Today’s global economic crisis has created unbelievable challenges for businesses around the world. Companies and business leaders are struggling to stay afloat and survive through these uncertain times. The only safe harbor companies can confidently land on is their customer pool. This is particularly the largest income item for businesses. Customers, therefore, can help you pass through this storm.
With the rapidly trimming workforce to save immediate expenses, businesses still need someone to handle operations and customers, solve their queries, and prepare reports. The implication of reducing staff will be felt in the long term if companies do not come up with a worthy alternative.
The safest ways companies can keep their operations up and running, and reduce labor costs is through hiring a business process outsourcing company. Their immediacy and pervasiveness will supply companies with the right talent while reducing the cost of hiring employees for similar positions. Adept business process outsourcing companies will provide you with 100% productivity, and avoid any dips in the quality of services. BPO services set the stage for future growth and expansion, and function like a raft for already struggling organizations It is a good asylum for companies who wish to thrive after the global pandemic is over.
What is a Business Process Outsourcing Important More than Ever?
Business process outsourcing, popularly called as BPO, is not a new corporate strategy. Over the past decades, several leading organizations have associated with such third-party service providers to reduce cost, increase efficiency, and improve the quality of services. The range of tasks includes simple payable ones to highly complex judgments.
There is an immense reputation held by BPO services. If statistics are to be believed, almost 40% of the Fortune 500 companies outsource at least some tasks to the BPO companies in India.
BPO services in India can be a thoughtful change for the operating model of companies. Such third-party service providers examine the smallest differences in the processes and their associated implications in the overall structure. Instead of conducting a complete analysis of the process to find loopholes, it is better to outsource some basic functions to BPO service providers in India, keeping in mind the current economic climate. Low labor costs and easy availability of resources from a BPO company in India serve as a luxury for companies, even under such threatening times. When implemented properly, BPO can function as a simple tool to help companies live through the downtime, and grow once the current climate subsidies.
Why go for BPO Services in India?
The straightaway answer to why you should hire BPO services in India is related to cost reduction, which is a critical aspect given the current challenging situations. But, the value rendered by a BPO company is far beyond these numbers, offering a stream of benefits that a reduced in-house workforce cannot deliver.
- A rapid decrease in cost structure
Businesses can achieve significant cost structure reduction by outsourcing routine tasks to BPO companies. Irrespective of your current business position, organizations need to perform basic functions, like paying bills and taking care of the customers. The BPO community is highly skilled, taking advantage of cost savings for their benefits while maintaining the quality of the services. Businesses can save over 30-50% of their cost base just by hiring the right BPO outsourcing company for the job.
- Focuses on retaining your customers
Even with the diminished employee headcounts, customers still need to be attended without any delayed response times, inaccuracies and drop in call resolution. Overall, it decreases morale, reduces productivity, and customer-centricity. Losing customers compounds to survival issues. Therefore, the loss of colleagues should not instill uncertainty in the minds of the customers. The right BPO partner will take care of this massive factor. Otherwise also, BPO services account for the improvement in customer satisfaction scores by 15% in the utility market.
BPO services in India possess the ability to swiftly move from one cost structure to the other without disrupting or severing the already existing infrastructure. Most of the BPO contracts are executed using unit transfer pricing or UTP, an approach, wherein transactions are priced on per unit basis. So, businesses can retain customers while paying only for the services requested.
- Transparent cost structures
Information is a very valuable asset for organizations, especially during these strained times. Therefore, contracting BPO services in India eliminates all the guesswork involved in delivering business processes in aggregate, and provides clarity around the components. Organizations can detail specific service levels for transparency and reporting in their contracts, and establish complete control over the operations, even with third-party service providers.
- BPO engineers companies for a quicker return
In escalated times like today, organizations can enjoy a sigh of relief, if they have their customers taken care of. This is the power of business process outsourcing services in the current market dynamics.
BPO companies in India relate consumption with the cost. They will only charge for the technology and the man force employed on a project. In the long run, businesses will end paying up for the right amount of services, which is far less than the costs incurred on an in-house team.
- Eyes on the prize. Get more out of shared costs
Many companies have already re-engineered their cost structure using the best off-shore BPO services in India. Business process outsourcing services can quickly take cost and performance to the next level. Moving off-shore, particularly to the Indian subcontinent lowers service charges, and provides immediate labor trading cost-benefits. Furthermore, this shift brings in several advantages like less manual work, more automated processes, and customization to drive efficiencies and effectiveness.
The risks associated with business process outsourcing services
Currently, BPO services in India are crowned as high-quality portals in exchange for lower labor costs. But, that will only happen if you have the right outsourcing partner. Otherwise, you will open yourselves to further significant risks. With outsourcing, businesses will be dependent on a local company for utterly grave operations. So, you need to be careful with choosing the right BPO outsourcing companies.
Managing the BPO services in India initiative
Depending on what processes you’re outsourcing to a BPO company, the outcome will differ.
But, the bottom line is, BPO is a revolutionary tool for your business. So, if you can save costs while enjoying quality services by outsourcing it to a BPO company in India, it seems like a deal you should grab for your business.
Keeping in mind the current pandemic-shaped market dynamics, you need technologies and workforces that can keep you active at all times, for the reduced customer base. Establishing and maintaining a reliable connection with your customers is a ray of light for businesses. And, BPO services in India, can truly help your business overcome the ransacked operations, and get them back on track.