Monday, August 12, 2019
In an age of increasing competitiveness, where advancements in technology have made creating great products accessible to many companies with less capital, one key aspect has become the crucial differentiator: Customer service. When it comes right down to it, the only point of differentiation left today is the CX itself.
This shift is the result of the digital transformation nearly all companies must undertake to remain competitive, and it is why CFOs and CEOs continuously rank customer service as a high-level priority. Business leaders are under pressure to balance cost and growth potential, which requires meeting increasing demands from customers, while also focusing on producing the best products and innovating their core competencies.
As companies grow, they become more complex, and many CEOs and CFOs begin to look into business process outsourcing (BPO) to help them sustain growth and remain competitive. In fact, IDC (International Data Corporation) analysis shows that by 2019 revenue for outsourcing will increase to $232.9 billion, and this includes front and back office positions, and IT.
The Outsourcing Revolution survey found that the main reason for outsourcing has also gone beyond simple cost savings, with over 90% of firms surveyed claiming “outsourcing as crucial to their growth strategies.” A survey conducted by CGS in 2016 found that after reduced costs, the next top goals for outsourcing include improved efficiency, more effective IT services, ability to focus on core capabilities, and improving customer satisfaction.
We have reached a point where nearly every company will consider BPO solutions at some point, but the reality is that outsourcing will not make sense for all companies at all times. Business leaders must ask themselves: Is it time to partner with a BPO solutions provider?
Several key indicators will clarify when outsourcing is the right solution for your challenges, and it begins with weighing the benefits of outsourcing against the benefits of maintaining internal departments. The goal is to understand the exact “how” and “why” BPO will have a positive impact on your business. Each company will have its own unique goals and requirements.
Regarding the Common Indicators about considering of the right time outsourcing, below is the List of the Top three:
1/ You are experiencing seasonal spikes in call volume or consistent call overflow.
Outsourcing agencies are experts at anticipating and planning for peak call volumes, and they have the recruiting and training capabilities to ramp up quickly as needed. Supplementing staff while your customer base is growing at a fast pace allows your company to grow while staying focused on core competencies.
2/ You are experiencing growth and have difficulty scaling or increasing staff for ancillary functions like HR, IT, Training, Finance and Quality Control teams.
Growth is an essential element for expansion. If your company cannot incorporate growth strategies like cost reduction, the space to house agents or products, or the technology required to enhance performance, you could be hindering your ability to thrive in the global market. Because of the diverse clientele, outsourcing companies act as collaborative partners that provide operational flexibility. Outsourcing gives you a competitive edge by helping you streamline business processes, maintain consistency across different geographies, enter new international markets, or scale up and down with greater efficiency. This enables your company to remain flexible and nimble without sacrificing your focus on core competencies, or great service to your customers. This is the winning combination for setting your business apart from your competitors.
3/ You are finding it practically impossible to keep up with increasing customer expectations for personalized service, 24x7x365 support coverage.
Is your company struggling to invest in, and keep up-to-date, with the latest innovative technology in customer service? Do your customers expect service at any time of day? Customer’s today expect a lot from businesses. They expect agents to know their names, their history with the company, and to be available in a variety of ways at all times of the day. Essentially, customers no longer expect agents to answer a call and simply direct them to another person. Instead, they demand that agents are experts and problem solvers who will resolve their concern on the first call. If you find that your team is over-stretched by trying to meet the requirements for outstanding customer service today, especially if implementing new and innovative software is required, this could be the right time to outsource. Many outsourcing companies have technology-based software like Cloud-Computing and Robotic and Cognitive Process Automation, that enables agents to provide personalized, efficient service to your customers. These tools give agents greater ability to resolve customer issues efficiently and on the first call.