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