What’s a business to do as it seeks to balance devotion to its customers with the need to complete a variety of back-office tasks, such as processing sensitive customer data and handling regulatory compliance?
Business process outsourcing—hiring a service provider that specializes in back-office operations—is one increasingly popular solution.
Partnering with a business process outsourcing (BPO) provider allows businesses to focus on their core competencies, says Daniel Melchior, North American advisory practice leader for global business services and shared services with The Hackett Group. Outsourcing human resources, accounting and other tasks to a specialist in those areas frees up valuable time and resources.
“Often, the number-one driver that starts financial services organizations down this path is cost” Melchior says. “The BPO providers have such scale, and they’re normally doing it for a large number of clients. They can spread that cost across multiple clients and they can do it cheaper.”
In addition to cost savings, service providers can deliver greater efficiency and quality. Their expertise lies in the service being outsourced, and many of these third parties rely on advanced information management and workflow automation solutions, allowing them to do the job better and faster than the client companies themselves.
According to Indivar Khosla, Senior vice president/global head of Financial services business services for consulting firm Capgemini, before firms can reap the benefits of outsourcing, they must answer two key questions:
1. What processes will they outsource? And how?
To tackle the first question, businesses need to identify which functions are part of their core mission and brand strategy. These functions should remain in-house, and companies should devote intellectual capital to these roles to better compete in the markets they serve. However, routine operations such as customer setup, account setup, master data setup, end-user product support and data collection may not be part of a firm’s customer-focused approach. “If those processes are not core to your differentiation strategy, then that’s what you need to focus on in terms of outsourcing,” Khosla says.
2. In conclusion, to Daniel Melchior, The Hackett Group “If you look at the big financial services firms here in the U.S., virtually all of them have outsourced something.”
So, which internal processes of your company are ripe for business process outsourcing?
Here are a wide range of transactional and highly complex operation processes can successfully be outsourced to a third-party service provider. At Innovature, we are dedicated and proud to provide you the best talent team to help you maintain your operation standard level and concentrate on your core business.
Accounting and Finance tasks
- Account payable
- Account receivable
- Payment collection
- Payroll
- General bookkeeping
- Agents reconciliations
- Bank reconciliations
- Invoicing/ billing audits
- Business intelligence
- Business analyst
Customer service tasks
- Data entry
- Online Research
- Resolve customer complaints via phone, email, or social media
- Update customer information in the customer service database
- Walking customers through basic troubleshooting or setup, payment processes
- Calendar Management
- Appointment Scheduling
- Voicemail Checking
Photo and Video editing tasks
- Background removal
- Deep etching
- Clipping path
- Image masking
- Color correction/ enhancement
- Model touch up
