Talent acquisition isn’t how it used to be because nowadays recruitment demands are more methodical. In addition, the competition on finding the best candidates becomes more and more tight. Workplace Trends states that 79% of HR managers struggle on finding best fit people who match the job requirements of their organization. Usually candidates fall short on the following:

• Relevant on-the-job experience
• Soft skills
• Industry knowledge
• Strong work ethic

While the number of work opportunities increase, the skill gap remains. This results in multiple companies competing to a shrinking talent pool. Other challenges in recruitment are:

Millennial Workforce

Unlike the older generations, the younger workforce is more accustomed to jumping from company to company, with an average tenure of not more than 3 years in an organization. If they don’t find their sense of purpose and are satisfied with the career development or the training program your company has to offer, they usually look for the next big thing.

Decreased Volume of Applicants

SHRM study shows that 51% of organizations do not make quality hires from either lack of talent supply with the increasing workforce demand or that your company has no online presence. It is important to note that ⅓ or 80% of applicants are looking for jobs online.

Fierce Competition

Most if not all companies aim to hire the best people to employ. Yet shrink in the talent pool makes hiring a competition between businesses. Job seekers with the best skills and sufficient experience usually choose which company to commit. But if you don’t have a solid recruitment process nor access to these talents, you won’t get the best people for your organization. 

Company Name Recognition

It’s easier for well-known companies to make a hire. For small to medium businesses, the candidate pool gets even smaller making it more difficult to fill in job openings. You have to have a good reputation or a brand presence for applicants to trust your organization enough to apply for a job vacancy. Your recruitment team should have strategies to keep the ball rolling despite said competition from reputable companies.

79% of hiring managers admit that they don’t know how to resolve these challenges. But a smart way to circumvent it is by finding an outsourcing company who can ensure building great high-performing teams for you. But why is access to world-class talent important for an outsourcing company?

1. Gives You a Range of Services and Quality of Talent

A good outsourcing provider has a dedicated team of highly-experienced recruiters who can deliver results by making quality hires. A solid recruitment team knows where to source candidates that will fit the unique needs of your business. Lastly, a short recruitment cycle attracts high quality applicants and good candidates. 

At Infinit-O, we have access to over 9 million job boards, have partnership with professional and non-professional organizations and top universities so we have the first dibs on quality job seekers with the right skill set, knowledge, experience and certifications. We also don’t limit ourselves to geographical borders but we find people from all over the world. 

2. Provides a Fast and Efficient Hiring Process

The right outsourcing partner ensures a 30-45 days hiring to onboarding because having access to world-class talent makes the hiring process faster and efficient. This fast yet quality recruitment process results in an overall impact on business performance because skilled professionals can start procuring for your business within the strategic timeline. This efficient timeframe not only fills in needed positions but ensures that they are trained and on-board before starting assuming the role. 

3. Cost Savings Opportunities

Access to a sufficient talent pool decreases cost-per-hire and time-to-hire therefore allowing you save operational and hiring costs  Always bear in mind that extended recruitment cycles are costly, aside from the operational expenses needed in finding people for your company, delay in hiring people results in delayed workforce operations that have a significant effect on opportunity income and profitability.

When looking for an outsourcing partner, another thing you must remember is to partner with one that has a High Net Promoter Score.

Why does a high Net Promoter Score equate Operational Excellence?

Net Promoter Score (NPS) helps businesses gauge the quality of the customer service offered by outsourcing companies. Organizations can use NPS to assess which outsourcing service is best to partner with because this score shows loyalty trends and growth revenue outputs.

In a way, NPS represents the primary way customers survey their experience because it means that their clients are happy which results in customer loyalty and retention, making this a critical trait a BPO company should have. When used correctly, NPS (of at least 60%) can tell you how well the BPO is performing, how often they resolve issues, and if their clients are satisfied with their experience.

Look for a trusted outsourcing company that can help you build a dedicated F&A team that has:

• Access to talent through their A+ recruitment process
• Cost saving of up to 70%
• Adaptability in technological advancement
• Established Information Security
• Operational excellence
• Building great, high-performing teams
• Information and data security
• 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 teams for the following line of business:

Healthcare

Finance and Accounting

Research and Data

Customer Experience Support

Information Technology

Back Office Support

May it be a startup or a multinational company, finance plays a vital and crucial role in any business. This is why companies allot time and resources to hire skilled accountants and provide them enough training to effectively manage the demands of their position. Before, building a Finance and Accounting team was usually done in-house, but with the rise of the outsourcing trend in F&A, more businesses are able to enjoy the advantages of outsourcing. In addition, outsourcing is one of the best methods to rebuild your F&A Team while your business recovers from the COVID pandemic.

In fact, accounting was the most commonly outsourced service among 195 businesses surveyed for Clutch’s 2019 Small Business BPO Survey with 37 percent followed by IT services and digital marketing. The F&A outsourcing market is also projected to reach over US$16.5 Billion by the year 2025, making it an essential part of the industry.

So, how can outsourcing your F&A team contribute to your business and become the future in finance?

Financial flexibility

One of the main reasons why businesses choose to outsource their F&A services is to save on resources especially financially. However, more than cutting on overhead costs and recruitment expenses, outsourcing also allows you to decide and choose the kind of services based on what your company currently requires. Whether it’s full-time or just selected functions, you pay only for the service that was rendered by the outsourcing provider. This enables you to direct your capital to other revenue-generating investments for your company by allowing you to save up to 70% on operational cost.

Access to best available F&A talent

While outsourcing may be considered more economical than in-house hiring, the quality of service is not compromised especially if you partner with a good outsourcing provider. With access to highly qualified F&A professionals, you are guaranteed minimal errors in your processes that otherwise can be time-consuming and costly to your business. These professionals also have up-to-date knowledge on accounting principles and tax regulations that provide the best service to your costumes and ensure company’s regulatory compliance.

Aside from a pool of world-class talent, outsourcing gives you access to F&A professionals who have expertise and proficiencies in using the latest accounting software and technologies, which are usually expensive to avail especially for small and medium enterprises.

Increase in the efficiency of business

With an outsourced F&A team, you and your staff no longer need to worry about carrying the burdens and complexities of accounting which allows you to focus on your core competencies while your outsourced team can execute F&A tasks. They will be the ones in charge of ensuring that all your accounting processes are managed properly. In turn, you can focus on running your business smoothly, give more time to value-adding tasks, and serve your customers better.

24/7 business operations

In the new normal, having round-the-clock operations is definitely beneficial for business. By outsourcing your F&A team, your outsourced team can have a schedule based on your company’s business hours to ensure high productivity and adjust to the US time-zone. Additionally, outsourcing also enables remote work, which is ideal with the current circumstances.

But overall, the right outsourcing partner not only has the points listed above but they also have an A+ recruitment process who can build you great, high-performing teams. It is also important to note that they should have a Net Promoter Score of >60.

Why does a high Net Promoter Score equate Operational Excellence?

When looking for an outsourcing partner, another thing you must remember is to partner with one that has a High Net Promoter Score.

Net Promoter Score (NPS) helps businesses gauge the quality of the customer service offered by outsourcing companies. Organizations can use NPS to assess which outsourcing service is best to partner with because this score shows loyalty trends and growth revenue outputs.

In a way, NPS represents the primary way customers survey their experience because it means that their clients are happy which results in customer loyalty and retention, making this a critical trait a BPO company should have. When used correctly, NPS (of at least 60%) can tell you how well the BPO is performing, how often they resolve issues, and if their clients are satisfied with their experience.

Look for a trusted outsourcing company that can help you build a dedicated team that has:

• Access to talent through their A+ recruitment process
• Cost savings of up to 70%
• Adaptability in technological advancement
• Established Information Security
• Operational excellence
• Great, high-performing F&A teams
• Information and data security
• 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.

Delay in filling in job vacancies can result in increase in operational costs and not finding the best candidates for the position. But effective recruitment processes have a snowball effect on business opportunities and overall company growth.  High turnover rates also contribute to lost productivity, employee burnout, and low employee engagement On the other hand, slow-moving recruitment is a bottleneck on achieving business goals.

Before considering a partnership with an outsourcing company, always check their internal recruitment process because it speaks volume on how they can build you great, high-performing teams. Having the right partner with an A+ recruitment process or effective processed-based recruitment is your assurance how they can effectively build highly-experienced professionals who can deliver quality results making your business rise to the top of your competitors and assist in achieving operational stability and excellence.

Learn the Value of A+ Recruitment Process in Outsourcing:

Cost Efficient

Generally, an effective hiring process reduces cost-per-hire, time-to-hire, and therefore improves your return on investment. This also cut down employee turnover and the cost of replacing an employee.  By managing the attrition rate, there won’t be delays in productivity. You won’t have to spend on hiring & training costs again as you have the right people to perform the tasks/ deliver service to your CX. Always bear in mind that extended recruitment cycles are costly, aside from the operational expenses needed in finding people for your company, delay in hiring people results in delayed workforce operations that have a significant effect on opportunity income and profitability.

Faster Yet Effective Hiring Process

The right outsourcing partner ensures a 30-45 days hiring to onboarding. This fast yet quality recruitment process results in an overall impact on business performance because skilled professionals can start procuring for your business within the strategic timeline. This efficient timeframe not only fills in needed positions but ensures that they are trained and on-board before starting assuming the role. 

Improves Scalability

Optimal workplace productivity is a result of scalability. Having the right number of skilled staff means vacant positions are filled efficiently and it caters workforce growth. Scaling your workforce depending on set targets and goals will ensure that those are met within the projected timeline because there are people actively working to hit said targets (SLAs). Generally, effective scaling increases overall employee productivity. A+ recruitment process ensures that the demand for scalability is met.

Access to World-Class Talent

The global job market today is facing scarcity of suitable qualified candidates required to fill vital company positions. But an effective recruitment process provides access to an exclusive talent pool which gives you a crucial advantage in building great teams than your competitors. A solid recruitment team knows where to source candidates that will fit the unique needs of your business. Lastly, a short recruitment cycle attracts high quality applicants. XpertHR research found that 46% of employers reduce their recruitment process to attract good candidates.

High Retention Rate

As companies compete for the best professionals to employ in the tight job market, employee retention is critical. But with A+ recruitment, the people they hire for your company are those that fit best to your unique needs. It means that they employ those that not only have the right skill sets but also fit the company culture of the client. Both are important factors to consider especially when high-level professionals not only base the satisfaction they have for the job on compensation but also cultural fit which can only perceived by great and experienced recruiters.

Why does a high Net Promoter Score equate Operational Excellence?

When looking for an outsourcing partner, another thing you must remember is to partner with one that has a High Net Promoter Score.

Net Promoter Score (NPS) helps businesses gauge the quality of the customer service offered by outsourcing companies. Organizations can use NPS to assess which outsourcing service is best to partner with because this score shows loyalty trends and growth revenue outputs.

In a way, NPS represents the primary way customers survey their experience because it means that their clients are happy which results in customer loyalty and retention, making this a critical trait a BPO company should have. When used correctly, NPS (of at least 60%) can tell you how well the BPO is performing, how often they resolve issues, and if their clients are satisfied with their experience.

Look for a trusted outsourcing company that can help you build a dedicated team that has:

• Access to talent through their A+ recruitment process
• Cost saving of up to 70%
• Adaptability in technological advancement
• Established Information Security
• Operational excellence
• Building great, high-performing, sustainable team
• Information and data security
• 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 teams for the following line of business:

Healthcare

Finance and Accounting

Research and Data

Customer Experience Support

Information Technology

Back Office Support

Healthcare is one of the many industries greatly benefited by technological advancements – from modernized equipment and procedures to the rise of telemedicine and AR in practice. When it comes to analyzing large volumes of patient information, hospitals and healthcare providers also began relying on new software and technology to make the process easier and more efficient.

Through the years, the healthcare system has been increasingly data-reliant which made data analytics a crucial part of the industry. It is used not only for data collection but also in creating comprehensive reports and converting them into relevant insights that in turn can be used to support decision-making and improve overall patient care. Moreover, data analytics in healthcare is important in predicting and solving problems, assessing treatments, and increasing patient engagement.

When it comes to sustainability of your healthcare business, here are some ways data analytics can be advantageous for you.

Lessen errors

Human error cannot be prevented when handling large amounts of patient information and other data. More than 80% of medical bills have errors, which may lead to more rejections, increase in insurance and claims costs, and ultimately, decrease in patient satisfaction that can directly affect your revenue.

Through data analytics, however, these errors can be prevented and even fully eliminated using an organized system for denial mapping review and categorization that accounts for a more effective and accurate analysis of patient data.

Enhance patient care

The end goal of any healthcare business or provider is to serve its patients the best way possible. And with the aid of data analytics, processes are improved and errors are reduced, resulting in better service. Procedures such as setting appointments, processing insurance claims, and issuing medical bills are simplified, which cuts the waiting time for patients and leaves them more satisfied with the service you provided.

Data analytics also helps you offer more personalized treatment to your patients as well as guarantee minimal readmissions due to medical errors or misdiagnoses.

Reduce administrative costs

With the help of data analytics, healthcare businesses can streamline administrative tasks and allocate its staff to where and when they are most needed. Aside from maximizing your manpower, this also free up funds that can be used in improving other services. Just like what is mentioned above, improved processes especially in approvals and reimbursements can also ease tight cash flow – a common problem for hospitals and clinics especially in this time of a global health crisis.

Why high Net Promoter Score equates Operational Excellence

When looking for an outsourcing partner, another thing you must remember is to partner with one that has a High Net Promoter Score.

Net Promoter Score (NPS) helps businesses gauge the quality of the customer service offered by outsourcing companies. Organizations can use NPS to assess which outsourcing service is best to partner with because this score shows loyalty trends and growth revenue outputs.

In a way, NPS represents the primary way customers survey their experience because it means that their clients are happy which results in customer loyalty and retention, making this a critical trait a BPO company should have. When used correctly, NPS (of at least 60%) can tell you how well the BPO is performing, how often they resolve issues, and if their clients are satisfied with their experience.

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.

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!

Healthcare
Finance and Accounting
Data and Research
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!