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April 2018 | Outsourcing Blog | BPO Industry Updates and Articles

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.

Media Companies

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.

Top 8 Most Outsourced Back Office Functions

by: Sidney Liquigan

Wednesday, April 4, 2018 | Comments (0)

Category: Outsourcing Research / Trends

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:

  1. Customer Support

    One of the first and most common back office functions that are outsourced is customer support. Call center services are outsourced to BPO companies to handle the increasing numbers of calls that a business receives. There are also contact centers, which handle email and chat support in addition to calls. Customer support is a popular function to outsource as outsourced call center agents are specially trained for this line of work. Customer support outsourcing makes sure that all your customers' concerns are addressed in real time.

  2. Data Entry

    More than copy-pasting data from the source to the destination data entry interface, data entry requires someone who has a keen eye for details and researching and analytical skills. This function is often outsourced to help you and your in-house team focus on the core functions of your business and leave the more mundane yet laborious and time-consuming tasks, such as data entry, to an experienced outsourced team to save you time and money.

  3. Human Resources

    For human resources, you can outsource the entire department or just a function of it, such as recruitment, employee retention, employee engagement, compensation, and performance management, to name a few. This way, small- and medium-sized businesses can have access to organized and streamlined HR operations and can take care of their employees without having to spend large amounts of money on creating your own HR department.

  4. IT Support

    With IT support outsourcing, you can also outsource a wide range of functions or even your entire IT facility. The most outsourced IT functions include network management, software development, hardware support, and help desk operations, among others. Aside from outsourcing IT support for your internal operations, you can also outsource tech support to handle your customers' concerns regarding tech products and telecommunication services.

  5. Payroll and Accounting

    Startups and small businesses take advantage of outsourcing their payroll and accounting functions to qualified and experienced professionals to free their in-house staff from worrying about committing costly miscalculations and errors. Payroll and accounting tasks are critical functions and time-sensitive and should be focused on by a specialized team of payroll and accounting professionals.

  6. PR and Marketing

    Small businesses make do with promoting their own brand to save on costs, but they don't realize that they are wasting a lot of money in DIY marketing but not getting significant results. Outsourcing PR and marketing tasks to experts will ensure that your brand, products, and services, are marketed in a strategic way across a variety of platforms. This way, you can effectively boost your presence without breaking the bank.

  7. Transcription

    Transcribing audio or recorded files into written formats is a time-consuming task and is best outsourced so that you can have the option of hiring a part-time or full-time transcriptionist for only a certain period when you need them. This saves you from recruitment and overhead expenses.

  8. Virtual Assistant

    Busy business professionals and small companies save on costs and overhead by outsourcing a virtual assistant instead of hiring an in-house secretary to handle administrative functions. Some of the tasks that a virtual assistant can do include managing your calendar, booking travel arrangements, managing your emails, and online researching.

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.