Are you thinking about partnering with an outsourcing company to supercharge your business growth, but holding back? There are many companies that hesitate to team up with an outsourcing partner for several reasons.
It’s true: business growth can be painful. We’re well aware of the common issues: Overall staff morale will drop and the management will be under pressure when they need to add in more hours to do all the extra work. Quality customer service could deteriorate, causing a rapid increase of unsatisfied customers that might switch to your competitor. Because of all the problems in your business, in the name of growth, you might see high staff turnover with even higher recruitment and training costs.
Here’s a story that you might be familiar with. A healthcare company is working round the clock, delivering the best service for their stakeholders. Day in and day out, the medical transcription team handles hundreds of claims, ensuring that patient information is correct and updated.
Using robots to perform different tasks is no longer just the stuff of science fiction. Robotic process automation (RPA) has become an integral part of a business’ finance and accounting tasks. Unlike the clunky robots people see in movies, RPA is actually a software that utilizes artificial intelligence and machine learning to perform repetitive, high-volume actions such as billings and collections, payment processing, risk management, accounts receivable, compliance improvement, and transaction data management. The software is able to replicate these tasks inside a graphical user interface, executing functions such as data transfer, automation of workflows, and merging data in the desired format. RPA is able to do all these and more with greater accuracy, speed, and minimal errors. The numbers don’t lie: financial data accuracy is increased by 95% and savings reach up to 80% thanks to RPA’s data extraction capabilities.
RPA is a valuable investment for companies that deal with high-volume processing and transactions on a daily basis. It’s especially useful for businesses that don’t have the time, resources, and budget to hire a large team to take on multiple, high-volume tasks. Some companies have already begun integrating RPA into their financial and accounting systems. PwC’s 2017 Financial Services RPA survey reports that 11% of respondents have integrated RPA across the business. The other 19% are moving toward adopting RPA into the business.
There are certain situations where hiring additional staff is the best choice for your business. If you need help in an area of core competencies then you should hire additional staff. Hire people who can help your company grow and expand. However, if you are looking for help in areas of your business that are outside of its core competencies then outsourcing is a great option. You can hand over those tasks to someone who is trained to complete them and devote your time elsewhere. Choosing outsourcing whenever possible will minimize your financial obligations and the impact growth has on your current personnel.
Developing an online presence is an essential part of running a business in our modern world. It is no longer only the technology companies and startups that have a need for a dedicated tech team. Now, just about every company has a website and social media. It is also becoming more and more common for small businesses to have their own mobile applications and online portals where customers can interact and make purchases.
It is certainly not a secret that a good chunk of the top business organizations in the world have outsourcing to thank for their success. Globally, outsourcing has been an accepted business solution for organizations looking to better their customer service, supply chain processes, and information technology to name a few. Speaking of technology, it is constantly evolving, especially in outsourcing where trends are appearing and disappearing with regularity. It seems that today’s outsourcing trend could easily be yesterday’s fad at a blink of an eye due to the industry’s ever-changing landscape. As the year is ending, here are outsourcing trends going cold for 2017.
In today’s world of business, it is rare to come across a successful organization that is not currently outsourcing various supply chain processes to offshore vendors who produce high quality results at the fraction of the price. Due to the rising trend in outsourcing, which is essentially to outsource critical business practices such as customer service, manufacturing, and application development, more and more people today have jobs all over the world. It has also resulted in the development of many amazing innovations that has changed the landscape of all major business industries and has truly made the world a better place to live in. As innovations from outsourcing seem to be rampantly coming out from the woodwork, we owe this trend to visionaries in the past who paved the way by creating innovations from an outsourcing partnership. Three examples of organizations that have achieved this in the past are:
As most individuals currently own a mobile device, local applications have definitely become an integral part of daily living. Most business organizations today even have to keep up-to-date with the trends in technology by building their own mobile application as more and more consumers seem to prefer communicating through an application instead of calling on the phone or visiting a website. With a mobile application, a business can substantially improve their customer service and reduce costs on many operational practices. Many will even recommend outsourcing mobile applications as it has proven to be more efficient and affordable instead of having an in-house I.T department to handle the development process. For organizations looking to develop a good mobile application, here are some trends to take note of and how outsourcing its development will greatly benefit your organization.
Growth is the top priority of small companies. This entails the company’s team to focus on core business functions and developing their product or service accordingly. Unfortunately, related but outside matters such as marketing, training staff, managing IT, and problem solving could distract the top management from doing what needs to be done during the company’s beginnings. Outsourcing allows small and medium companies to focus on their growth without compromising other related matters.