Back office outsourcing enables companies to maximize their resources and focus on their core competencies. In what way can it exactly help SMEs survive and thrive in a competitive market filled with industry giants?
Small and medium-sized enterprises (SMEs) need a few things to grow into large companies: a laser-like focus on their core competency, efficient operations, smart planning, and expertly-executed processes.
To keep up with today’s
increasingly competitive business environment, SMEs strive to achieve all these
things, but the reality remains that not all are successful in their attempts
at doing so.
A highly-competitive market is a place where a huge number of businesses compete to satisfy the needs and wants of their target consumers. In the field populated by big corporations and many other SMEs, how can you keep your pace?
Determining the challenges in your industry and the problems at a micro-level is a good way to start.
What Is Back Office Outsourcing?
Outsourcing back office work is the business activity of transferring a company’s back office functions to a third-party provider. It assists businesses in delegating administrative jobs such as human resources, administrative, marketing, payroll and accounting, data entry, and IT to ensure efficient and sustainable operation. With this support, business owners can maximize the full potential of their resources, leading to positive business growth.
Back-office operations play a key role in the smooth functioning of any business. Back office outsourcing company helps businesses and organizations to eliminate their data management pain points. At Managed Outsource Solutions, we offer customized back office services supported by skilled personnel and advanced technologies that will help drive business growth. We have extensive experience in providing back office support for diverse industries including banking, financial, media, insurance, education, legal, healthcare and many more.
What Are The Setbacks Of Outsourcing Back Office Work?
While it is important to know the benefits you can reap from outsourcing, you also have to find out its possible drawbacks. This will allow you to develop a plan to mitigate the risks as early as possible.
Information leakage and privacy threat. This is a top concern among business owners. When you entrust sensitive information to a third-party, you will have minimal control over your data. To prevent leakage of information from happening, choose a service provider with ISO 27001, PCI DSS, HIPAA, or other data security certification.
Hidden costs. It is tempting to outsource from a company with low-cost services. However, they may add hidden charges in the service they provide. If you are planning to outsource soon, ask your service provider to provide a transparent report and a clear financial breakdown to see where your money is going.
Less operational and quality control. When you outsource, there is a risk of losing control over the output quality. The solution to this dilemma? Be clear in telling the BPO company to send you regular updates on the condition of your outsourced task.
Language and cultural barriers. You may experience difficulties communicating with a service provider if there’s a huge linguistic and cultural gap between you. As much as possible, outsource from a country with high adaptability and familiarity in different cultures.
Types Of Back Office Support Services To Help Your Business Grow
Outsourcing back office work has been helping SMEs and large corporations alike in achieving higher operational efficiency, superior customer service, and improved value chain management.
A wide range of outsourcing solutions is fully customizable and cost-effective, enabling you to provide personalized service to your clients. You can also exercise greater flexibility with your financial resources. Because outsourced staff in the Philippines are all highly-educated and trained experts in various specialized and technical fields, you’ll have the confidence of entrusting your back office functions to companies in this country. Aside from competent staff, BPO companies also invested in state of the art computer technologies and IT equipment to deliver efficient, excellent, and expedited results to international clients.
Accounting And Finance
From payroll and accounting processing to debt collection, let our financial experts’ knowledge gained from education and experience help your SME achieve error-free financial reports, timely payroll, and seamless financial management.
Data Management Services
Entrusting your business’ data entry, data processing, data mining, or data cleansing to a team of data experts can help you make strategic and well-informed business decisions. Our professional data management services can also protect you from the nightmare of data inaccuracies and data loss.
Digital Marketing
Improve the visibility of your business and e-commerce site with the help of creative and technical-savvy Filipino digital marketers.
Engineering And Architecture
Tap on the expertise of professional engineers and architectures. Meet the deadlines and improve the turnaround time of your projects.
Forms Processing
Entrusting this mundane task to BPO professionals improves SMEs overall organizational performance.
Let our forms processing specialists and machinery handle this time-consuming job with greater accuracy and speed, improving your staff’s productivity and your SME’s overall organizational performance.
Software Development
While we specialize in custom software development, our software and application developers are also knowledgeable in all the other aspects of the software development process, so you can rest assured that your software development is in good hands when you outsource to us.
Staff Leasing
Get rid of the time-consuming process of sourcing, screening, and interviewing of job applicants. With staff leasing services, you can have the best talent to work for you.
From creative jobs to technical roles, our in-house recruitment team can help you sort out experienced and skilled job candidates.
Technology Solutions And IT Services
Upgrading your business’ technology capital without high investment is possible by outsourcing IT services. With the help of our latest IT equipment, our IT professionals are committed to bringing you fast, high-quality and reliable technology services, 24/7.
Virtual Assistants
Looking for a general VA, article writer, or web developer? Let our team of highly-skilled virtual assistants handle these tasks for you so you can focus on more client-building and income-generating endeavors for your business.
3D Services
Need help in 3D scanning, 3D modeling, 3D drafting, or 3D printing? Outsource 3D services to the Philippines to experience valuable cost savings and quality outputs delivered on time.
Choosing The Right Outsourcing Partner
Outsourcing per se does not guarantee your success. You need to consider several factors to make sure you’re getting the most out of this business activity. It requires preparation and a deliberate method of choosing the most suitable service provider based on your needs and preferences.
When choosing a service provider, make sure that the company resonates and aligns with your long-term goals. More than the cost savings, think of the value they can provide to your business. Can they help you handle your back office tasks effectively so you can focus on making your business highly-competitive?
Always focus on the quality of service they provide. You can look into their track record and expertise to know if they’re the right fit for your business.
To achieve all this, you have to make sure that you’ve already identified all your needs and challenges. When you have this information at hand, you can communicate your goals and vision to potential service providers — resulting in a beneficial and long-term partnership.
Key Steps to Outsource Back Office Operations the Right Way
Often on our projects, we realize that organizations forget to follow a few steps before assigning tasks. If you have been thinking of outsourcing back office services, there are a few things you need to do. These will help you make the most out of the services you acquire. These steps will help us understand exactly what it is you’re looking for. Based on our experience at Simply Contact, these key steps help you outsource back office operations the right way:
Define your goals
The first step is to identify what services you need. It is best to make a list of all the back office operations that need to be conducted at your organization. This will help you find the right people who have all the things you need to get done.
Set up the requirements
Once you know what you need, you will have to identify what you expect in each of the departments. This can include how often you would need reports when you would need softcopies of data, and so on. It all depends on the needs of the organization.
Determine the budget
The next step is to identify how much you can afford to spend on these services. Do the math and figure out what would be more profitable for your business. This step helps you narrow down providers so you can find exactly what you’re looking for.
Check the level of experience and expertise of BPO partners
A crucial step is to check the experience and expertise of partners. They need to be skilled in the areas where you will require work. Make sure that they have had experience in all required departments and have the resources to manage operations effectively.
Ensure data security
Since you are providing almost all of your data to them, you need to make sure your data will be secure. This means that it is all confidential and cannot be shared with anyone else. Be sure to sign a confidentiality agreement, so you know that your data is always in safe hands.
Summary
Running an organization is tough, and any means to simplify things should be taken. Back office operations are essential, but at times, they seem to be getting in the way of what’s more important. Outsourcing back office operations is a great way to ease the workload. We take care of all of the back office operations with the best talent and technology. If you’re looking for partners who never fail to deliver, contact us. We will do everything you need for you.