In this new digital economy wherein businesses are more competitively strategic, data analytics is now becoming part of the myriad of services that companies are opting to outsource. A study conducted by Global Data Analytics Outsourcing Market Report by Credence Research, Inc., the Compounded Annual Growth Rate (CAGR) of data analytics outsourcing is at 21.84% during the forecast period from 2019-2027. This makes the market value for data analytics outsourcing to increase from $2.73B (2018) to $25.56B (2027).

This increase in CAGR shows the demand for data analyst teams. This underlines the fact that most companies, especially small and medium businesses (SMBs) should integrate this to their organization to adapt to this data-driven economy.

1. Effectively leverage on data for profitable decision making

Because data is becoming the most valuable asset in business, having a team who can analyze these and convert them into usable information helps decision makers leverage on data to create effective strategies and business solutions.

A good example for this is the so-called ‘Amazonification’ wherein Amazon (and FedEx) used big data and a team of data analytics to build algorithms based around their customers’ daily needs. They used this information to create strategies on how to effectively target their customers with relevant products which multiplied the chances of a ‘buy’. 

2. Have a more customer centric approach

Similar to the example above, Amazon not only leveraged on the data to create marketing strategies, but it also helped them be more customer centric. A team of data analytics helped the company reach out to customers in a scientific way.

Data analytics is essential in B2C companies to have a more customer centric approach. This allows businesses, especially SMBs to learn more about their customers and anticipate their needs.

In addition, they help in segmentation, targeting and positioning (STP) to effectively reach the right customers with the right message at the right time through the right channel.

3. Attain deep industry knowledge

When big data is converted to usable information, businesses will have better market insights, route optimization, fleet management and business foresights. This will help you gain more knowledge in your industry through the help of a team of data analysts.

Their domain expertise in analyzing data can give you competitive advantage by having a grasp on unique industry requirements of your business. Having enough knowledge in the industry allows you to conceptualize a predictive model where you can integrate in business applications for production to put in use.

But who can build a team of data analysts better? A third party outsourcing or you?

The great benefits of outsourcing to a 3rd party today is accountability and return on investment (RoI). The right partner creates a “value-driven engagement”. This engagement translates results as mentioned above. Other benefits include;

1. Access to large pool of Research & Data talent

Because of the demand for data analyst experts, various companies are facing a shortage of skilled professionals, especially hiring a team of skilled data analysts, data scientists and machine learning engineers in the local market.

But the right partner has access to world-class talent and their A+ recruitment process will build you great, high-performing data analytics in just 30-45 days.

2. And this is given – cost savings

Especially for SMBs, cost savings is a must. Note that hiring a full-time data scientist is expensive. A lot of operational cost needs to be considered such as salary and overheads cost (i.e. taxes, employee benefits, etc).

The right partner can offer you up to 70% operational cost savings.

Outsourcing data analytics

When it comes to building your data analytics team, outsourcing is one of the best choices to make due to its numerous benefits. A good outsourcing partner promises for the following:

• Operational excellence
• Build a great, high-performing R&D support team specifically designed for your security needs
• Operational cost savings of up to 70%
• ISO 27001 and 9001 certified, GDPR, HIPAA and DPA20212-compliant
• Net Promoter Score: Sense of security and peace of mind

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.

Infinit-O Key Benefits:

We can build you a great, high-performing R&D team:

• Data Analyst
• Research Analyst
• Account Research Specialist
• Business Analyst
• Database Maintenance Specialist
• Product Ops Developer
• Cybersecurity Specialist
• Systems Integration Developer
• Threat Intelligence Analyst
• Threat Landscape Analyst
• Systems Administrator
• Other R&D Experts

Let’s work together to build a great R&D Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

The pandemic has pushed companies to transition to remote work to aid and support physical distancing. But a study conducted in 2016 found out that there are already 57% of employees working in information systems who spent most of their time working remotely. Another study ranked IT as the second industry to embrace the virtual work step up.

With this changing work expectations, this has also led to the rise of certain challenges faced by many companies. More and more businesses are hiring IT professionals making the job market and access to experts finite. And as with law in supply and demand, the greater the need equates to higher salary (i.e. in New York, San Francisco, etc) demand which means more operational budget is allocated to ensure the best hire.

How IT Outsourcing Helps

The main contribution of outsourcing is to make opportunities for growth and help businesses succeed. To fully appreciate how outsourcing can help companies to seamlessly integrate remote work during and even after the pandemic in their operations, here are 3 top reasons:

1. Business Continuity

Through the help of outsourced IT experts, you can continue your operations even if most of your employees are safe working from home. These teams will ensure any technical, technological and security concerns are addressed. In return, you can keep the business running smoothly despite the physical constraints and you can freely conceptualize business continuity plans with the help of your own IT support teams.

2. Ensure Cybersecurity 

Although remote work is beneficial, one downside of it is the rise of cybercrimes and the threats to cybersecurity. Without the proper security measures, cyber attacks can put an organization’s sensitive information at risk, resulting in substantial financial loss, disruption of business, and negative consumer perception.

With an outsourced IT team, they can ensure to establish information security to your organization whether on site or remotely. They are well-trained to protect systems, networks, and programs from cyber risks.

3. Improve Technological Landscape

Technology growth and evolution is expected especially now that most if not all businesses are incorporating remote work set up. It is an expected outcome from this new normal. But as this technology advances, so should your business landscape. You have to have the right tools, network and system to support WFH.

But having your own IT teams will cater to these changes in technological landscapes such as cloud services and other IoT (Internet of Things) technologies. They can also improve your company’s network infrastructure and security protocols and even educate their employees about online safety.

General Benefits of Outsourcing

Access to Talent = Scalability

Contrary to popular belief, you can still scale your business even during a pandemic and in a remote from home environment. The right outsourcing partner has access to world-class talent through their A+ recruitment teams and process which can ensure hiring only the best fit people for your company. In return, you can scale your business with great, high-performance teams.

Cuts Cost

As mentioned earlier, building your inhouse IT teams is costly especially in this climate wherein information technology is in demand. But with outsourcing you can still save up to 70% on operational costs because the right partner will cater traditional expenses such as recruitment costs, salary and benefits, and overall overhead cost. The money your company saves through IT outsourcing can be allocated on other operating expenses to support the remote work set up.

Moreover, partnering with the right outsourcing provider ensures:

• Operational excellence
• A great, high-performing cybersecurity support team specifically designed for your security needs
• Operational cost savings of up to 70%
• Standardized  metrics and key performance indicators (KPIs)
• ISO 27001 and 9001 certified, GDPR, HIPAA and DPA20212-compliant
• High Net Promoter Score (>60): Sense of security and peace of mind

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.

Infinit-O Key Benefits:

We can build you a great, high-performing Cybersecurity team of:

• Cybersecurity Analyst
• Threat Intelligence Specialist
• Data Piracy Investigator
• Systems/Cloud Administrator
• AWS and Azure DevOps Engineer
• IT Technical Assistant
• IT Operation Analyst
• IT Operation Engineer
• Others

Let’s work together to build a great Cybersecurity Team.

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Providing a great customer experience (CX) has now become a big factor in the success of businesses, especially in ecommerce, as more and more brands go digital. In fact, CX has overtaken price and product as the key brand differentiator at the end of 2020 according to a study done by Walker. 

Customer experience refers to the perception of customers of a brand based on their internal and external interactions with it starting from brand awareness to the actual availing of product/service and up until customer support. With the shift in consumer behavior brought by the pandemic, new demands and trends in online CX have also risen.

A more personalized experience

In a research conducted by Accenture, it was found that 75% of consumers prefer personalized offerings and services. They are more likely to buy from brands that know their name and purchase history, and are able to provide recommendations based on their past purchases or preferences. 

In a time where chatbots are becoming more prevalent, adding a human touch to every interaction with your customers can give you an upper hand. By making your CX more tailored to individual customers, you can drive sales, receive more positive reviews, and increase customer loyalty to your company.

Omnichannel support

Part of personalizing your CX is providing customers options on where and how they want to reach you when it comes to queries and other concerns. Nowadays, It’s not enough to just have multichannel support; it is better to ensure an omnichannel strategy that has fully integrated and cohesive customer experience across all channels and devices.

According to a survey by Aspect Software, businesses that adopt omnichannel strategies achieve 91% greater year-over-year customer retention rates compared to businesses that do not. Therefore, this will not only improve CX but also bring more revenue to your company.

Data protection

Companies collect and utilize consumer data in order to make online experiences tailored to the preferences of customers as well as to understand consumer behavior better. In order to protect this sensitive information from hackers and cybercriminals, they have to implement the needed security measures and comply with the guidelines on data collection and protection.

Data breach and other cyber attacks can ruin the overall CX and even taint the reputation of a brand, which can result in the loss of trust of customers. Companies all over the world are now strengthening their efforts to secure their data and it is predicted that by 2021, $1 trillion will be spent globally for cybersecurity.

Meet the demands through outsourcing

It’s important for businesses to know the current landscape of online CX in order to constantly improve their services and offerings. Keeping up with the new demands of consumers online can be done through many ways, one of which is outsourcing.

CX outsourcing has been a rising trend in the industry because of its many advantages that can add value to a company such as:

• Cost savings
• Scalability of service
• Access to a pool of trained professionals

Just make sure you are partnering with a provider that can build great, high-performing teams such as inbound and outbound solutions, omnichannel teams, social media, and back-office services, and is  ISO-certified and GDPR-compliant, so your company and client data are safe.

In summary, having the right outsourcing partner promises the following:

• Operational excellence
• Build a dedicated customer support team
• Operational savings of up to 70%
• Access to world-class talent
• A+ recruitment process
• Industry experience
• ISO-certified and GDPR-compliant
• > 60 Net Promoter Score: Sense of security and peace of mind

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.

We can build you a great, high-performing CX team:

• Social Media Managers 
• Online Community Managers
• Customer Care Representatives (Omni-channel)
• Chat / Email Support Representatives
• Technical Support Representatives
• Others

Let’s work together to build a great Customer Care Support Team

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

Due to the occurrence of major accounting scandals over the past two decades, in the US, the Sarbanes-Oxley Act was enacted in 2002 as a way to mandate companies to be transparent in their financial reporting and to impose better internal controls and measures for corporate governance. The main goal of Sarbanes-Oxley (SOX) is to prevent fraud and protect those who invest in public companies.

More than just a regulatory requirement, SOX compliance is considered a good business practice as it encourages better security measures and protects the company from cyber attacks and other risks. It is also an indicator that a business has good corporate financial stability, which uplifts reputation and inspires investor confidence.

All publicly traded companies as well as wholly-owned subsidiaries and foreign companies that are publicly traded and do business in the United States must comply with SOX, including outsourcing companies. Businesses that wish to seek the services of a third-party outsourcing provider especially for finance and accounting processes should choose one that is SOX compliant for the benefit of their key stakeholders and because of the following advantages:

Strong financial reporting

Under Section 404 of the SOX Act, companies are required to prepare reports that detail their internal controls and financial reporting procedures and assess their effectiveness. They also use a framework that guides them in handling their financial records better. Through these good practices, SOX compliant companies are able to enhance the quality of their financial reporting, which results in the improvement of many other aspects of the operations including easier access to capital markets.

Improved audits

Most companies view internal and external audits as something that is done annually or quarterly, at most. However, what they fail to realize is that audit functions can result in significant improvements in corporate risks if developed properly. Fortunately, complying with SOX regulations encourages companies to institutionalize their audits, which can help them identify key financial and corporate risks much earlier and result in a lower cost of overall risk management. 

Protection from cyber attacks

Another significant advantage of SOX compliance is the fact that it helps companies prepare for and deal with cyber threats. Cyber attacks and data breaches compromise sensitive data and information, which will not only cost a company a lot to manage but also put its reputation and consumership on the line. The regulations under SOX outline the best practices they can follow to ensure that this will not happen in the future, and if it ever does, they are prepared to handle it.

Aside from SOX compliance, choose an outsourcing company that also ensures:

• Access to talent through their A+ recruitment process
• Cost savings of up to 70%
• Adaptability in technological advancement
• Established Information Security
• Operational excellence
• A great F&A team
• Information and data security
• >60 Net Promoter Score: Sense of security and peace of mind

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.

Infinit-O Key Benefits:

We can build you a great, high-performance F&A team composed of:

Let’s work together to build a great F&A Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

Information Security Means Better Business

In the progressively competitive business world, information is a valuable resource that needs utmost protection. Information security is integral in managing your business and ensuring that vital information is not compromised in any way.

In this modern age when almost everything comes handy, customers have become less appreciative and are difficult to please. With the advancement in technology and the accessibility of information, product quality among competing brands and companies are almost equal. Hence, the determining factor in choosing the brand or company lies in the customer service.

For a business to maintain operations, provide better services, and come up with new products, it needs to make a profit. In any business, profit is always accompanied by certain losses. The key is to ensure that profit and loss management is done correctly to help businesses stay afloat and better yet, thrive.

What are Profits? What are Losses?

A profit is an amount of money that is more than its original price. On the other hand, a loss is an amount of money that is less than its original price.

In business, we say one makes a profit when the business makes money or experiences a return of investment (ROI). A business experiences a loss when it doesn’t make money on a product or service but loses part of more than what the owner initially invested.

Profit is making money.
Loss is losing money.

What is Profit and Loss Management?

Profit and loss management is managing income (incoming cash flow) and expenses (outgoing cash flow) to ensure that a business earns a net operating profit.

Usually, profit and loss management deals with profit and loss reports (commonly called P&L reports). You can compare it to a report on how the financial aspect of the business is doing or performing. It helps determine how profitable a business venture is or in the case of P&L projections, how profitable it will be.

Profit and loss management is crucial to help a business stay afloat, project and strategize for its future and improve its performance.  By comparing profit and loss forecasts with the actual performance of other companies—preferably competitors or role models, a business can identify areas they need to focus on or improve on.  For example, is the business spending enough on research and development to ensure that they can stay one step ahead from their competitors? Are they spending too much on expenditures?

All of these considered, we have come up with three ways for you to do profit and loss management right:

1. Monitor Profit and Loss Reports Constantly

P&L reports are generated on a weekly, monthly, quarterly or annual basis based on a company’s standard operating procedure. However, accountants can generate reports as needed and requested by the management. Take advantage of this and constantly look at the numbers. Look for trends and use them to forecast and project profits and minimize losses.

According to an article on business.org, a P&L chronicles a company’s fight for financial survival, as well as the results of that competitive struggle, during a specific period (quarter, month, or fiscal year). A company’s P&L data shows indicators like revenue, expenses, and net income, or net loss if expenses exceed revenue. Revenues range from operating earnings and interest income to cash generated on investments or in joint ventures with other establishments.

The reports alone can help you make informed business decisions to help your business maximize profits.

2. Combine Monitoring of P&L Reports and Cash Expenditure

Cash is still king, no matter the business type or size. Effective money management shows how a company saves money, grows its existing cash, and averts financial meltdown. This should be managed or controlled efficiently. Expenditures (outgoing money or expenses) should be monitored.

Combined with P&L reports, this helps a business save money during lean months, and have spending power on strong months to invest in new business products, infrastructure, technology, manpower or any aspect that is needed for business growth.

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Developing a business strategy that combines these two will result in effectively managing business income and helps the company “feel” profits when they come in.

3. Outsource Team for P&L Management

It can be hard to generate P&L reports especially when there is too much red tape in the organization. It can also be challenging to do projections on it if you are too involved or immersed in the company. You tend to prefer to stick to gut instinct when making analysis.

Partner with a finance and accounting solutions partner to build a team of bookkeepers and certified public accountants to generate reports strictly from an accounting point of view could give a manager a different perspective. The team can also help develop a business strategy formula to help a business owner understand how to increase or make more money.

There are a lot of factors affecting the profitability of a business and profit and loss management is just one aspect. Effective business strategies, cash managements, maximizing profit and loss based on the company’s strengths are examples of how a business can save money, make money and lessen losses. No matter how much cash a company has or how many assets it owns, losses extending over long periods of time will weaken the value of its assets, decrease its cash holdings and drive it to bankruptcy. Profit and loss management will help a business prevent substantial business losses from happening if done right.

Managing your business’ finance and accounting on your own is taxing and does not always result in favorable results. With our customized solutions, rest assured that all your concerns would be addressed accordingly and at the same time, it would allow you to concentrate on other important factors vital for your company’s growth. Learn more!

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Customer Experience

A reliable and efficient order processing system for your customers is crucial to business success. Without it, backroom operations will fumble, front end representatives will suffer, and customers are more likely go to a competitor that offers better service. A lot of time, money, and resources can be saved just by developing a proper order-processing guideline. It’s important for you to come up with the best procedure that will help you run your business smoothly and your customers happy.

Here are a few tips to keep in mind when processing orders:

1. Use a Standard Order-Taking Form

Using only one form will eliminate any confusion both internally and externally. It doesn’t matter whether a customer service representative takes the order over the phone, or a client directly fills out a form on your website, a standard form should be used. This way, whoever fills out the form knows what information is needed, and makes sure that all pertinent information is gathered. Some order details might vary depending on the item, such as options to choose color palettes, volume, or size. Make sure these details are included in the standard form so everyone will literally be looking at the same page.

2. Do not Accept Incomplete Order Forms

If all the needed information is not collected, there will be delays in processing it because there is a need to verify what exactly is required in the order. This will cause backlogs and will waste a lot of time. To avoid having to go back and forth between clients and backroom operations, the should be a system that makes sure the order form is returned and completed before it is processed.

3. Confirm the Order with the Customer

Confirming the order means that you’re acknowledging that the order forms were received, and that you’re about to process it. You may send an email that includes the order details, your contact information, and any other pertinent instructions as needed. Make it clear that the customer should reach out to you if there are any problems. You may opt to require the client to verify the order, but it’s often not necessary; your acknowledgment is what matters.

4. Circulate the Filled Out Order Form Internally

This is the time to distribute the order form to the departments and individuals who will perform any action connected to carrying out the particulars of the order, such as the finance team, backroom operations, manufacturers, depending on the nature of your business. It’s important to communicate with everyone concerned what the fulfillment dates are so that they know what to expect, and how best to keep within the timetable allotted.

5. Let the Customer Know About the Order Status

Clearly communicating with customers throughout the process is important. Keep them up to speed as to what the status of their order is. If there are delays or problems, let them know immediately instead of keeping customers in the dark. Give them the details of the order once it ships: tell them who the carrier is, what the tracking numbers are and the expected date of delivery.

6. Ask for Customer Feedback

After the customer receives the order, take the time to get some feedback. Many businesses skip this step, but it’s one way of knowing your client’s sentiments and getting insights into what needs to be improved with your order processing system and inbound call center services. If a client is delighted with the service, then this is also valuable feedback that let’s you know you’re doing the right thing. Having a customer service representative call after doing business is also one way of letting clients know that you value their opinion, thereby increasing the likelihood of them doing business with you again in the future.

Take the time to develop the best order-taking system that works for your customers and backroom operations. This way, it will be smooth sailing for your business and your clients remain satisfied and loyal.

Having a reliable contact center is a vital aspect of a business regardless of the industry they belong to. It must have several communication channels where customers can freely address their concerns and queries regarding the company’s products and services. With our results-driven solutions, you can expect your contact center to deliver the best responses your clients are looking for. Learn more!

When you’re ready to grow, think Infinit-O!