The Contribution of Industry Experience to Small and Medium Businesses

Oftentimes, there’s no match for industry experience.

Lack of expertise in doing your business is detrimental because viable knowledge creates valuable strategies in ensuring growth. Although industry experience isn’t the be all and end all of a successful business, it is a great foundation in achieving your business goals. Although for small and medium businesses, learning the work around of the industry of their company can be challenging. A study shows that organizations lose 15% of their customer base due to lack of experience in handling their business.

That is why it is crucial to partner with experts that have a good track record in doing business. We listed 4 indisputable reasons on the value of industry experience through outsourcing:

Industry Efficiency

There is no substitute for experience in outsourcing, so make sure that before choosing a partner, check for a proof of positive track record of industry & domain expertise, number of years they have been offering these services, and client partnership tenure and company reputation & success rates such as Net Promoter Score (NPS).

In line with this, they should also have the right expertise and knowledge when it comes to different types of industries in order to render services effectively. As an example, Medicare claims processing is something that can be difficult to build internally, but is the exact skill that an outsourcing provider specializing in medical billing excels at. This can result in significant increase in collections.

Provides Range of Services and Talents

Another thing to factor in when choosing who to partner is its range of services it can support whether Healthcare, Finance and Accounting, Research and Data, Customer Service, Information Technology, and Back Office Support. It would be best if you go for a one-stop provider as this will save you from the trouble of working with different companies for different services. At the same time, dealing with one company enhances overall efficiency of your business.

Industry experienced outsourcing companies can also build you a dedicated team of highly-experienced professionals who can deliver quality results. You may want to look for one that houses talents with the skill and experience necessary to adapt the current technology you are using and be able to continuously improve on it. Usually, a great partner has A+ recruitment team and process who has access to world-class talent despite the competitive talent pool yet proving up to 70% operational cost savings.

Well-Established Information Security

Information security is a must especially if you opt to outsource you services because you will share company data to a third-party provider. An outsourcing company who is an expert in the BPO field is always ISO certified and HIPAA compliant. ISO, also known as International Organization for Standardization, is the certification for any business to deliver a consistent level of quality to its customers by having well-defined and regularly checked processes. HIPAA, on the other hand, stands for Health Insurance Portability and Accountability Act, which develops standards and rules that protect the security and privacy of personal health information.

Tech Forward

Keeping up with the fast-paced digital world can only be done through the use of top-notch technology. When selecting your outsourcing partner, see to it that they use the necessary software and a well-maintained infrastructure preferably with both back-up power and storage to secure the compiling and storing of patients’ data.

Additionally, you may opt for a provider that is technology-agnostic or one that has the flexibility to adapt to your organization’s current technology and enhance it further. Industry experienced companies can help enhance your current technology. This will ensure that your technology gets innovated in such a way that it solves the bigger picture problems while allowing your business to hit its goals.

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.

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