Common Business Process Outsourcing Services You Can Start Outsourcing Today
The article discusses common business process outsourcing services that you can assign to an external outsourcing provider.
What is Business Process Outsourcing?
Business Process Outsourcing, or BPO, refers to the process of contracting standard business functions to be handled by a party outside of the company.
According to a study conducted by Grand View Research, Inc., the global Business Process Outsourcing market is expanding at a Compound Annual Growth Rate (CAGR) of 8.0 %, annually, and is expected to reach US $405.6 billion by 2027. (Grand View Research)
In Business Process Outsourcing, the vendor performs a service for the end customer. Business Process Outsourcing is typically classified as front office or back-office outsourcing. Front Office outsourcing involves the direct assistance and interaction of customers at every point in the buyer journey which include Market Research, General Customer Support, Technical and Service Support, Telemarketing and Telesales. Its opposite, Back-Office outsourcing, essentially covers support tasks like data entry, Payment and Processing, Lead Generation, Appointment Setting, HR support services, accounting services, creative services, IT support and technology development.
Read more of the common types of Business Process Outsourcing services:
Outsourcing Accounting services can help the business by properly assigning transactional and repetitive Accounting processes such as managing all financial transactions that take up a lot of time and effort.
Outsourced Accountants provide accurate and on-time support of accurate quantitative information on the financial position, liquidity, reports, and cash flows of the business.
Businesses can outsource and choose to hire from a huge talent pool of experienced Accountants under different roles and specializations such as Bookkeepers, Accounting Associates, Junior Certified Public Accountants, Senior Certified Public Accountants, Controllers, Payroll Specialists, Debt Collections and Billing Specialists and more.
Accounting Outsourcing is designed to provide the business with accounting service support. Accounting Outsourcing lets you transfer Accounting functions to a third-party provider that hires a team of outsourced accountants to provide accurate quantitative information on the financial position, liquidity, and cash flows of our business, and ensures compliance with tax regulations.
Based on the experience level of the employee, Accounting Outsourcing can lead to 60% lower overhead as well as decreased costs.
Businesses can grow the customer base by identifying qualified customers by building customer lists and reaching out to target market segments through Outsourcing Marketing services.
There are many functions you can outsource such as time consuming data collection and list organization of new prospects, organizing data, and monitoring productivity reports.
Aside from this, outsourced Marketing services include content and resource creation perfect for building blog posts, white papers, social media content, and other resources, and optimizing your website and brand awareness and credibility.
Outsourced marketers are also capable of interacting with your audiences in marketing channels by creating social media posts, interact with your potential customers, and respond to comments and inquiries. Outsourced Web Developers can provide support by uploading content, administering your website, and building new landing pages.
The IT outsourcing market share is expected to increase by USD 97.51 billion from 2019 to 2024. The growth momentum of the market will accelerate at a CAGR of 5% during the forecast period.
According to Statista’s Technology Market Outlook (TMO), the IT outsourcing industry is divided into administration outsourcing, application outsourcing, web hosting, and other IT outsourcing. In total, these segments are forecast to account for a combined revenue of 351 billion U.S. dollars in 2021.
IT Outsourcing helps businesses hire technical support specialists with proper technical knowledge to build and deploy a scalable product, and assist and resolve both client and employee-related troubleshooting, or technical to process queries.
In this model, you can also outsource services to an experienced IT Support personnel with proper technical knowledge on Help desk assistance on technical to process queries and resolution for both clients and employees, software or product development and information security. Outsource software development to an experienced product development team equipped in timely technical support for troubleshooting, building and deploying a scalable and agile product.
HR Outsourcing is a cost-effective solution to delegating HR functions. HR functions that can be outsourced can range from specific functions such as recruitment and selection, providing new hire support, compliance, training, employee relations, employee engagement, performance payroll processing, and performance management, payroll processing or work policy updates or a broader aspect such as the end-to-end HR solutions. These include administrative HR tasks such as keeping employee records up to date, updating the employee database, filing employment contracts, preparing performance metrics or corresponding performance reports, or providing support to newly hired employees. Also, Recruitment functions are popular, such as conducting Interviews and Hiring, New Hire Onboarding, and Employment Verification checks. Another is Payroll Processing where Outsourced HR manages payroll transactions and establishes an effective payroll procedure and transactions for a company. Other functions include Compensation Management, Performance Management and training, Employee Engagement.
The global market for Human Resource Outsourcing (HRO) estimated at US$32.8 Billion in the year 2020, is projected to reach a revised size of US$45.8 Billion by 2027, growing at a CAGR of 4.9% over the analysis period 2020-2027. (ResearchandMarkets)
In a survey conducted by Accenture of executives of more than 120 companies in North America and Europe with annual revenues of at least US$1 billion, the results found that outsourcing is now firmly embedded as part of HR service delivery. (Accenture)
Outsourced Customer Service
The customer care outsourcing market segment is the leading business process outsourcing segment, is expected to grow to around 30.4 billion U.S. dollars by 2027. (Statista)
Customers want their troubleshooting queries to be attended to and resolved quickly. They demand responsive and effective customer support, especially when it comes to resolution of issues. Customer Service Outsourcing provides a reduced cost structure and efficient business model which can improve overall customer service operations and lesser turnaround time.
Businesses can deliver a positive customer experience by outsourcing Help Desk services. Outsourced Help Desk Specialists are capable of assisting and troubleshooting product or service-related concerns of customers. Help Desk Support specialists respond to customer queries and resolves customer service to IT related issues quickly across any application, device, or channel.
Responsive and quality support and problem resolution requires a dedicated team for you to assist customers’ needs and meet their demands 24/7. Another function businesses can outsource is Live Chat. This is an important aspect of comprehensive customer service support when addressing urgent customer demands such as resolutions, FAQs, or product inquiries.
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Explore the top reasons why small businesses should consider IT outsourcing, a key aspect of business process optimization. Visit our blog for valuable insights and start transforming your strategy today.
Business Process Outsourcing Market Size, Share & Trends Analysis Report By Service Type (Customer Services, Finance & Accounting), By End-Use (IT & Telecommunication, BFSI), By Region, And Segment Forecasts, 2022 – 2030. https://www.grandviewresearch.com/industry-analysis/business-process-outsourcing-bpo-market. Grand View Research. Accessed October 5, 2022.
“Eighty Percent of Companies That Outsource HR Functions Would Do So Again, According to Study by The Conference Board and Accenture”. https://newsroom.accenture.com/subjects/talent-organization-performance/eighty-percent-companies-that-outsource-hr-functions-would-do-so-again-according-to-study-by-conference-board-and-accenture.htm. Accenture Newsroom. Published April 15, 2004. Accessed October 5, 2022.
Customer care BPO market size from 2017 to 2027. https://www.statista.com/statistics/1024971/customer-care-bpo-market-size-worldwide/. Statista. 2017. Accessed October 5, 2022.
Human Resource Outsourcing (HRO) – Global Market Trajectory & Analytics. https://www.researchandmarkets.com/reports/347960/human_resource_outsourcing_hro_global_market. Research and Markets. Published April 2021. Accessed October 5, 2022.