9 Unexpected Advantages of Business Process Outsourcing (BPO)
Are you scrambling to tackle your daily to-do list each day before leaving the office? Or maybe you feel like your business is treading water—lacking the resources to really thrive? If so, BPO may be the key to taking your business to the next level. While saving money is a well-known perk of BPO, there are many other advantages that some companies have never even considered.
What is BPO?
Before we get to our list of BPO advantages, let’s answer two common questions: What is BPO—in simple words? And what are the objectives of BPO?
BPO is an acronym for business process outsourcing, which is a system that gives businesses more flexibility by hiring another company to handle certain aspects of their organization. The objective of BPO is to help companies save money and grow their business without having to worry about the daily tasks that could consume much of their time. Some common business process outsourcing examples include customer service, lead generation, call centers, billing, telesales, and more.
What Services are Eligible for BPO?
There are many services companies can outsource to save money and improve their business processes. These services are usually outside of the core of the business; although companies can and do outsource core business processes like marketing (countless companies of all sizes utilize marketing agencies) and even production (Coca-Cola and Apple are two major examples that outsource a great deal of their manufacturing), these are not considered BPO services because of how central they are to their respective brands.
That being said, many organizations might opt for these popular BPO services:
- Bill payment
- Lead generation
- Customer surveys
- After-hours customer service
BPO Advantages You Might Not Have Expected
We’re going to cover saving money. It’s an advantage to BPO you’ll definitely expect, but it’s a huge one for most businesses so we’ll address it in the below list. But did you know about each of these?
1. More Time to Focus on Core Business Objectives
Outsourcing certain aspects of your business allows you to put your talents to their best use, rather than wasting time with everyday tasks someone else could easily do. You’ll have more time to focus on what matters most, and be able to grow your business like never before.
2. Less Time Spent on HR Tasks
Do you find yourself spending a significant portion of your time dealing with payroll, hiring, and other HR paperwork? If so, BPO can help alleviate many of these responsibilities. Once again, you’ll have more time to spend on the parts of your business that really affect your bottom line.
3. Efficient Service From BPO Providers
When you opt for BPO, you’ll hire a company that has a niche expertise. Because they only focus on a few select services, they’re able to do the job far more efficiently than you would be able to if you were doing the job in-house. This means they’ll get more done in less time, and save you money in the process.
4. Save Money
Saving money is one of the top reasons many companies choose BPO. While a third-party can often do the job more efficiently, they also save you money by charging a fraction of what it would cost you to do the same task yourself. And because this task is their expertise, you can rest assured they’ll do the job well.
5. Spend Fewer Resources on Outsourced Services
Keeping customer service and other jobs within your company requires phones, software, office space, and other costly resources. But by outsourcing these aspects of your company, you’ll be able to save those resources for other parts of your business, or avoid purchasing them altogether.
6. Higher Employee Satisfaction
You hired your talented employees to help you grow your business, and by outsourcing certain tasks, you’ll allow them to do just that. Employees will feel happier and report higher satisfaction levels when they have the time to do what they actually like to do. This means they’ll be more likely to stick around long-term and develop greater loyalty to your company.
7. Beat Out Competition
In today’s competitive business climate, it’s more important than ever to have something that sets your company apart from others in the industry. Choose to outsource and you’ll quickly soar past your competitors.
8. Increase Sales
You’ll be able to help more customers, bring in more leads, set more appointments, and generally accomplish more of any task you set out to do when you choose BPO. You’ll also have more time to grow your business, which will help you increase sales and your bottom line.
9. Gather Payments Quickly and Securely
Tired of waiting around for that cash flow you need to run your business? You can gather payments more quickly and securely when you outsource bill payment, commissioned sales, or other essential parts of your business.
Is BPO Right for Your Business?
If you need more time to focus on the core of your business, BPO can help. You’ll gain flexibility and freedom, free up money within your budget, and get a leg up on the competition. Now that you’ve learned about some of the many unexpected advantages of BPO, you’re better equipped to decide if it’s a good option for your company. Find the right outsourcing partner and you’ll be able to get quick and tangible results.