BPO or business process outsourcing is a rapidly changing industry with a huge market share that is expected to rise double in this decade. You may wonder what BPO is and why it is in the focus.
In layman’s language, BPO is a practice where a company hires third-party contractors for their non-core business functions. The outsourced process involves public relations, marketing, accounting, customer experience, and more. Usually, these processes are classified as back-office and front-office. The front-office work involves direct customer contact and client contact. The back-office work involves processes that include support and management roles. These all are essential for the business but might not be the prime focus of the company.
You have landed this page, you might be interested in knowing why BPO or business process outsourcing is the most strategical and tactical move for the companies. Associating with a BPO can highly be beneficial for your company. Let’s see how outsourcing retail service would help you.
Let’s take a walkthrough –
1. Reduced Labor Costs
The first reason for considering non-core function outsourcing to a BPO company is less labor cost. The cost of employing a single customer service specialist is quite high in the United States and when you are adding up it, the cost starts rising more. Employing an outsourcing company will reduce the cost as here at an affordable rate, you will get complete customer service without the overhead cost.
2. Reduced Infrastructure Costs
Attempting to set up an infrastructure for any department is indeed a costly affair. The software and hardware cost are thousand dollars for every workstation. That is not enough. You are not done with the workstation setup. The everchanging technologies need you to upgrade the workstations constantly and the cost also rises up. Fortunately, upon hiring outsourcing retail service, you can dodge the entire cost of workstation setup and infrastructure setup. You just need to pay an amount and that is it.
3. Scalability
Another advantage of associating with a business process outsourcing company is that you only have to pay for the pre-set services at a specific time. If you employ specialists, you need to pay them for the entire year regardless of their workload. We do not deny that there are certain advantages of in-house customer service but that is not always the most cost-effective option. BPO lets you to pay for the amount of work you require for a specific time. You do not need to pay for the entire year even though there is less work. You can also decrease and increase the work amount throughout the year according to peak and off-seasons. It will maximize the dollar value invested for acquiring the best customer experience.
4. No In-House Hiring or Training
The hiring cost of the in-house customer support specialists starts even before hiring the employee. We all consider time equivalent to money and hiring the right person takes a significant time. It starts there. The probation period of the employee is more expensive as the employee gets training during that period. But the employee can be found a poor fit for the company. The worst part is no one knows how long the cycle is going to repeat itself. With outsourcing, you can avoid this cycle of hiring and training so you can invest your budget in other purposes.
5. Advanced Insights
How do you measure the success of your company? Every company faces this question. In every aspect where you want to improve your business, you need to follow data interpretation, data collection is not enough. Associating with outsourcing retail service that has specialization in a particular industry will fetch you more informed insights and to-the-point reports. Such documents will always help to grow and improve your business.
6. Save Time
As we mentioned before, time is equivalent to money. This is why you should ensure that the employees and you are investing time in the core functions of the company and rest non-core functions are outsourced to BPOs. Tying up with a BPO company will let you have more time to fulfill the core functions and you can free up your time because you do not need time on the non-core functions.
7. 24 Hour Customer Care
If you are an integral part of a business-to-consumer company and searching for outsourcing companies, make sure to select someone who gives 24/7 service. Customers across the globe always prefer customer care services that are 24 hours available and are considered a significantly valuable resource. If you are located in the United States and the customer support team is also there, the customers remain out of support for 16 hours. For the 8 hours of support, obviously, there will be a long queue and customers need to wait long. When you tie up with a multinational company that serves in different time zones will keep the customer retention rate higher and prevent them from turning off your business. When you are growing as a multinational business, outsourcing is a great help.
8. Expedient service
When the non-core functions are taken care of by the in-house employees or support, the possibilities of tasks being forgotten and ignored are always there. If the customer support does not pay attention to the non-core functions, the customers start to suffer. However, when you associate with a business process outsourcing company that has specialization in a particular field, you would start receiving better turnaround because these tasks are always their focus. It also renders more efficient and faster client service leading to happy customers.
9. Global Expansion
The BPOs are multinational and often they have offices in multiple locations across the world. These companies are always keen to hire local people due to their clear understanding of the local market. If the company plans to spread its wings to diverse global markets, the assistance of outsourcing retail service with offices in different markets. It will let to gather knowledge on the specific requirements of the potential clients and customers in those nations. Collecting feedback from the individuals who comprehend the native market well is valuable, therefore, it will help expand the company easily.
10. Full-Service
Hiring individual employees for performing specific tasks is costly and takes a lot of time. A single specialist is not always properly prepared to deal with all required aspects in any required field. For example, a marketing professional might not have complete insight into public relations work.
It means the employees either should end up their task performance where they do not have a specialization or another employee or a team should be hired for those tasks. The BPO companies should appoint specialists who are able to perform different tasks according to client requirements.
11. Larger Talent Pool
Another advantage is that partnering with a retail BPO gives you that access to a larger pool of talents. A BPO company who have a specialization in customer experience has more high-level specialists because this is the nature of the business.
13. External Ideas
Another added advantage of business process outsourcing is it helps generate new ideas. Every business has its set process and procedure that have worked for them, and they may be reluctant to change those ideas that have worked for them previously. A BPO always brings in fresh ideas for better process improvement and also implements new processes as well. The new ideas help the businesses to use the underutilized or missed opportunities to earn more revenues. This is also important while gauging customer satisfaction and experience. The external ideas can add value to the company that you may have missed realizing. This is how associating with BPO companies can make a big difference.
14. Multilingual Support
Associating with a BPO company allows understanding the global market better as it connects with customer service professionals who speak their native language. Customer communication in their native language will make the customers feel valued and encourage them to use your services.
15. Quality Assurance
Associating with a company who have staff members and technology for call monitoring is imperative for the company’s success and to ensure the call center team is performing at its peak.
While selecting the retail BPO company, make sure you are receiving the highest quality service and have the required tools and expertise for ensuring the call handling in a way to keep the customers satisfied. For your home improvement business too, appointing a HVAC contact center service is the best bet.