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These are the ten essential services for SMEs that BPOs can provide
A few years back, the Philippine BPOs’ essential services for SMEs were limited to inbound and outbound call centers. It is because of the communication and interpersonal skills of Filipino agents.
But now, many companies that outsource to the Philippines also have their eyes on their non-voice services.
In this article, we will discuss some unknown functions SMEs can outsource to the business process outsourcing industry in the Philippines.
What Admin Function Tasks Should Your Start-up Business Have That BPO Companies Can Offer?
Let’s look at some administrative and internal tasks the outsourcing companies in BPO Manila, Philippines, can do for you.
We will also provide the benefits of these services, even if your business does not have them yet.
1. Staff Leasing Services
Staff leasing services or professional employer organizations (PEOs) are BPO services where your outsourcing partner assists you with various employee administration tasks.
Some of these tasks include HR-related functions and payroll systems. Outsourcing this function to BPO Philippines lays out some significant benefits.
You can slash your labor costs by at least 50%. Hiring agents in outsourcing companies in the Philippines is more affordable than hiring internal teams.
Furthermore, outsourcing staff leasing services to a BPO company guarantees an average annual return on investment (ROI) of 27.2%.
With this high ROI rate, businesses grow 7% to 9% faster than those who do not outsource PEO.
Outsourcing this function also relieves some responsibilities for your internal admin team, making them more efficient and satisfied with their workloads.
As a result, your employee turnover rate can be reduced by 10% to 14%.
Not to mention that BPO Philippines also can maintain a reasonable attrition rate for their agents.
2. Accounts Receivable Services
Accounts receivable services involve tasks such as invoice and receipt processing; customer accounts reconciliation and general cash collection processes.
Most companies don’t know that they can outsource this specific function. Hence, they will add this responsibility to their debt collector or accountant.
However, adding this to their responsibility can cause a workload overload, which can prevent them from being able to focus on their primary function.
Outsourcing accounts receivable services dramatically contribute to the efficiency of your local financial team. They can easily manage everything related to cash flow management.
On top of that, you will have faster day sales outstanding (DSO) by almost 65% compared to before you outsourced accounts receivable services.
Having a faster DSO ensures that customer payment will come in on time.
Additionally, BPO Philippines ensures the invoice goes to the right customer for approval. This will save you time from verifying all the documents before collecting payment.
3. Accounts Payable Services
Accounts payable services assist businesses in maintaining systematic and organized financial books.
While accounts receivable is about payments due by customers, charge payable refers to documentation of all business expenses.
You can hire a local Certified Public Accountant (CPA) to do this function. However, if you choose to outsource to BPO Philippines, your budget will be reduced by 70%.
Besides that, offshore BPO companies also have a fair assessment of your financial statement.
There’s a less likely chance that an internal employee can influence their evaluation of your books.
So you can easily track and maintain your debiting and the credit of your liability accounts.
4. Community Moderation Services
As of 2020, there are 4.48 billion social media users worldwide. So, start-up businesses primarily rely on social media to advertise their products and services.
Therefore, they need someone to moderate all their interactions with their target audience.
Hence, an outsourced community moderation service will help you optimize your social media presence.
Unlike online marketing, content moderation ensures that you will hear the voice of your intended audience.
This means that you can create a business model based on the collective suggestions of other social media users.
In addition to that, BPO Philippines also has the latest software that will make social media interaction more accessible and more efficient.
They can also provide quality assurance agents to monitor your brand’s reputation on social media platforms.
5. Data Management Services
Most start-up businesses cannot analyze extensive data to improve operations, so they outsource their data management services.
Checking the accuracy of your data dramatically improves your business’s profitability. According to IBM, US companies lose 3 trillion dollars annually because of insufficient data.
So, it would be best to have an organization where you could entrust all your data. This is where a Philippine BPO can come in handy.
They have top-of-the-line technology to calculate all your data and analyze it as well.
On top of that, they can protect this information as most of them acquire certification from different standardization bodies like ISO and GDPR.
Having a business partner that will provide the necessary numbers helps develop your business.
You can quickly identify which part of your operation you need improvement.
6. Loan Processing
Financial institutions recorded a 2.8% mortgage rate for their 30-year loans during the pandemic, the lowest recorded percentage since 1900.
As a result, many customers take advantage of it by sending loan applications to banks. Unfortunately, the surge of loan applicants caught these banks off guard.
That’s why most of them rely on BPO Philippines to provide them with a loan process call center service.
They reduced the processing time to 14 days compared to their three-month turnaround time before outsourcing.
Besides, it guarantees them a better profit from these applications despite the low monthly mortgage rate.
Hiring an outsourced loan processor is more affordable than hiring an in-house team. They could also process more loans due to various CRM for more accessible compilation of all documents.
7. Debt Collection Services
According to a recent study, over 30 million Americans struggle to pay their debt and clock up outstanding bills and payments.
It might be difficult to keep up with all your customers’ outstanding debt if you’re a start-up business. So, outsourcing debt collection services will be in your best interest.
In a usual setup, an in-house debt collection team can call up to 50 people daily to discuss their due payments.
On the other hand, BPO Philippines’ advanced technologies allow them to perform more than 100 daily calls for your debt collecting service.
Imagine how many customers you can cover in just a few days.
To top it all off, you can hire as many debt collectors as possible since they’re way more affordable than local collectors.
8. Outsource Form Processing Services
You know that check processing and verification are very time-consuming and expensive.
Human errors can become unavoidable if you transact with numerous checks daily.
You will still get complications no matter how much effort goes into the verification process.
Therefore, finding an outsourcing partner to provide you with a seamless process for form processing services is essential.
Most organizations in BPO Philippines get an agent with experience in the financial industry.
They will carefully integrate several technologies to lessen human-induced errors. Of course, agents will monitor the process in case of complications.
By outsourcing this function, you can get a faster turnaround of up to 8 to 24 hours. On top of that, you can also reduce your process fee by up to 40%.
9. Certificate Intelligent Document Processing
Most small and medium businesses find it hard to process paperwork for their organization.
However, they need these documents to maintain the smooth operation of your business transaction.
Also, analyzing some data in an unstructured and semi-structured format might be challenging.
Unfortunately, 80% of the data you need for your business are in these formats, such as images and PDF documents.
Therefore, you can outsource your intelligent document processing (IDP) solutions to the BPO Philippines.
They will help your organization gather all the data embedded in unstructured documents.
The Philippines call center organizations have various software programs to streamline and categorize all these documents to extract all information easily.
In addition, they will use cloud-based technology to transfer all this information back to your company safely. This ensures that your data is protected against any data breach.
10. Recruitment Process Outsourcing
Recruitment process outsourcing or RPO refers to offshoring your procedure in acquiring new internal employees.
Although your HR department can resolve this for you, it is not the only project they are working on.
They must also work on other internal functions, like addressing your existing employees’ needs.
That’s why having another team for your hiring process will be better. Many start-up businesses take advantage of recruitment process outsourcing in BPO Philippines.
Aside from taking off some workload for your HR department, having an outsourced recruitment team can enhance your employment brand.
Improving your employment brand is important nowadays, especially since almost 79% of business owners think their employees’ skills are no longer up to standard.
Most BPO companies in the Philippines will involve you in the recruitment process. They can give specific KPIs you can monitor to see the improvement of your hiring procedure.
Which Outsourcing Partner Remains at the Top of BPO Companies in the Philippines for the Past 3 Years?
Let’s look at the top BPO companies in the Philippines from 2019 to 2021.
| RANKING |
YEAR |
||
| 2019 | 2020 | 2021 | |
| 1 | Helpware | Teletech | Magellan Solutions |
| 2 | Flatworld Solutions | Magellan Solutions | Six Eleven Global Teleservices |
| 3 | Fusion BPO Services | Global Sky | Cloudstaff |
| 4 | Magellan Solutions | KDCI Outsourcing | Infiniti |
| 5 | Premier BPO | Propelrr | Support Services Group |
| 6 | KMC Solutions | Loft | HireSmart Staff |
| 7 | WNS Global Services | Main Source 365 Tech | AS White |
| 8 | Unity Communications | D&V Philippines | Helpware |
| 9 | AnswerFirst | TaskBullet | Office Partners 360 |
| 10 | Teletech | 7th Media Digital | Teletech |
Conclusion on the Best in the BPO Manila Philippines
The top BPO companies in the Philippines are a mixture of new and veteran call center firms. Helpware Inc., the leading call center company then, had only five years in the BPO industry.
Meanwhile, the rest of the top 5 have been in the industry for over a decade.
It is worth noting that Magellan Solutions has been expanding its business capability in 2024.
They were able to add several BPO services to their arsenal while being exposed to several business conferences for additional experience.
During the first COVID-19 pandemic, the top BPO companies in the Philippines in 2020 changed drastically.
Besides Magellan Solutions, the companies in 2019’s top 5 are no longer at the top spot. They either moved down a few locations or are no longer on the list.
This shows that Magellan Solutions’ management can maintain the quality of their service despite some unexpected and unfortunate events.
They could immediately shift to remote work to continue their business partner’s operation.
Despite several changes in the Philippine business process outsourcing industry, Magellan Solutions shows resiliency and credibility.
Ready to Develop Your Business with One of the Best Outsourcing Companies in the Philippines?
If you are a small or medium business looking to outsource your call center and back office services, visit Magellan Solutions.
We have over 18 years of experience providing services for SMEs from different industries.
Aside from the services we mentioned above, here are some contact support services we offer:
- 24 7 Answering Service
- Phone Answering Service
- Customer Support Outsourcing
- Outsourced Technical Support
- Multilingual Call Center Services
- Lead Generation Services
- Cold Calling Services
- Outsource Telesales
We are an ISO-certified BPO company that strictly follows a high standard of service from recruitment to the onboarding process.
We also guarantee fortified protection for your data. Our tech support team uses different security protocols to prevent online breaches.
Our Business Developers can help you set up your key performance indicators (KPIs), guide you, and monitor your business’s progress with us.
We also offer guaranteed flexible pricing options based on several factors, like service and the number of agents you need. Magellan Solutions understands that start-up businesses have limited funds for outsourcing services.
Contact us today and get a free 60-minute business consultation.
