11 Essential Attributes of a Successful BPO Partnership

popular - invensis Dec-7th-2020 345
popular - invensis
  • The global outsourcing industry had experienced sustained revenue growth between the years 2000 to 2012, followed by a disruption in the years 2012-2015. At present, it is experiencing a growth surge. The latest IDC report by GII predicts that the Global Outsourcing Market is expected to reach the US $256.2 billion in 2021 with a five-year CAGR of 5.3%. In addition, the outlook towards BPO has changed, with BPO now being considered a transformational tool. Businesses are now expecting it to add more value beyond cost reductions. Outsourcing facilitates broadening the market base, enhancing business-customer relationships, providing new answers to complex and changing questions, and pushing business process transformation.


    Dec-7th-2020

345

Here are 11 essential attributes that distinguish a top-performing BPO partner from the rest.An effective BPO partner

Inculcates a Partnership-based approach

A survey conducted by the Everest Group found that adopting a partnership-based approach towards BPO governance is a best-in-class BPO practice. This approach involves both parties taking a collaborative approach to governance. The BPO provider plays the role of a strategic partner, and both parties are adopting a flexible attitude towards business objectives as the relationship matures. Both parties take a fair approach towards conflict resolution. It would also require a shared approach towards governance, operation, management, and organizational structures.

Emphasizes on Conferring Value beyond Cost Reduction

An ideal BPO partner should not restrict itself to fulfilling the essentials but must think about delivering value far beyond the minimum. A high-performing BPO provider should think of how their service can help their client far beyond the limitations, contribute to improving collaboration and innovation, and have specific ideas on their contribution and strategies and ideas concerning the future. Today's BPO providers are expected to go above and beyond the SLAs where possible, keeping the company goals and vision in mind. In a survey of businesses, 2/3rd respondents expressed a requirement for BPO partnerships to be value-based and not just simply about reducing costs. A BPO partner should address both tangible as well as intangible objectives.

Leverages Latest Technology for Business Process Transformation

A high-performing BPO partner customizes its processes using technology to multiply value. Cloud computing, analytics, social media, and automation are among the latest technologies employed to differentiate the top BPO provider from the average. It helps them innovate and confer an advantage. A survey conducted by Everest Group showed that 56% percent of high-performing businesses said gaining access to technology in a BPO partnership was important. In contrast, only 27 percent of typical performers agreed.

Possesses Capabilities that Assure Results

A suitable BPO provider would possess the necessary wherewithal, including processes and technology that can be used to re-engineer your processes to help achieve your goals within the specified time limit. It would be utilizing performance metrics that help in monitoring the performance of the outsourced processes and how it impacts the company's overall performance.

Possesses Comprehensive Industry Domain Expertise Enriched by Analytics

Companies must carry out thorough research into the capabilities of the potential BPO partner. Some of the necessary attributes that the BPO provider must possess include the possession of in-depth knowledge of industry verticals and best practices. The BPO partner must display considerable expertise and experience in the desired industry line. They should have worked with other businesses and organizations in your industry. They should be well aware of industry-specific context, terms, concepts, facts, and trends necessary for ensuring that exact and precise BPO services are provided.

Offers the Right Outsourcing Solutions in the Right Location

As BPO options expand and outsourcing providers expand their footprint worldwide, choosing the right location for outsourcing becomes critical for the success of business strategies. Keeping the number of available options in mind (nearshoring, offshoring, onshoring), companies must identify the BPO partner with global service delivery centers that are best suited for translating their BPO goals. Different businesses benefit from different kinds of outsourcing models. An experienced BPO partner would provide you with the best possible solutions for your BPO requirements, ensuring that your process is executed in a location that is conveniently located to your business, not affected relatively by prevailing global forces such as wars and conflicts, and equipped with disaster recovery options.

Promotes Business Adaptability by Offering Scalability

An effective BPO partner would have options for scalability incorporated as part of its outsourcing mandate keeping the uncertain and dynamic global economic and business conditions in context. They would be able to scale up or down the operations of the project following the requirements. The quality of a BPO partner can be evaluated from how they can modulate a project in response to changing requirements and opening up in new locations, where required. They should be able to align their schedule along with yours.

Comprehensively Invests in Human Talent

A high-performance BPO partner will invest in its human resources as any BPO enterprise's success depends on the quality of the staff. High-performing staff will ensure that a BPO project ranks high on all KPIs. Surveys show that most companies realize that the success of BPO initiatives hinges upon the investment in manpower. 75% of top business performers credit the success of their BPO activities to the quality of the provider's BPO people expertise. Only 38% of average business performers realize the value of its human resources.

To achieve high FCR rates

Call center agents located at an offshore location might lack the cultural knowledge and fluency of an in-house call center operation. This is where first call resolution (FCR) comes into the picture. Research has shown that customers are more satisfied when they get their queries or problems solved within their first call to customer service. But on many occasions, the FCR rates do not meet the requirements from an outsourced call center operation due to various factors. However, this can be resolved by partnering with the right experienced vendor who has high FCR rates for their call center services. You can do a thorough check with your vendor's clients and ask for their reference if possible.

Complies With International Industry-Specific Process Quality And Data Security Standards

The right BPO partner should have processes and procedures aligned with standard industry regulations concerning quality management, data quality, and security. Data security has become a serious issue worldwide, with many high-profile security breaches have occurred in recent times. Confidentiality and data protection remains a vital issue of concern for companies intending to outsource. A reliable BPO partner would address these issues by ensuring that they possess accreditations from top industry-specific regulators, which measure their commitment to data security, confidentiality, protection of healthcare information, and other industry-specific requirements.

Provides Business Continuity Planning And Disaster Recovery Options

A reliable BPO service provider would possess contingency plans to ensure business continuity in emergencies and disasters. The Business Continuity Planning options would include measures to minimize service disruption and enable resumption of normal operations and facilitate shifting of services. Embarking on an outsourcing journey requires enormous research and planning before settling on the right kind of BPO partner that helps businesses achieve their mission-critical goals. Inserting the above points in their BPO partner selection checklist would help businesses make more effective and accurate decisions regarding the choice of a suitable BPO partner. The careful and well-researched choice of an efficient and experienced BPO service provider would help businesses comprehensively achieve their goals.

Invensis’ deep industry specific expertise helps us to tailor customized Business Process Outsourcing (BPO) services that match your business needs. We aim to enhance your service delivery excellence while ensuring compliance with industry-followed quality and security standards. Visit Services for more details.

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About Invensis

Invensis, a pioneer in providing IT-BPO services with more than 16 years of experience offers you impeccable, efficient and high quality Back Office Business Process Outsourcing (BPO) services. Invensis provides a wide variety of BPO services such as data entry, data mining, data management and catalog management. By partnering with us, you can leverage the benefits of our dedicated, customized back office bpo services to boost your business efficiency.

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What We Offer at Invensis

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s,