Our team has prepared a list of top-notch BPO service providers and tools to streamline your operations. We sincerely hope that this information will help you find what you’re looking for. And if you need urgent sales and marketing support — don’t hesitate to book a meeting with Belkins professionals — they will be glad to share their experience!
Effective Business Process Outsourcing Services: How to Choose the Right One?
Top BPO Services
Pros and Cons of Using BPO Services: Should You Outsource?
It is not enough to run a good business nowadays — it has to be great in order to succeed in the modern competitive market. This is why it’s essential to select forward-looking development strategies that can skyrocket your company’s performance. Indeed, business process outsourcing (BPO) can significantly enhance the sales funnel and bring your business to the next level.
BPO services are in high demand today — Statista reports that in 2017, the global market volume of the U.S.-outsourced services was $88.9 billion. In 2022, the volume is going to be circa $140.3 billion.
Belkins experts have collected important and relevant facts about business process outsourcing. Find all of them here — tune in if you’d like to find out how to select the right vendor to match your company’s needs. You will also get to know the specific aspects of the BPO services industry and, thus, will be fully equipped to make informed decisions. Let’s start with the definition — what is the term “BPO services” all about?
What Is the Term “BPO Services” About?
Business process outsourcing (BPO) is entrusting your business operations to external forces represented by vendors who have expertise in your niche. BPO outsourcing services are represented (but are not limited to) by data recording, quality assurance, payroll, social media marketing, targeted ads, telemarketing, human resources, customer support, etc. BPO may be comprised of either technical or non-technical services and perform supplementary functions.
How Do BPO Service Providers Work?
The business climate is constantly changing, so it dictates that firms of all sizes should apply BPO to ensure thriving, not surviving. Your company can use it to perform both front- and back-office operations.
- Back Office: Internal operations (e.g., billing.)
- Front Office: Contracting your customers — marketing (e.g., targeted ads,) technical support, etc.
- Combined Services: Selecting a few aspects of the two options discussed above.
BPO Industry Categories
There are 3 major BPO categories — investigate them to find new opportunities associated with process optimization for your business.
- Offshore Providers
They are situated in another country (e.g., a Canadian company can use a BPO firm from India.)
- Nearshore Providers
These outsourcing firms operate from the countries located right across the border. Those can be marketing services, such as targeted ads, provided by Indonesian suppliers, while the client may be in Australia.
- Onshore Providers
Both the agency and its customers are in one country but not necessarily in the same city or even state. For example, an outsourcing vendor in Topeka, Kansas, can serve the company in Dallas, Texas.
Let’s focus on business process outsourcing functions in more detail.
BPO Outsourcing Services
Modern BPO service providers operate in a wide variety of industries:
- e-commerce & retail;
- sustainable energy;
- asset management and others.
Every BPO vendor specializes in one or several specific fields. Investigate the following groups that usually unite a series of services to find which one is relevant to your business.
- Communication with your prospects and clients (e.g., telemarketing/customer support.)
- Human resources (e.g., hiring/retention of personnel.)
- Knowledge services (e.g., data analytics and mining.)
- Back-office transactions (e.g., logistics/warehouse management.)
- Technical support operations (e.g., testing/implementing features.)
- Accounting and finance (billing/auditing).
As you can see, almost every niche is present on the list, so you will definitely find a firm to match yours, too. However, before you decide to order their services, explore all the reasons why companies decide to order services from a biz process outsourcing firm.
Why Do Businesses Outsource?
Outsourcing helps modern businesses in numerous ways. Here are the most common ones.
- Cut Down on Expenses
Outsourcing can significantly lower the cost of in-house operations, especially for countries with high corporate income taxes. It is a great solution to engage more personnel and provide less expensive training, as well as rent a cheaper office space. You can also experiment with different fee-for-service programs and fixed-price models.
- Focus on the Most Important Functions
In this case, businesses can focus on their major services instead of corporate tasks that aren't directly related to their core operations. For instance, your company will no longer have to be in charge of billing customers but will rather concentrate on emphasizing its competitive advantages and improving its growth strategies. Such an approach will increase customer satisfaction, which will benefit your organization and bring you more profit.
- Boost Non-Core Functions
Achieve better results in non-core functions, delivering world-class capabilities for its clients. In fact, a firm that invests in specialized processes and technologies can deliver cutting-edge breakthroughs. For example, a gaming design company may not want to pay for the latest payroll program on the market, but an outsourcing firm offering payroll services would likely make that investment in order to benefit from its own performance, as well as from that of its clients.
- Win More Prospects Worldwide
You can considerably enhance your business presence if you resort to BPO since some firms may provide multi-language support and be available 24/7. You can also open delivery centers across the planet. The most important thing is, you can get more clients and, at the same time, get rid of diverse mundane tasks that used to hinder the development of your company.
- Become More Agile
It’s essential to react to changes quickly in order to stay ahead of the competition, especially in the global business arena. Increase your business’ flexibility, taking over vital functions, such as, for instance, controlling the risks associated with delivering goods or other relevant services. Your company will effectively mitigate those risks, rapidly responding to challenges.
- Speed Up the Operations
You will streamline your processes if you delegate certain jobs to overseas experts. Such an approach will contribute to the overall efficiency of your business and save you lots of time. Moreover, many BPO firms use automation tools to index documents or facilitate data entry so that their employees can perform the essential tasks while state-of-the-art software will do the rest.
What Are the Risks of Outsourcing Businesses to BPO Service Providers?
There’s no doubt that companies providing BPO services possess numerous advantages. Nevertheless, there are some risks associated with such collaboration. In spite of marketing BPO services wherever possible, agencies are still unable to guarantee totally secure operations.
Look at the list of the most common disadvantages of working with BPO firms:
- personal data leakage;
- lack of relevant data;
- communication problems;
- maintenance of good quality;
- failed deadlines;
- restoration of vital operations;
- overdependence on third-party vendors;
- non-local staff missing on the cultural code.
Your firm might also face other inconveniences that are not caused by BPO agencies directly but are associated with the environment they operate in, such as:
- political instability;
- strategic alignment maintenance;
- digital task automation using robots.
As you can see, you shouldn’t underestimate the above-mentioned risks and weigh all the pros and cons before you make the final decision.
How to Choose a Vendor Selling BPO Services?
So many firms are selling BPO services nowadays — how do you select the most relevant company? Carefully investigating what perspective they are taking will be the wisest way to find out whether the agency is worthy of your attention.
At Belkins, we couldn’t agree more that certain trends will gain momentum in the near future. This is why it’s so important that the vendor of your choice follows them by all means.
For instance, the BPO niche will be introducing an increasing number of automated solutions within the next few years. Robots will gradually take over the work of humans, so the outsourcing agency should be investing in state-of-the-art technology.
Furthermore, it is supposed to provide the latest cloud solutions since all the data will be stored and managed on a cloud soon. Finally, its social media management tools should be impeccable to comply with ever-changing algorithms.
Belkins experts apply the most progressive technology, including various AI-based solutions. Thus, book a call with our representative to get super-fast sales results, awesome leads, and robust LinkedIn marketing tactics and strategies.