Five reasons you should consider Business Process Outsourcing
The Business Processing Outsourcing (BPO) industry has grown significantly over the last five years andit is expected to reach $343 billion in global annual revenues by 2025.
Outsourcing is no longer only being leveraged by large enterprises. Offshoring human resources and processes is attainable - and can be very attractive - to small and middle market businesses. Here’s why.
Cloud based technology has changed the way businesses operate. It has facilitated efficient data storage, communication and delivery of software as a service. The cloud allows 24/7 real time access from anywhere in the world to whatever part of your business you choose to share.
Most BPO providers are specialists in understanding the right technology for delivery of the right outcomes. The right provider will have technology solutions that are proven to suit your business needs.
2) Access to global human resources
Specific skill sets and populations around the globe vary significantly. BPO centres focus on establishing delivery of a service where there is an abundance of the necessary skills to provide that service. For example, in Australia, we have a shortage of accountants. India has five times as many qualified accountants as Australia with a very high level of skill, and so is the chosen location for many BPO offices that deliver accounting and technology services.
3) Efficient allocation of your resources
A shortage of a particular skill will lead to a higher cost of engaging that skill. Many business owners do not consider that, on top of the high local labour cost, there are additional costs of employing local human resources. Offshoring can avoid the ancillary costs of local employment such as premises, technology infrastructure, taxes and employment oncosts. The cost of offshore resources is all inclusive.
4) Let’s focus on what matters most
As businesses grow, they are at risk of losing focus on the reasons why they chose to go into business in the first place. This often means their product or service quality will decline as the owners and operators try to manage the people, systems and processes that they are not necessarily skilled at managing. BPO service providers often have industry-based solutions for people, technology, systems and procedures that are proven, removing the angst of trial and error, allowing management to focus on the core competencies of the business.
5) Provides scale and flexibility
Businesses growing quickly need to access resources and implement robust systems quickly as they grow. BPO can offer a depth of resources and proven systems that can be very quickly implemented to support the growth of your business.
Having provided reasons to consider BPO, it is important to recognise that it may not be suitable for all businesses. If you would like to explore BPO further, please contact Anthony Sullivan in the Sydney office ([email protected]) or your local PKF adviser. One of the practices in the PKF Australia network has an offshore BPO office with a team of 80 serving medium sized businesses across many industries and that team is ready to support you and your business.