As we begin 2021, companies of all sizes will need to adapt to new ways of doing business. The importance of efficiency and exceeding customer expectations has never been greater. As businesses look to improve the way they function, those who pay special attention to their Unique Selling Point (USP), while outsourcing certain tasks will be rewarded.
While the current global landscape has undoubtedly increased the need for outsourcing, its popularity among business owners has been growing for several years. According to a recent study conducted by Grand View Research Inc, the global business process outsourcing market size is expected to reach $405.6 billion by 2027, expanding at a compound annual growth rate of 8%.
What Are BPO Companies and What Services Do They Offer?
Business process outsourcing (BPO) is a method of subcontracting various business-related operations to third-party vendors. While originally BPO applied solely to manufacturers who would outsource large segments of their supply chains, in recent years BPO has become prevalent among areas such as telemarketing, social media marketing, customer retention, tech support and more.
How Can You Increase Business Efficiency in 2021?
2021 will present many uncertainties in the business world. Outsourcing to a BPO company allows you to react swiftly to changing trends and shifts in customer behaviours. When you manage these processes internally, it’s your responsibility to predict changes, monitor trends and act accordingly. In such unpredictable times, it’s wise to trust a highly experienced partner to make you aware of and respond to these seismic shifts.
Business competition in 2021 is going to be tough. It’s important for brands to focus more time and energy into what makes them stand out in their marketplace – their Unique Selling Point. However, this doesn’t mean that other tasks can be ignored. Outsourcing processes like telemarketing, customer retention or social media marketing to a BPO company could pay dividends.
How Can You Decrease Operating Costs in 2021?
Building and managing a specialized in-house team whether for sales, marketing or customer retention is expensive and will take time to develop.
By outsourcing, you are able to save considerably on time and costs associated with hiring and managing a team, as well as significantly reduce office-related expenses. You will save on leasing and the ever-increasing operating costs of running a large office with a high headcount.
Saving Costs by Sharing Costs
As BPO companies serve multiple clients, many of the expenses involved in overseeing or managing aspects of your business are shared among other businesses. These savings are passed on to you.
By partnering with a trusted BPO company that places high importance on staff competence and training, you avoid expensive errors – allowing you to exceed business goals and bypass unnecessary stress.
Many BPO companies offer bespoke pricing models – a preferred choice over budget intrusive, fixed-term contracts. If your business only requires outsourcing for certain periods of the year, you can rely on a BPO company to carry out the necessary tasks as needed.
If you’re interested in learning more about the advantages of utilizing a BPO company to further your success, contact us today.