process when there is no automation. More touch-points result in more gaps in your processes and those gaps will be filled by customers who are forced to complete the manual tasks themselves. This can quickly lead to customer frustration and dissatisfaction, which has a negative ripple effect across your organisation. But solverASSIST aims to minimise your customer stress by reducing those touch-points.
Reduced touchpoints benefit your employees, too. Now, our employees can finally focus on the tasks that matter. In addition to delivering the core services of your business, they can also spend more time interacting with customers. Face-to-face time with your customers is crucial to encouraging business growth and building customer loyalty.
Which BPO Services Makes solverASSIST Offer to Increase Revenue and Productivity?
As your BPO partner, solverASSIST can help your business increase revenue and productivity. We do this through various BPO services.
One: Logistics Processes
Supply chain logistics are complicated, involving a high volume of transactions that need to be captured and managed. With so much data on the loose, it’s difficult to manage and optimise the whole process. However, the solverASSIST team are expert across the entire logistics and supply chain business.
We’re a BPO partner that understands the intricacies of your whole business, and can apply a holistic approach to assisting you – from understanding the domain to mapping out the processes and managing them end-to-end. Our BPO model is standardised, optimise, and digitised.
Two: Asset Management
The more you utilise your assets, the more money you can make. For example, if your asset – a ship – is docked at port for months, it’s no use to your business. It costs your business money just by standing still. But get that ship operational, and it can drive revenue for you.
Unfortunately, you can’t utilise your assets effectively without first optimising them. This is where a BPO company like solverASSIST comes in. We look at the asset and determine how you can gain more value from your asset by improving the efficiencies of your processes.
Our asset management BPO service takes this a step further. We map the journey of your assets, ensure that you know where your asset is and how (and how often) it is being used, and we harness technology to pull data about the asset. With this information, we can optimise the asset, thus increasing revenue.
Three: Financial Processes
Every process has a financial side, whether it’s the people managing the ledgers, receivables, payables, inventories, or budget. All of those financial processes are key to making sensible business decisions. However, they also need to be managed, just like any other process.
solverASSIST’s experts can offer financial expertise in a BPO capacity. We examine your company’s finances from a cost perspective and cash flow perspective, to ensure that you receive payments in a timely manner and that the payments you make are also properly managed.
Four: Data Analytics
Data analytics underpin everything, including the processes mentioned above. But businesses need a BPO partner who can interpret the data from any process – whether financial or logistics – and identify the bottlenecks. Thankfully, solverASSIST has the data science experts to do that.
By extracting insights from massive amounts of data, we provide recommendations that enable your business to make data-driven decisions instead of opinion-based decisions, thus driving revenue and growth.
There is an overabundance of data today, a stark contrast to the past. Today’s information overload, for example, has left companies with more data than they know what to do with. Thus, companies’ techniques to extract and organise insights from that data must become more sophisticated. solverASSIST, however, is already doing this successfully for clients worldwide.
Think of us as the ones who drill into rocks to find the gold that’s inside. You might have a lot of gold, but you need someone to find it, extract it, and polish it up. Whether gold or data, the same thinking applies. That’s where we come in as your BPO partner.
Face the Future of BPO With solverASSIST
As the future becomes increasingly digitised, BPO companies are scrambling to rethink their BPO model. They are considering how they can add value to the customer by standardising and optimising processes and are moving towards digitisation.
But solverASSIST is already ahead. No change is necessary for us because our capabilities are already aligned with where the future is heading. Offering value through technology is at the core of what we, as a BPO company, can do for you. And we’ve been doing it for years.
Get in touch today to increase your business’ revenue and productivity with solverASSIST.