Business Process Outsourcing (BPO) is in growing demand. According to Grand View Research, the worldwide BPO market was estimated at $245.9 billion in 2021 and is predicted to increase at a 9.1% compound annual growth rate (CAGR) from 2022 to 2030.
So, What Is Business Process Outsourcing?
The trend toward outsourcing desired talent and resources instead of recruiting staff in-house is not new. In much the same way as you’d outsource your accounting or your marketing to a firm or agency, business process outsourcing (BPO) involves contracting the operations and responsibilities of a specific business function to a third-party service provider.
Why do that? Well, for the same reasons, you outsource your coffee to a barista.
The business process experts are better at it, do it more affordably, and bring benefits to your business.
BPO can cut costs, improve efficiency, and give businesses access to skilled labour. It can also help businesses to focus on their core competencies while delegating non-core tasks to third-party service providers.
In recent years, BPO has become an increasingly popular option for businesses of all sizes.
According to a recent study, 40% of help desk employment in the banking sector is outsourced. That figure is significantly higher than the average for all industries, just 15%.
There are several factors to consider when deciding whether or not to outsource a business process. These include the cost of the service, the availability of skilled labour, the level of control desired, and the impact on customer satisfaction. When done correctly, BPO can be a powerful tool for businesses looking to stay ahead in today’s competitive marketplace.
Advantages Of BPO: Here Is What You Need To Know
Cost Of Service For BPO
Outsourcing with SolverAssist will help improve the quality and customer service while reducing lead time and delivery time.
A study found that 62% of outsourced companies said it helped them lower their overhead by 10% - 25%. Approximately 38% of those companies claimed that it helped reduce costs by up to 40%.
With SolverAssist as your service provider, we will make sure we reduce your company's cost and delivery time.
Availability Of Skilled Labor
Advantages of BPO skilled labour with solverASSIST:
- Reduced training and recruitment costs - We hire people that are already skilled in the required field so that our clients do not have to overinvest in training. This also reduces the time and cost associated with recruiting new employees.
- Improved quality of work - The increased demand in the BPO market has improved the quality of work delivered. We focus on delivering high-quality work that meets or exceeds our client's expectations.
Impact On Customer Satisfaction
Outsourcing your customer service to SolverAssist is an excellent way to improve customer satisfaction and build strong relationships with your clients as you’ll have increased availability to customers, as well as being able to provide expert service, being fully focused on supplying client value while solverASSIST takes care of internal processes.
What IT BPO Services Makes Our Business Offer?
As the business world becomes increasingly digitised, the importance of IT BPO services cannot be overstated. At solverASSIST, we utilise the latest technology effectively to remain the best service provider.
We offer these services to our clients:
- Logistics Process And Data Support
BUSINESS NEED - Consistent quality in your business’s transportation service, i.e. Quote-to-delivery and end-to-end cycles.
OUR OFFERING - End-to-end logistics and data services include quotes, contracts, tenders, booking, documentation, invoicing, scheduling, operations and more.
- Asset Management Support
BUSINESS NEED - Optimizing assets: Optimizing capacity and utilisation can reduce cost and increase your bottom line.
OUR OFFERING - Asset-managed process and data services in logistics (Sea, Land, Air), Fleet, Dry dock, Stowage Planning, Crew Planning and more.
- Financial Process Support
BUSINESS NEED - Financial applications with rich and correct data help businesses make smarter reporting and financial decisions.
OUR OFFERING - Finance Processes: General Ledger Accounting, Manage Accounts Receivables, Manage Accounts Payable, Manage Inventory, Manage Fixed Assets, Manage Treasury and Banking, Manage Budget & Reporting, Management of Inter-Division Accounting and more.
- Data Analytics Support
BUSINESS NEED - Having the right data at the right place at the right time provides the intelligence that can help business people to make the right decisions. For data to have an impact, BI systems should work seamlessly.
OUR OFFERING - We provide comprehensive data analytics processing, cleaning, mining, conversion, and more support. We also build ML and AI models to access actionable insights that can drive your business.
These are BPO services you can get from us.
What Is System Maintenance and Troubleshooting?
Our system administrator's job is to make sure that the system is always available when needed and to troubleshoot problems when they occur at that particular period.
System maintenance is done to keep the system running smoothly; this includes tasks like installing updates and security patches, backing up data, and monitoring performance. Troubleshooting is the reactive work that the administrator does to fix problems when they occur. This includes troubleshooting hardware and software issues and network and connectivity problems.
The goal of both system maintenance and troubleshooting is to keep the system running smoothly so users can be productive. When problems occur, it is essential to get in touch with SolverAssist to quickly identify and resolve the issue. That's why we value having a qualified system administrator on standby.
Three Main Models For Business Process Outsourcing
There are three main models for business process outsourcing (BPO): onshore, nearshore, and offshore.
- Onshore BPO is when a company outsources its business processes to another company within the same country.
- Nearshore BPO is when a company outsources its business processes to another company in a nearby country.
- Offshore BPO is when a company outsources its business processes to another company in a faraway country.
Each model has advantages and disadvantages, so let’s explore these further.
Onshore BPO
Onshore BPO is often seen as the most secure option because the companies are located in the same country and are subject to the same laws and regulations. This can make communication and coordination easier, and it can also minimise the risk of data breaches. However, onshore BPO can be more expensive because of higher labour costs.
Nearshore BPO
Many companies are now considering nearshore business process outsourcing (BPO) to improve efficiency and reduce costs.
Nearshore BPO involves outsourcing to companies in nearby countries, which can offer significant advantages over offshore BPO. Communication and coordination may be more accessible with nearshore BPO, as there is usually less of a time difference and cultural barriers are less likely to be an issue.
In addition, nearshore BPO can still offer significant cost savings compared to onshore BPO. For these reasons, nearshore BPO is becoming an increasingly popular option for many businesses.
Offshore BPO
Offshore BPO can provide significant cost savings due to lower labour costs in faraway countries. However, this type of outsourcing can also lead to several challenges, including cultural differences, language barriers, and time zone differences. As a result, it is essential to carefully consider the pros and cons of offshore BPO before making a decision.
One of the main advantages of offshore BPO is that it can help organisations to reduce labour costs. In many cases, these savings can be significant, as labour costs in developing countries are often much lower than in developed countries.
Additionally, offshore BPO can help organisations tap into new markets and access talent pools.
However, we are aware that there are some challenges associated with offshore BPO. One of the biggest challenges is cultural differences. There can be misunderstandings and miscommunication when working with people from different cultures. At solverASSIST, we can effectively tackle those cultural differences to communicate with employees in other countries.
REMODEL YOUR BUSINESS TOWARDS THE PATH OF EXCELLENCE
What Are The Benefits Of Outsourced BPO?
When businesses grow, they often need more human resources to get things done; this is where outsourcing comes in. By working with a Business Process Outsourcing (BPO) company, businesses can tap into a larger pool of resources and skill sets to get things done.
Here are some benefits of outsourced BPO
- Cost savings: One of the main reasons businesses outsource is to save on costs. By working with a SolverAssist, our clients will leverage economies of scale and cost-effective access to labour.
- Improved efficiency: We specialise in streamlining processes and systems. As such, we help businesses achieve higher levels of efficiency and productivity.
- Access to expert knowledge: As a BPO service provider, we deeply understand the latest trends and technologies. As such, we can offer valuable insights and guidance to businesses looking to stay ahead of the competition.
In summary, the benefits of Outsourced BPO are numerous and varied. Our services will lead to significant cost savings, improved quality and efficiency, and increased flexibility and agility.
Why Choose SolverASSIST As Your BPO Service Provider?
When it comes to business process outsourcing (BPO), there are a lot of providers to choose from. But why should you choose solverASSIST? Here are just a few reasons:
Talent. First, you have access to a team of highly skilled and experienced professionals who are experts in their respective fields. No matter what your BPO needs, we have someone who can get the job done right.
Tailored. Second, we are committed to providing the highest level of customer satisfaction. We take the time to understand your unique needs and requirements and tailor our services to meet those needs. We also offer 24/7 customer support, so you can always reach us when you need us.
Technology. Third, we use the latest technology and tools to deliver our services. This ensures that your data is always secure and that our processes are efficient and effective.
True value. Fourth, we offer competitive pricing without sacrificing quality or service. We believe you should get the best possible value for your money, which is exactly what we provide.
These are just a few reasons solverASSIST is the right choice for your BPO needs. Contact us today to learn more about what we can do for you.