Business process outsourcing companies are being sought by organizations to help them keep pace with the evolving demands of today’s marketplace. A reliable BPO service provider not only enhances customer service and boosts productivity, but also adds value across your business.
Against the backdrop of the pandemic, businesses are scrambling to optimize their expenses and shifting focus on the integral aspects of their business. So, the non-core operations are getting transferred to BPO companies adept at handling such work.
No wonder, the BPO market is thriving. It is poised to grow by a whopping $105 billion during the period 2020-2024, at a CAGR of around 10%.
As a growing business, you can count on BPO service providers to take care of processes that are important but not core to your business. That said, you cannot realize any of the aforementioned benefits unless you have chosen the right business process outsourcing company to run your functions.
So, what should you look for when finalizing a BPO service provider? How can you select an outsourcing partner that can set your business for success?
That’s what we are going to talk about in this post. So, let’s dive in.
Reputation is imperative when selecting a business partner. Choosing a BPO service provider that has earned the trust and respect of the industry will stand you in good stead. Now the question is how will you assess the reputation of your prospective vendor?
Here are a few things you can count on:
Awards: Companies that have earned awards and accolades are most likely the ones with above-par services.
Certifications and Accreditations: These are granted by independent bodies, so are an apt indicator of an organization’s overall well-being.
Industry Ranking: Companies ranking well in industry surveys are the ones delivering high-performing solutions.
Every industry vertical has its distinct processes, regulations, and challenges. Regardless of how experienced a BPO service provider is, if they haven’t worked in your niche, there are high chances they will not comprehend its nuances well and deliver a below-par solution.
To avoid such a scenario, you must pick a solution provider that has ample experience in your vertical and has successfully executed projects in the same.
The demand for your product or service can expand or shrink depending on the performance of the economy and the seasonality of your offerings. A BPO provider should have the necessary facilities and resource strength to ramp up or down with the least hassle. Only a company that demonstrates scalability and agility can consistently deliver a high level of service to your end-users regardless of demand.
Around 60% of the businesses regard access to technology as important to BPOs, as this allows them to benefit from the latest innovations without kind of major investment. Unfortunately, several BPOs do not have robust technological solutions in place to fulfill the demands of their clients.
A lot of activities in various functions like accounting, customer support, etc. can be automated through technologies such as Artificial Intelligence; this not only does away with the labor costs associated with repetitive tasks but also eradicates inefficiency and errors happening on account of human intervention.
So, when looking for an outsourcing partner, make sure they have integrated the latest technologies in their processes. Also, these should be relevant to the function you seek to outsource.
Often overlooked, security is a vital aspect to consider when choosing a BPO service provider. When outsourcing, you are required to share a great deal of information with your service provider. As a result, it is essential to assess if your outsourcing partner has top-notch security policies in place, e.g. non-disclosure agreement (NDA), service level agreement (SLA). An NDA prohibits the sharing of confidential information. Likewise, an SLA stipulates the standards the service provider has to meet when delivering work.
In addition, your partner should have cybersecurity provisions to prevent unsolicited access to sensitive data. Measures such as biometric access, CCTV cameras, multi-factor authentication, firewalls, etc. need to be in place.
In an age when offshoring is gaining traction, experts still recommended going for service providers located nearby. While offshore BPOs may charge you less than their counterparts located closer, their services are bound to come with plenty of challenges such as language barriers, cultural differences, and significant time zone differences that can negatively affect communication and workflow. These challenges can prove detrimental to the growth of your business.
We all know there is always a trade-off between quality and price. So, pricing should never be the sole criterion when choosing a BPO partner. That said, every business should strive to optimize its expenses when outsourcing.
It is recommended that you compare the prices quoted by different BPO companies and assess the quality of services delivered by them. While a very low price may indicate poor quality of service, a very high price can be something you may not be able to afford. So, choose judiciously and decide on pricing that fits within your estimated budget.
When it comes to business process outsourcing, turn-around time is of key consideration. Your outsourcing partner should have a track record of delivering within the turn-around time. If such criteria are met, you will be able to achieve your milestones in a hassle-free manner.
A solid infrastructure is integral to the smooth delivery of BPO services. It helps the BPO service provider set up their teams and resources in a proper manner. It is, therefore, recommended to select a provider that assures you of a robust infrastructure including high-speed internet connection, phone connectivity, UPS, data storage devices, Interactive Voice Response System (IVR), predictive dialler, CRM software, and so on.
In a situation when you cannot be physically present to track what kind of work BPO agents are doing, you need to have a reporting system in place. A reliable reporting and management tool can help you get unhindered access to regular reports and offer insight into how your outsourcing partner is performing. This way, you can ensure all the key performance indicators (KPIs) are being met in a timely fashion.
The success of your business depends on building a strategic association with a reliable outsourcing partner that can take a considerable amount of burden off your shoulders so that you can focus on the strategic aspects of your business and take it to the next level.
A leading technology company, we blend in our technological know-how with our outsourcing expertise and offer carefully crafted outsourcing solutions in areas of market research, debt collection, inbound and outbound services, etc. So far, we have catered to over 10,000 happy clients in diverse business verticals including e-commerce, retail, banking, finance, oil and gas, power, and so on.
To avail of our world-class solutions, get in touch with our outsourcing professionals at 91-120-6277700 or through email at [email protected]