Tuesday, June 20, 2017 |
With the technological advancements we have today, bringing ideas into reality has certainly become effortless.
Have a design in mind? You can now print it in 3D. Need to consolidate reports instantly? That’s now possible with automation tools. In fact, every facet of our daily lives has been transformed and influenced by technology - from our homes to our educational institutions, the recreational facilities and activities in our community, and even businesses.
Technology has paved the way for countless business tools and models to be more accessible. We now live in a world where employees can work remotely in different time zones, and business owners are seen using multiple options to set-up, operate and expand offshore, a huge chunk of which are back office related work such as finance and accounting, IT support, HR and talent acquisition among others.
Business proprietors outsource back office processes for several reasons. Apart from saving on operational costs, they are looking for a solution to help them expand their operations, streamline resources to boost core operations of the company, have access to a large pool of talent, and address the rapidly changing demands of the industry.
Recently, we’ve seen several trends impacting the global back office outsourcing market, which are:
Adoption of cloud technology
Cloud-based and digital solutions are now a common thing among businesses. It enables business owners to easily access tools remotely and store and retrieve data whenever they need to. This also means there’s no need to break bank in setting up an IT infrastructure complete with maintenance support and security, enabling decision makers to focus on other core processes while funneling work to back office service providers to help ease the backlog in other departments such as finance and accounting, Human Resources, and data management.
Big data analysis/analytics
Big data analysis provides business owners with answers and a microscopic view of how an event took place like say in a purchasing cycle. In a nutshell, it gives them a better understanding of a customer’s behavior. For instance, apart from keeping track of all the historical events of a single customer, and combined with other data from other consumers and or visitors, they are able to create better and tailored products. The rise in big data in every business is creating a need to outsource back office processes, not to simply get on a trend, but to streamline operations.
Increased implementation of mobile solutions
Mobile solutions have created a different type of demand from customer and clients. Apart from wanting to purchase something on the go, majority of customers who are still at the researching part of the purchase funnel want to have information instantaneously. Creating and sorting information will need more hands on deck and to be able to cover this platform, business owners would need a helping hand from back office outsourcing. It is one of the processes that can be outsourced without disrupting the flow of work and is usually applied to supplement current procedures.