Tailoring Industry-Specific BPO Solutions: What It is, Its Benefits, and How to Find a Good BPO Provider

Industry-specific BPO solutions involve engaging with a third-party company to handle specialized aspects of an industry’s operations or business. These types of BPO companies offer customized solutions and expertise relevant to industries like financial services, healthcare, and technology.

Industry-specific BPO allows highly specialized industries to delegate certain processes without compromising quality. In this article, we’ll discuss industry-specific BPO, its benefits, how different industries benefit from it, and how to choose an effective BPO solutions provider.

What are Industry-Specific BPO Solutions?

Industry-specific BPO solutions are a type of business process outsourcing solution that is tailored to a particular industry. Their services focus on the needs of an industry, as opposed to offering a general set of services like generalist BPO solutions do.

BPO services for healthcare would offer solutions such as patient support services, medical coding, medical billing, and health informatics.

Benefits of Industry-Specific BPO Solutions

If you’re asking, “do I need tailored BPO solutions?” here are the benefits of partnering with an industry-specific BPO in the Philippines:

Lower Costs

BPO solutions in general help companies lower their operational costs by optimizing expenses for hiring an in-house staff. Industry-specific BPO solutions give you access to professionals as well as help you train them. They also provide the necessary tools and technologies to perform business functions critical to your industry. This cost-effectiveness frees up your valuable resources, which can be redirected towards research and development or expanding market reach. 

Enhance Operational Efficiency

Since industry-specific BPOs possess high levels of domain expertise in customer experience, back office,, they can accomplish these tasks more efficiently. Their teams have the requisite knowledge and are equipped with the necessary tools to efficiently accomplish industry-specific functions, such as financial analytics and financial reports, health informatics and claims processing, data integration and data analysis, and many more.

By offloading back office tasks to specialized service providers, HealthTech and FinTech companies can concentrate on their core competencies and innovation. Outsourcing these functions to experts ensures that the tasks are handled efficiently and accurately, contributing to improved overall business performance.

Strengthen Core Competencies

Industry-specific BPO solutions tackle tedious tasks that easily eat up your and your employees’ time, leaving them with little bandwidth for more productive tasks.

By tailoring industry-specific BPO solutions, teams can allot more of their time and resources in refining their core competencies. Focus on research to improve your product or differentiate your services from competitors. Let the experts from your BPO provider handle non-core aspects of the business. Your company can channel energy towards developing cutting-edge customer solutions and enhancing outcomes, positioning your company as an industry leader.

Boost Customer Satisfaction

Customer satisfaction is the result of direct and indirect factors like the quality of products or services and after-sales support. BPO solutions can help technology, finance, and healthcare with human resources, sales, and customer service tasks so their core teams can focus on their core teams to focus on research and development to improve products and services.

Companies can also hire BPO solutions that focus on back office or customer service to help them provide better and efficient support for their clients.

Overall, BPO services help investment management, healthcare, and tech companies address their respective pain points, such as optimizing industry processes, speeding up delivery of services, reducing human errors, reducing staff workload, and improving overall efficiency.

How Different Industries Leverage Industry-Specific BPO Solutions

In 2022, the BPO industry’s market was valued at close to $262 billion and is forecasted to continue growing in the next decade. Different industries have adopted the use of BPO to augment their operations.

Let us see how different industries have used and benefited from industry-specific BPO solutions.

Investment Management

Financial service companies are burdened with tedious manual tasks, such as in accounting and bookkeeping. However, finance professionals also accomplish tasks like asset management and financial reports.

To maximize the prowess of in-house finance professionals, many companies have delegated repetitive tasks to an investment management outsourcing provider. Finance experts in the BPO company can handle a variety of tasks such as general accounting, fund administration, and trade and position reconciliation.

BPO services frees up the time and energy of finance professionals, allowing them to focus on value-adding tasks like nurturing client relationships, analyzing client’s needs and current trends and, subsequently, refining investment recommendations to achieve better returns.  

Healthcare

Healthcare providers tend to hundreds, if not thousands, of patients daily. In addition to that, they must deal with the business side of things – paperwork, insurance, and payments. All these can become tedious for healthcare professionals and frustrating for patients who need to wait long periods for appointment scheduling or insurance claims approval.

Many healthcare organizations have tapped BPO solutions specifically for the healthcare industry to help them handle documentation, medical coding and billing, insurance verification, claims checking, and patient scheduling and registration. They can also handle Human Resources functions like recruitment, payroll, benefits, and general employee management. 

Industry-specific BPO solutions are equipped with cutting-edge technology and a knowledgeable team that can support healthcare providers in their day-to-day operations.

With back office support services geared toward healthcare, practitioners can focus on providing the highest quality of care to their patients.

Technology Industry

The tech industry is one of the most lucrative industries in the world today, but tech companies also face numerous challenges and strict competitions. Like most companies today, they must strengthen cybersecurity, manage cost efficiency, adapt to and leverage new technology, adapt to changing customer behavior, and find talent.

However, they must address these challenges while securing their unique selling proposition against the latest technology. Having an industry-specific BPO solution to cover recruitment, human resource, data entry, and customer service tasks allows technology companies to focus their efforts on relevant functions like research and development.

Companies can also improve customer experience through outsourced technical support services. Well-trained tech experts supported by the latest technologies can effectively address questions and issues raised by customers. Responsive and effective customer support helps boost a company’s reputation and improve customer loyalty.

Given the highly technical nature of technology companies, they can benefit a lot from industry-specific BPO service. 

How to Choose a BPO Solutions Provider

Hiring an industry-specific BPO solutions provider is an investment, and you need to pick the right outsourcing partner to secure your ROI. You’ll rely on your BPO partner on numerous business functions and will likely share confidential information. So, it’s important to consider your BPO provider’s capability to meet your industry-specific needs and expectations. Here are main things you should consider when choosing a provider:

Technology

A good BPO provider should have access to the necessary tools to perform the tasks specific to an industry and provide you with data to help you measure performance.

For example, healthcare organizations can benefit from HIPAA compliant management information systems and business process automation systems, while investment management companies can optimize their performance with help from business intelligence and data analytics tools.

Select a tech-driven BPO provider that can offer tools and data you otherwise would not have access to.

Experience

Experience is a major consideration when looking for industry-specific BPOs. Their experience is a great measure of their knowledge in the field and, thus, the value they can offer to your company.

Along with the BPO provider’s experience, you should consider their workforce. Do they have experts in their team? Skilled professionals can perform the relevant tasks accurately and efficiently, meaning they offer substantial value for your company.

Filipinos are ideal domain experts for industry-specific BPO solutions. Filipinos are one of the most proficient non-native English speakers in the world with education at par with western standards.

The combination of quality education and English-speaking abilities make Filipinos high-caliber domain experts that you can trust to bring the numerous benefits of an industry-specific BPO.

Culture Fit

Although a BPO company is a third-party service provider, their team is an extension of your team. They work closely with your team and often represent your company to customers. So, it’s important to select a BPO company that shares your values and culture.

Working with a company whose culture fits your company’s culture is another way to ensure that you get the most out of your investment since they are sure to provide consistent quality that matches your needs and expectations.

Scalability

A quality industry-specific BPO solutions provider should have the capacity to accommodate your business’s changing needs. BPO solutions are a long-term investment so your choice of provider should be able to scale up as you grow.

Turnaround Time

Your BPO provider is your partner in most, if not all, your projects, so they affect your ability to accomplish tasks and complete projects. 

Choose a BPO company that has a proven track record of meeting project deadlines. It’s easier to meet milestones with a partner that meets agreed turnaround time. 

Rates

When investing in an industry-specific BPO service provider, you want to make sure that the returns are worth the investment. Consider the pricing structure the BPO company offers, as well as additional fees like maintenance charges, so you can match the total costs with your cost expectations.

You should also check the contract length the provider requires and termination terms to make sure that your expected terms match. You can avoid complications with contract breach and penalties later on by ensuring that the pricing structure and contract terms align with your business goals. 

Partner in a Reliable Industry-Specific BPO Provider

Do you need tailored BPO solutions? The answer is probably yes. Industry-specific BPO solutions offer a wide range of benefits for different types of companies. If your company needs support in any business function, you can certainly benefit from industry-specific BPO solutions.

Infinit-O is the trusted customer-centric and sustainable leader in Business Process Optimization to Small and Medium businesses in the Financial Services, Healthcare and Technology sectors by delivering continuous improvement through technology, data and people.

For more information, visit: www.infinit-o.com