Business process outsourcing (BPO) is when a company hires a third-party vendor or specialised service provider to perform IT-intensive business processes on behalf of the company; this involves running, managing, administrating, and regulating these processes. BPO is an affordable, reliable solution to a company’s resource constraints. It’s like when you order food instead of cooking it - it’s more convenient, saves time and energy, and the people making the food do it for a living; they’re experts in their field.
Business process outsourcing is growing in popularity. According to Statista, 57% of companies use business process outsourcing to concentrate on core issues, operations, and activities. No matter the size of your business or your industry, BPO offers value.
solverASSIST is an IT and ITeS service provider specifically focusing on shipping and logistics industry. We also assist industries such as technology, transportation, and healthcare. Our wide range of business process outsourcing services can meet companies’ IT and business needs, including asset management support, data analytics support, financial process support, robotic process automation, and logistics support. Our goal is to help maximise operational efficiency and support your IT infrastructure.
The Importance of Business Process Outsourcing
Did you know that cost reduction is the top reason companies choose to outsource? (Capital Counselor, 2022). It’s easy to see why when you consider that outsourcing to a specialist provider means you don’t have to hire more people, allot a budget for additional resources, and use up precious time otherwise dedicated to providing your core business services that bring in money.
Potential Challenges Without Business Process Outsourcing
Without business process outsourcing, you could face significant challenges that will impede your operational efficiency and business’s success. Common challenges include the following:
- Poor customer experiences that damage your company’s reputation.
- Lack of expertise needed to manage key processes.
- Failure to maintain and optimise the technology.
- Unfocused teams who are forced to manage processes instead of providing the business’s core services to customers.
The Benefits of Business Process Outsourcing
Business process outsourcing can solve many painful challenges for your organisation. The following are several key benefits of outsourcing business processes:
- Reduce expenses. Naturally, this is a key benefit. When you outsource business processes to industry specialists, you don’t need to employ additional staff or spend money on additional resources to manage those processes yourself.
- Access to expertise. The difference between making yourself an instant coffee at home and getting coffee from a talented barista is significant. The same thinking applies to business process outsourcing.
When you outsource processes to experts such as solverASSIST, you know you’re getting their subject-matter knowledge and experience - expertise that your in-house team won’t have because it’s not their job.
- Focus on your core services. You want to concentrate on providing services that your customers want and will pay for. Right? You don’t want to bother with managing and optimising tedious processes that, while integral to your operations aren’t the services you offer to customers.
solverASSIST’s team will manage your processes and allow you to focus on your core services instead.
Remodel your Business towards the Path of Excellence with BPO
Five Business Process Outsourcing Trends for 2023
A report from Grand View Research revealed that the world’s business process outsourcing 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. Technology has played a major role in this surge, and with technologies like artificial intelligence and robotic process automation at the helm, business process outsourcing partners like solverASSIST show no sign of slowing down.
The following are five key business process outsourcing trends for 2023:
One: Artificial Intelligence
Artificial intelligence, robotic process automation, and machine learning are changing how business outsourcing companies operate. At solverASSIST, we use these cutting-edge technologies to further boost efficiencies across business processes, automate tedious manual tasks, free up our clients’ teams, and achieve results faster.
Two: Demand For Niche Experts
A Gartner survey revealed that talent shortage is the biggest barrier to technology adoption. In today’s digital age, this can spell disaster for businesses that cannot function and keep up with the times simply because they don’t have the manpower.
Many companies today are eager to outsource their processes to specialists, thus avoiding the costs and resources needed to hire and maintain an in-house team. The ideal solution would be to outsource your processes to a partner who understands technology; at solverASSIST, we cater to the needs of the technologies embedded in your business.
Three: Nearshore BPOs
In the aftermath of COVID-19, multiple businesses prefer outsourcing their IT processes to a nearshore business process outsourcing partner instead of an offshore partner. The benefits of a nearshore partner include:
- Cultural alignment.
- Same - or similar - time zones.
- No language barrier.
Unfortunately, with new sophisticated technologies come new, sophisticated cyber security threats. Hackers are usually one step ahead, and outsourcing to a third party can expose companies to a multitude of threats because now you’re not only dealing with your own company and its threats, you’re dealing with a third party who could have security risks of their own which could incidentally extend to damage your business. According to Reciprocity, about 60% of all data breaches occur via third-party vendors.
A business process outsourcing company must uphold the highest standard of data protection. That is how they gain their customer’s trust; today, it is non-negotiable.
There is significant competition in the IT outsourcing space, and business process outsourcing companies are attempting to outperform their competitors by offering more value through additional services.
Companies who choose solverASSIST for their BPO needs can receive that value. Our goal has always been to deliver a seamless support experience to our customers by handling each reported issue or requested service with efficiency and experience while preventing the next issue. Our technology expertise and domain experience enable us to provide lasting value.
How Can solverASSIST Help With Your Business Process Outsourcing Needs in 2023?
In today’s digital world, you need a business process outsourcing partner you can trust who adopts the latest technologies to provide high-quality, relevant services. solverASSIST can assist your company in various ways:
If you need to ensure consistent quality throughout your business’s transportation service, solverASSIST offers end-to-end logistics process and data services. Whether you need help with contracts, documentation, or invoicing and scheduling, we have the logistics domain experience to provide substantial support for companies in the logistics industry.
Need to optimise your assets to reduce costs and increase your bottom line? solverASSIST delivers asset-managed process and data services, optimising the capacity and utilisation of your assets. We tailor our services to meet your unique business processes and drive profitably.
A business needs to make smart financial decisions to increase revenue. However, these decisions must be based on rich and accurate data; otherwise, you’re making decisions based on assumption rather than fact, potentially hurting your business.
With our in-depth understanding of financial systems, platforms, and business processes, solverASSIST can adequately support your financial processes. We keep your financial data accessible and running.
Data is worthless to your business if you can’t extract insights from it. solverASSIST’s data experts will support your data analytics processing, cleaning, and much more while building models that offer businesses data intelligence for better decision-making.
In other words, we glean the gold from the rocks.
Why Choose solverASSIST as Your Business Process Outsourcing Partner?
solverASSIST goes above and beyond the traditional requirements of a BPO company by embedding long-term value and supporting your business growth. We don’t simply manage your business processes - we work to optimise your processes.
There are three key reasons solverASSIST is the perfect BPO partner for your organisation:
- We optimise processes. Hariharan KP, Head of Service Operations for solverASSIST, shares that the solverASSIST team will take your process, identify all the touch points, identify the process challenges or gaps, and then optimise the process as much as possible.
- We improve customer experience. When your processes run smoothly, gaps are filled, touch points are reduced, and delays are minimised, your customers will enjoy a better experience with your company. They will feel the positive impact of these improvements.
- Our approach is forward-thinking. According to Zippia, operational efficiency is the top benefit of adopting a digital business model. Digitisation is everywhere and anywhere, and businesses worldwide are moving fast to harness its benefits.
solverASSIST has already adopted an agile, future-orientated approach to our services. Our capabilities are already aligned with the digital future. When you outsource your processes to us, we equip you for the future, too.