Ways to Mitigate Possible BPO Risks

“Do what you do best and outsource the rest.” Peter Druker

There are various activities that a company has to undertake - Ranging from back-end operations like payroll and document management to front office operations like marketing and tech support. Most likely, an organization cannot be the best at everything - and that’s okay.

But does this mean compromising in delivering quality customer services? ABSOLUTELY NOT!

57% of companies depend on BPO services to focus on their core functions and matters. 

BPO - Business Process Outsourcing is a business activity wherein an organization outsources one or more of its business functions to third parties that carry out these operations for them. Both startups and successful, thriving companies believe that business process outsourcing services have proved to be beneficial for them. 

However, there are also various risks related to outsourcing your business processes ranging from quality of service to trust issues. Wondering how to mitigate these risks and find the best BPO Services partner? Let’s find out. 

• Expertise in the Particular Domain

  While availing for outsourcing business process services, it is essential that you look out for the professional skills and expertise of the company. The experience and skills of your BPO partner are of vital importance as the efficient functioning of your business processes depends upon how well-versed the outsourced service provider is. 

  You can mitigate the risk of ineffective outsourcing by finding an organization with a talented and experienced workforce. In addition, you must also find out its technological prowess, after all, every company needs to live and thrive in today’s technology-powered world. 

• Cost Savings

  The primary reason behind hiring a BPO Service Provider is, of course, to reduce the burden of employees and cost savings. However, if the outsourcing organization levies additional charges of modifications and adaptations during the service, your overall cost is bound to increase tremendously. 

  What option do you have? Choose business process outsourcing solutions that do not burn a hole in your pocket. Preferably, organizations that hire skilled workers from tier-2 and 3 cities can help reduce your costs significantly as they provide access to talented professionals at budget-friendly prices.  

• Geographical Location

  Choosing an outsourcing vendor from a location that does not suit you can pose substantial challenges in carrying out your business processes. Moreover, a significant time zone difference can also become an obstacle to successful operations and result in a tremendous increase in operating costs of your business. 

  How can you overcome this challenge? Always consider business process outsourcing services that match your location needs. Providing a shared working space can also be an effective solution for individuals to acquire, exchange and collaborate on the information required to achieve tasks and goals. Establishing a mutual understanding can help reduce issues related to technical factors arising among teams.

• Receiving Quality Service

  Another primary motive behind hiring business process outsourcing services is the expectation of receiving quality services from third parties rather than from in-house staff members. Therefore, it is crucial to ensure receiving the quality of services by defining parameters for quality standards and performance indicators.

  Identify the tools, software, and methodologies that the outsourcing organization uses to convey and track your expectations. An organization that reduces tedious tasks and increases productivity to help you achieve a competitive edge is what you need to be on the lookout for. 

• Flexibility and Adaptability in the Models

  Businesses keep on evolving constantly. Therefore, the outsourcing models must be kept flexible to adapt to these evolving business situations. These models should not fail with the introduction of new changes for the company’s progress. 

  How? By ensuring to opt for business process outsourcing solutions that quickly adapt to changes and are flexible according to your business needs. Personalized, tailor-made services can be the best choice in such situations. 

• Achieving Business Goals

  You should clearly communicate the goals and objectives of the outsourced business processes to the service providers. Any inadequacy in understanding the goals and objectives can lead to delays in achieving them. This, in turn, can result in losses for your company. 

  All you need is a BPO service that helps overcome challenges and achieve goals by performing several activities ranging from measuring the goals and responses to identifying and simplifying the causes of problems. 

• Ensuring Confidentiality

  While outsourcing business processes, there is certain sensitive information like the employees’ details and other important company data to be shared with the service providers. Providing this personal data is likely to create risks of security for your company.

  35% of companies are always worried about sharing their information with outsourcing agencies. 

  However, you can ensure confidentiality by checking whether the service provider organization is ready to sign a non-disclosure agreement. Also, make sure that they have some prior experience of working with sensitive data. 

  FiveS Digital - Providing You Personalized BPO Solutions

  FiveS Digital is a one-stop solution for providing business process outsourcing services to maximize the productivity of your business. Ranging from operations like finance, marketing, IT, HR, and analytics, FiveS Digital’s business process outsourcing solutions are a perfect blend of human and artificial intelligence. 

  So if you are striving to take your business to the next level of efficiency with the latest technology and increased productivity, get in touch with us TODAY!