The next time you walk into your office, think about all the departments that work under your roof. Anybody’s job in your office can be outsourced. Your accounts can be managed in India, your payroll in Philippines, your credit cards in South America and your legal matters in China. The opportunities and the comparative advantage that most of the BPO’s hubs across the world present are immense. The expertise and the quality of work are equally matched or sometimes even better given the cutting edge technology and skilled labour made easily available and at less expensive rates. Companies stand to benefit from the outsourcing firm’s economies of scale.
So, what are the services available to firms wanting to outsource? A multitude of functions requiring higher level of specialization to functions requiring basic computer skills all can be outsourced. They are:
Human Resources and Secretarial Outsourcing- companies can have their HR paperwork, payroll processing, administration of employee benefits; all secretarial work can be outsourced.
Transcription Outsourcing- the most popular transcription service is medical transcription. Also legal notes, emails, letters, reports, interviews, press releases etc can be transcribed into words too.
Accounting Outsourcing- outsourcing firms offer accounting services such as preparing balance sheets or financial statements, billing and payment management, tax planning and auditing etc.
Customer services/Call Center Outsourcing- this is probably the most popular outsourced function. The benefits are innumerable as calls ranging from technical support to front end customer service, from front line sales for insurance companies, banks, mortgages, entertainment services etc to backend support functions, can be routed to outsourced call handling centers.
Sales and Marketing Outsourcing- Activities such as advertising, logo design, campaign design, public relations, media management, corporate communications and event management can be outsourced.
IT Outsourcing- Countries like the US and the UK are facing a serious dearth of IT professionals and the demand for them is sure to increase in the coming years. IT outsourcing gives you access to the best brains in IT at a much cheaper cost. Opportunities are endless. Companies can outsource functions like software and hardware development & maintenance, network and telecom services and technical helpdesks (contact center support).
Logistics and Distribution Outsourcing- companies like UPS, Bluedart, Fedex offer good options in outsourcing to companies wanting their distribution networks outsourced. Logistics management is also outsourced by a lot of companies that have higher volumes of production and need large spaces and facilities.
Knowledge Process Outsourcing- companies can decide to outsource some of the high value and high skill requiring jobs to places where they can have access to some of the best talent in that particular field.People working in a KPO are highly skilled and qualified individuals such as lawyers, doctors, engineers, MBA’s, Chartered Accountants, Company Secretaries etc. Experts in market research, investment banking and research, medical research, patent management and research, legal research, engineering and construction specialists etc.
The list of functions that can be outsourced can be endless. What should of course be kept in mind is the nature of your business and the demands of your customer. Outsourcing can help increase your profit margins however what needs to be determined is how you can make it work for you, to your advantage.