There’s no shortage of myths circling in any given industry around the globe— it’s no different for outsourcing. Organizations, especially small businesses, typically encounter any number of concerns born out of falsehoods when considering outsourcing. However, more often than not, the criticism comes from an outdated understanding of business process outsourcing (BPO). Not only are many outsourcing concerns groundless, but they also hamper businesses from scaling quickly.
While more and more companies turn to business process outsourcing for business support, there are still some business leaders on the fence about it due to these circulating myths. Businesses that have not dared to explore the wealth of opportunities and benefits outsourcing brings to the table are depriving themselves of a highly viable option that can propel their company to greater heights.
In truth, outsourcing partners can play an integral role in a business’ core strategy. BPO companies, when properly aligned, help thousands of companies grow and thrive in today’s ever-competitive market.
Although you might have heard otherwise—with the right third-party provider, you can leverage the benefits of outsourcing, including reduced operational costs, increased staffing flexibility,and improved core competencies among others, while letting you focus on your core business functions.
Don’t let these myths and misconceptions about outsourcing stop you from realizing your business potential. We’ve uncovered the truth behind some of the most common outsourcing myths that continue to plague the industry.
Waiving control over some business functions can be a tough challenge for business leaders. However, outsourcing tasks and business processes doesn’t necessarily mean you’ll lose the prerogative to manage your offshore team and monitor the quality of their work—it’s just a matter of finding the right outsourcing company.
The success of outsourcing depends on having a close working relationship with a suitable third-party provider. An excellent outsourcing partner is capable of adapting to your business and meeting your unique needs with tailored and flexible business solutions. With a well-built partnership and a strong line of communication, you can maintain control over your business while harnessing the expertise of your outsourcing partner.
“Cheaper labor costs equal lower quality results.” Surely you have heard this notion about outsourcing at least once. Often, it’s followed by a statement that goes along the lines of, “You’ll have to deal with with an unfit, unqualified, or inexperienced team.” In all reality, this statement is pretty far from the truth.
Aside from increased staffing flexibility, outsourcing lets you gain access to a larger talent pool and leverage state of the art resources. This is why a lot of business leaders invest their resources into outsourcing. In fact, 65% of the firms that have outsourced in previous years are planning to increase the amount of work they outsource in the future.
By carefully choosing your outsourcing partner, you can ensure your offshore team is fully equipped with the knowledge and skills they need to carry out specific business roles—be it mundane, tedious tasks or highly specialized functions.
You might have noticed that outsourcing providers would usually promote partnerships with large, multinational corporations—and you probably think that outsourcing is not suitable for startups or small businesses. But did you know that more than one-third of small businesses—approximately 37%—currently outsource a business process?
Yes! Outsourcing benefits organizations of all sizes and can help small businesses the same way it supports huge enterprises. In more ways than one, your startup can reap value in partnering with a third-party specialist, as it lets you focus on your core competencies.
Establishing a new business can be laborious and daunting, and it could potentially drown you and your in-house team in back-office work. Don’t sacrifice your productivity and core business functions—let your outsourcing partner worry about such tasks. By getting time-consuming processes off your plate, you can shift your team’s focus on what matters most: improving your core competencies and value propositions.
There is no denying that one of the primary benefits of outsourcing is reducing operational costs, but there is more to it than that. True enough, 59% of businesses who outsource do so to lower costs, but 57% of companies who outsource cite that the main reason is that it enables them to focus on core functions. Additionally, 47% of business also believes that outsourcing solves their capacity issues, while 31% say that it enhances the quality of their services.
Truly, outsourcing is a business strategy that will help your business reach its full potential. Through proper integration of an outsourced team, you can continuously improve your products and services, work with specialists, and delegate and speed up a wide range of functions—from simple tasks to technical business processes.
Although outsourcing can be valuable to organizations of any size, it is essential to remember that not all third-party providers are created equal. Rather than helping your business scale quickly, partnering with unsuitable third-party providers can hamper your growth. As it plays an integral part of your core business strategy, finding the right outsourcing partner is imperative.
Ensure proper integration, realize your business potential, and thrive in today’s ever-competitive market.
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