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The Advantages of Hiring a Third-Party Vendor for Business Growth

Posted by Sunny Morgan
The Advantages of Hiring a Third-Party Vendor for Business Growth

A third-party vendor could be any company that holds special expertise in a certain field. Whenever a person tries to establish a business, they are looking forward to a couple of divisions that require extensive knowledge and experience to run seamlessly.

Not all of us hold equal amounts of expertise and proficiency in all business divisions. For example, there are different departments like accounting, human resources, finance, administration, online support, tech support, security systems, and cloud management.

Apparently, we all need an expert or team of experts for every single department so that business could be run smoothly. Also, there are some instances where a business needs expertise for a short period of time.

For example, a product-based company might be trying to acquire some information about their customers’ requirements or grievances in certain areas of the product. They will reach out to third-party verification services or information verification services to do the job.

What do Modern-Day Third-Party Vendors Look Like?

Well, we live in a digital world and all third-party vendors mostly deal with online services. The internet-based advancements and tools have become so robust that basically, every service has become digital-oriented. Seldom we can find services where a customer or client needs to be physically present. 

Having that said, third-party vendors in this digital ecosystem are cloud hosting providers, cloud-based software solutions, business outsourcing services, third-party verification services, suppliers, and information verification services. These services are capable of quickly integrating with your business model to provide extended performance.

Our current business world has a plethora of services and this world is interconnected by experts that hold expertise in a specific field that acts as one of the branches for businesses. They could be any person or group of professionals capable of accessing and processing the business data for extracting the maximum business outcomes.

Let us go through the mainstream goods and services that are outsourced by third-party vendors in today’s era:

Cloud Web-Hosting Services: A web-hosting service provider offers a comprehensive package of services that caters to the need of running a web-based application or a website.

All the functionalities of the website or web-based application would run cloud-based infrastructure. The infrastructure generally includes network bandwidth, GPU, CPU, memory space, storage space, and security systems.

Cloud-Based Software Solutions: Some third-party vendors are software development firms that specialize in developing customized software for different types of business needs. Colloquially, we call them Software-as-a-Service (SaaS) service providers. For example, software for marketing automation, email automation, customer-relationship management (CRM), accounts and finance, billing, e-commerce, and user interfaces for clients depending upon their special requirements.

Equipment Maintenance: Companies that look after the maintenance of different pieces of hardware equipment. These third-party vendors provide service and maintenance of networking, electricity, air-conditioning, data center equipment, etc. There are some equipment maintenance services that provide HVAC service as a part of a comprehensive package. HVAC stands for heating, ventilation, and air-conditioning.

All-Inclusive Contractors: These are the services that deal with aggregating resources for all kinds of work. Whether a company is trying to construct a new building or needs people for building renovation, these contractors can be go-getters for stuff that a company might possibly need for building and maintaining the infrastructure.

Call Center Outsourcing Companies: Most of us have hand-held experience with call center services in one way or the other. These are the companies that take care of the customer handling division for any company. Their services vary depending on their expertise. Some companies provide inbound call center service, outbound call center service, chat service, email support, sales, and marketing management support.

Bookkeeping or Financial Auditors: As your ROIs and investments get complicated, you will need accounts and finance experts for handling all the money that is being rotated during the business. To maintain effective tracking of business capital, you will need auditors.

Not only that, you will need auditors that can provide good advice for improving the financial decisions. If you are going to access this as a service from outside, then you are probably looking forward to a third-party vendor.

Lawyers: Business advocates are utterly necessary for every business for averting risks related to legalities. Some people keep a personal lawyer and some people approach legal services to access legal support at an affordable rate.

What are Third-Party Verification Services?

Just like any other third-party vendor, this is a special outsourcing agency that helps companies to verify information on their behalf. The company helps client companies to witness and validate customer interactions. The process of verifying a customer’s claims and inputs about the product or service is paramount for the client companies. Usually, when a client company is trying to conduct a research-based survey.

The client companies look out for third-party verification services to substantiate the customer’s information. The reason these information verification services are entrusted to deliver these maneuvers is that they carry the badge of legitimacy. And, before interacting with the customers, they take the full consent of the customers and inform them about the purpose of the verification.

  • You must have heard from the third-party verification service while trying to contact a business number. Usually, when you are trying to get assistance, you hear a computer-generated voice message indicating that the call is going to be recorded for quality purposes.
  • The drill is followed by a third-party vendor to verify the conversation held between the call representative and the customer. The government has mandated the auditing of calls to be done by authorized parties for security purposes.
  • Due to the advent of online frauds and scams, the deployment of information verification services has become more prevalent in customer care services regardless of whether the client company is private or government-authorized.

The scrutinization is done for increasing the security of customers as they are in a position of sharing some highly confidential details for authentication purposes. It happens especially when a customer is trying to make calls to financial institutions such as banks, insurance agencies, or loan providers. Generally, online fraudsters call in the disguise of a bank or finance agent.

These imposters can conversate convincingly enough to extract critical information from customers. They are highly manipulative and can lure customers into sharing confidential information that can be used as authenticating credentials for their bank accounts. To avoid these catastrophes, the government has asked the companies to instill third-party verification services in their customer care numbers for establishing an extra line of security.

Reasons for Hiring a Third-Party Vendor

We live in a digital world that is becoming increasingly convenient and sophisticated at the same time. Both terms might sound contradicting to some people. Actually, the inception of digital advancements has become convenient for users and more sophisticated for providers. At this point, virtually everything is run and accessed via online tools. Therefore, the advent of multiple third-party vendors has also increased multifold.

In our current ecosystem, we have subject matter expertise for minimalistic things. If you are thinking of running a business successfully, hiring a third-party vendor is absolutely important. If you run an online business, you will need individual experts for developing a website, upload the content, optimize the search volume, and comprehensive website maintenance. You can do all this by yourself and so, you will need professional help.

Let us quickly underline the benefits of hiring a third-party vendor:

Time-Saving:

You don’t need to necessarily learn every skill for upscaling business. You can simply hand over a particular skill-oriented work to an expert. This way you get to save a lot of time learning a new skill.

Cost-Effective:

It may sound contradicting but it is true that you will save a lot of capital in hiring third-party vendors than investing in creating an entirely separate division. Even then, you can’t be certain you will be able to get a better performance outcome than a third party who actually holds better expertise in that specific field.

Top-Notch Expertise:

You will find several third-party vendors in the market ready to provide an excellent business outsourcing service in the field you are searching. You can safely assume that they are way more accomplished and provide guaranteed results. They will not only save a lot of time and capital investment but also provide good ROIs. Therefore, it is going to be a good value-for-money deal.

With business, it is all about maintaining a perfect balance in skill acquisition and allocating them for a suitable cause. If you have room to outsource a particular division of your business, you should. It will help you to dedicate your core skills to the development of core business activities. For example, it is wise to hire a call center vendor for handling your customers because they are more skillful and experienced in handling the customers.

Conclusion:

Hence, with that being said, now you know the existence of third-party vendors can really be fruitful for your company in the long and short run. If you are thinking about initiating a start-up business or expanding the existing business, you should strategically invest in third-party vendors to ascertain that your business will have seamless operations in the future and that growth will never stumble.


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