by: Sidney Liquigan
Tuesday, April 17, 2018 |
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.
But to give you an idea if your company is suited for outsourcing back office operations, here are examples of businesses that can reap the full benefits of back office outsourcing.
Banks and Financial Services
Tasks in the businesses in the banking and finance industry involve a lot of paperwork that are time-consuming. There is also a wide range of regulations to follow in this competitive industry. Not keeping up with all the regulations and not completing the required paperwork within a given time can make them fall behind, potentially resulting in serious mishaps. Further, the regulations constantly change and evolve, requiring banks and financial businesses to keep up and change their entire business model as well. How can they do this in the most efficient way and at the same time keep their clients, stakeholders, and investors' best interests in mind?
Keep up with strict regulatory compliance by being more flexible to change. Outsourcing back office tasks gives businesses more time to focus on core functions and making their operations more resilient.
Producing entertainment and other publicity materials have long turnaround times and come with big expenses. The digital era continuously evolves and creates more channels where people can access ads, videos, information, news, etc. Thus, these companies need to diversify their materials to become accessible through all channels, both traditional and digital.
To cut costs, these companies outsource their back office operations to offshore third-party providers. For a faster turnaround, they also get extra help by outsourcing their production and marketing tasks, such as online marketing, video editing, and graphic design, among other creative services.
Retailers and Manufacturers
Retail and manufacturing businesses always need to find more innovative and efficient ways to meet the ever-changing demands and trends among the consumers and within the industry. To keep their competitive edge and become market leaders, they must take advantage of outsourcing their back office operations. Reduced expenses will result in increased profits and lower costs of goods. Outsourcing also means you can provide more dedicated and higher quality service as well as improved efficiency and responsiveness.
Outsourcing companies offer flexible solutions that are customizable to 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.