Earlier organizations relied on outsourcing for improving efficiency, leveraging industry expertise, and saving cost but in the contemporary pandemic hit the world, enterprises view outsourcing as a mode of survival.
The Corona lockdown had a trickle-down effect on the global economy and businesses are under immense pressure to pivot or die. The pandemic hit businesses are either looking to cut employee base or improve efficiency. Business Process Outsourcing relieves businesses in every aspect, businesses can opt for outsourcing and reduce in-house employee base or achieve efficiency by relying on a pool of trained agents.
Be it customer service, catalog management, back office, analytics or email support, outsourcing processes during this pandemic will organizations save cost without compromising on the quality.
So, Yes! Business Process Outsourcing can help organizations survive this pandemic. Let’s discuss the intricacies and benefits involved and understand how outsourcing is the way out for businesses.
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1. Outsourcing will Help You Clear the Backlog
France, Italy, New Zealand, and Poland are among the countries that experienced the longest lockdown due to COVID-19. Businesses in these countries were completely shut, only a few organizations were able to facilitate work from home for their employees. The strict and sudden action rendered organizations incompetent in making requisite resources available to facilitate work from home.
Lack of work from home options has led to an incremental backlog in work. While financial organizations are yet to complete the document processing and verification for the financial year that ended in March, banks are having a tough time collecting EMIs from the debt holders.
Business Process Outsourcing can help banks, telecoms, financial organizations, and e-commerce players get over the backlog of work. By hiring additional resources that are already trained for the processes, organizations can save a lot of money and also get over the backlog quickly.
2. Restructure the Organization
Many organizations never leveraged outsourcing because of fears related to compliance, data safety, efficiency, and transparency through video conferencing. The Corona lockdown has helped organizations come over all such innocuous fears. Businesses had to let their employees work from home, trust them with cardholders’ data, and communicate through video conferencing apps.
Now that all inhibitions are abolished organizations can finally outsource processes and save millions of dollars they spend in hiring, training, and managing in-house teams.
Here are the additional benefits of outsourcing
- All BPOs are furnishing requisite compliances like ISO and PCI DSS
- They have a pool of trained and affordable employees
- BPOs are leveraging trends like tailored outsourcing to suit the needs of businesses
- Real-time analytics dashboard helps stakeholders to keep a tab
3. Achieve Cost Efficiency with Outsourcing
Hundreds of enterprises are unable to sell even a single product but they are willing to keep up with the incremental changes to emerge as the top player when things get back to normal. For example, e-commerce players are using the downtime to work on their catalog, on-site search engine, and testing new features that elevate the customer experience.
While the fund in hand is limited but the work in front is monumental; hiring and training an in-house team will help but it will eat up the available cash. Funded start-ups, bootstrapped online stores and even big corporates cannot afford to be extravagant in the contemporary situation.
By relying on Business Process Outsourcing organizations that have a trained pool of employees, corporates can get monumental work done within days without spending a bomb. Outsourcing agencies have always added to the efficiency without putting a hole incorporates’ pocket.
4. Outsourcing Allows Stakeholders to Pivot
Corona is expected to bring a colossal change in people’s behavior. Businesses are not going to be the same and neither will the market. Change is here and this time it is going to be vast. With people’s behavior shifting from extravagant to conservative at least for a year, organizations will be required to refigure their market strategy.
If key stakeholders are busy focusing on day-to-day tasks, they will miss onto the change and fail to grab the next big opportunities. E-commerce players from around the world have developed a close-knit relation with governments and built a network that can use during pandemics to deliver essentials, this is a good example of grabbing the opportunity with both hands.
Other organizations need to rework their go-to-market strategy and come up with something that offers more than a product or a commodity. All businesses should now prepare for the next big pandemic and while you are doing it, let business process outsourcing companies handle your day to day processes.
These industry experts rely on the latest methodologies like omnichannel expertise, AI, and ML to help organizations achieve better results in terms of customer service and lead generation.
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5. Outsourcing Ensures Business Continuity
Corona pandemic reached its peak first in China, then Italy, the UK, the US, and then other parts of the world. The slow precedence of the corona pandemic has a lesson for us all and it is diversification. By establishing work bases across the globe, organizations can ensure business continuity at all times.
In the age of cloud computing, it is not tough to provide a team sitting in the US with access to servers located in India and vice versa. Organizations that have teams sporadically spread across the globe hardly faced any downtime due to Corona lockdown. While the contact centers located in the US were shut, Indian agents catered to the native US people.
Outsourcing is a viable tool for ensuring business continuity irrespective of the fact that there is a pandemic. In the case of natural disasters, manmade disasters, or attempts of internal sabotage, outsourcing can help organizations stand strong and cater to their millions of customers globally without any downtime.
One thing corporations need to learn from this pandemic is the importance of efficiency. While building a big in-house team looks good on the outside, it eats up the resources, funds, and space on the inside.
By letting BPOs from around the world handle repetitive and processes that require specific expertise, organizations can achieve efficiency. BPOs are now relying on AI, tailored outsourcing to cater specifically to the growing needs of organizations, which is very impressive and foresighted.