Most Outsourced Business Functions

Amy Pattinson
August 25, 2022
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6
 Mins Read

Outsourcing is the strategy in which a company receives a product or service from a third party rather than managing it in-house. Outsourcing helps to get more work done and delegate critical jobs and processes to specialists without having to hire new employees for the requirements. It helps to keep expenses under control, boost productivity, and concentrate on the important aspects of the business. BPO helps enterprises in many aspects. It has become crucial for enterprises, especially small-to-midsized ones. Moreover, Invensis is a reputed leader in empowering numerous global businesses and organizations through high-quality back office BPO services that promote enhanced business efficiency and improved bottom line. So, in this article, Let's discuss which functions are mostly outsourced.

To keep things simple, let's say that functions mostly outsourced are primarily outsourced to some of the non-core functions of their enterprise. These functions include:

  • Accounts payable
  • Accounts receivable
  • Technical support
  • Data entry
  • Human resources
  • Marketing and public relations
  • Payroll Processing

Next will discuss the functions mostly outsourced in a comprehensive manner.

Accounts Payable

Accounts payable outsourcing is the practice of contracting with a third-party provider to manage invoice or bill processes. The list of services varies, but in general, the third-party vendor will handle invoice capture, the purchase order (PO) matching and processing, payments, record archiving, and reporting. Procure to Pay process or Accounts Payable enables organizations to manage working capital and cash flow better, which results in developing and maintaining strong vendor relationships, identifying potential areas of cost savings, increasing organizational agility, and complying with regulatory policies.

Accounts Receivable

Accounts receivable management includes managing a variety of reports. The report includes insurance claims and reimbursements, collection analysis, bad debt evaluations, and write-offs. It assures that businesses receive their payments in a timely manner, improve their collection rates, and ensure faster processing of invoices, all of which contribute to the revenue of the company. Outsourcing accounts receivable allows businesses to free their employees so that they can focus on other important tasks. Employees should not waste time tracking down payments and managing the billing system. So, outsourcing enables the business to run important but non-product functions on a lesser budget.

Technical Support

Technical support is one of the services that most companies offer to their clients to assist them in dealing with technology or software challenges. In technical support outsourcing, you contract a third party to handle technical assistance for your company's products and services. This allows staff to concentrate on other essential aspects of the business, such as developing a new product.

Because of the availability of highly competent support agents in many areas, technical support outsourcing has recently grown at an exponential rate. Outsourcing technical support provides your clients with rapid and easy resolutions across different channels. This could include anything from mobile applications that enable virtual assistants to an email support help desk. Even call centers where a real support representative helps them in resolving issues.

Data Entry

Data entry outsourcing is the process of contracting an external agency to manage your company's data entering tasks. A data entry outsourcing company can help you save money by covering overhead and operational costs. Furthermore, because they have well-trained in the industry, they can do a huge number of tasks in a short period. Also, data entry is a non-core operation for the majority of companies. Spending too much time on data entry might make it difficult for a company to focus on its main tasks. So, outsourcing data entry services is a great approach to avoid the problems of recruiting data entry operators or investing in the latest tools.

Human Resources

An HR outsourcing organization may manage a wide range of human resources services, such as payroll processing and benefit plan management and administration, as well as recruiting and training. With a single outsourcing company handling a variety of HR activities, companies spend less time on not only administration but also less time maintaining vendor relationships. It also minimizes administrative work and frees time, allowing companies to focus on their business goals.

Marketing and Public Relations

Good public relations and marketing approaches need experience and knowledge. Outsourcing PR and marketing are entrusting a part of your business to experts and professionals with years of experience in their field. Furthermore, these third-party agencies utilize newer technologies such as marketing and PR management software tools, as well as tried and proven modern methods, which are sometimes too expensive and time-consuming for individual companies to acquire and maintain. Also, when you outsource your marketing and public relations efforts to established companies, you have access to their network of contacts. Companies with years of experience have extensive media relationships and can spread the word about your brand.

Payroll Processing

When you have a small team, payroll processing isn't really difficult. However, things can change when you have a large one. Keeping track of employees' appropriate tax returns, joining, resigning, and everything else can be time-consuming and work.

Moreover, with a large team, payroll processing becomes a tiresome task. Payroll outsourcing can be utilized to simplify operations. It means contracting with a third-party service provider to manage administrative and compliance issues related to employee compensation.

Conclusion - Functions Mostly Outsourced

Outsourcing some business functions can help you increase the efficiency of the workforce. This occurs because of outsourcing particular functions that are not essential to the organization's operations. In addition, they let the employees spend their time doing what they do the best. So, outsourcing the most time-consuming IT operations to third-party service providers can give your company a significant competitive edge. Invensis provides end-to-end customized back office BPO services across major business functions and industry verticals ensuring on-time fulfillment of tasks.

About Invensis

Invensis Technologies is a leading global provider of IT-BPO services with a reputation for excellence. Our carrier-grade infrastructure and commitment to empowering clients around the world to achieve business transformation and growth through our services set us apart from the competition. With over 5,000 staff and more than 22 years of experience, our company has been providing quality services since 2000.Invensis delivers intelligent contact center and back-office functions for businesses.

Invensis is an ISO 9001 and 27001 certified organization and has achieved HIPAA compliance to provide high-quality and secured end-to-end outsourcing services. We have a strong base in the USA, Canada, Australia, UK, Ireland, Germany, and other countries serving over 200 clients. Invensis is powered by innovative processes, and technology solutions and provides holistic automation from design to implementation and continuous development—along with data security. Our solutions are tailored to help businesses achieve their strategic goals and help them become industry leaders.

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Amy Pattinson

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