by: Sidney Liquigan
Tuesday, April 17, 2018 | Comments (0)
Category: Outsourcing Research / Trends
Outsourcing back office operations is efficient and beneficial to any business, especially startups and SMEs that have limited resources. It reduces operational costs and allows you to focus on core business functions.
To give you an idea how your company can benefit from back office outsourcing, here are good examples of businesses and the benefits they get from these services.
Banks and Financial Services
Tasks in the businesses in the banking and finance industry involve a lot of paperwork that are time-consuming. These companies deal with a lot of data, which in most cases are very time-sensitive. They outsource their back office operations so they can dedicate their undivided attention to their core tasks. Furthermore, outsourcing data management, a type of back office operation, allows for faster turnaround time as most of the data is digital and can be accessed and processed remotely.
The digital era keeps on transforming the industry, creating more channels where people can access multimedia content and opening new growth opportunities for media companies. The ongoing digital transformation prompts media companies to outsource non-core business functions as a way of boosting revenue while reducing costs. At the same time, outsourcing also helps them effectively engage with their audience and boost their reach in both traditional and digital platforms. While they focus on producing and distributing multimedia content to grow their community, they engage with outsourcing providers to handle content moderation, community management, online marketing, and analytics.
Retailers and Manufacturers
Retail and manufacturing businesses need to compete globally and their margins are under constant pressure, so cost savings are essential to their survival. To keep their competitive edge, they cut costs by outsourcing their back office operations. Reduced expenses will result in increased profits that they can allocate to improve their products and level up their business strategies. Furthermore, many manufacturers already work with a global supply chain and may already have production facilities overseas. With that said, establishing an offshore operation for handling their back office is not going to be a big challenge to them.
Outsourcing companies offer scalable solutions that fit your business needs. To know more about how you can make the most of outsourcing, get in touch with MicroSourcing today. We'll help you identify your pain points and advise the best delivery models for you.
The ideal tasks to outsource are back office functions, as these tasks don't usually require an employee to be physically present to deal with clients. They can also be handled efficiently by an outsourced individual or team who have the right skill set and resources. Outsourcing back office functions can significantly improve your business operations and its strategic scalability as well.
Many outsourcing companies offer virtually any service that can be outsourced, but to give you an overview, the most outsourced back office functions include:
If you are looking to outsource more than one function mentioned above, it is best to go with a one-stop outsourcing company so you don't have to outsource to and deal with different points of contact. MicroSourcing is a BPO company in the Philippines that specializes in various outsourcing disciplines that fit your business model and are adaptable to your own internal processes and requirements.