Why Outsourcing Is A Smart Move In Volatile Economic Times
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These are the ten most essential services for start-up businesses that BPO Philippines can provide.
A few years back, BPO Philippines was just the destination for 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 Your Start-up Business Should Have That BPO Companies Can Offer?
Let’s look at some of the admin and internal tasks the outsourcing companies in BPO Manila, Philippines, can do for you.
We will also provide the benefits of having these kinds of services just in your business does not have them yet.
Staff Leasing Services
Staff leasing services or professional employer organization (PEO) is a BPO service wherein your outsourcing partner will assist 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%. It is because hiring agents in outsourcing companies in the Philippines is more affordable than hiring internal teams.
Furthermore, outsourcing staff leasing service to a BPO company guarantees an average annual return on investment (ROI) of 27.2%.
Having this high rate of ROI has a business growth of 7% to 9% faster than those who do not outsource PEO.
Outsourcing this function also lifts some responsibilities for your internal admin team. Thus, making them more efficient and satisfied with their workloads.
As a result, you can see a 10% to 14% reduction in the turnover rate of your employees.
Not to mention that BPO Philippines also can maintain a reasonable attrition rate for their agents.
Accounts Receivable Services
Accounts receivable services involve tasks about 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. They might not be 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 will go to the right customer for approval. This will save you more time from verifying all the documents before collecting payment.
Accounts Payable Services
Accounts payable services assist businesses in maintaining systematic and organized financial books.
While accounts receivable is all about payments due by your customers, charge payable refers to documentation of all your business expenses.
You can hire a local Certified Public Accountant (CPA) to do this function. However, you can get a 70% reduction in your budget if you choose to outsource to BPO Philippines.
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.
BPO Philippines’ 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.
It means you can create a business model from 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 that will monitor your brand’s reputation on different social media platforms.
Data Management Services
Most start-up businesses cannot analyze extensive data that will help their operation. It is the reason why the majority outsourced their data management services.
Checking the accuracy of your data dramatically improves the profitability of your business. 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 BPO Philippines 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.
Loan Processing BPO Philippines
Financial institutions recorded a 2.8% mortgage rate during the pandemic for their 30-year loans. This is 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 give them a loan process call center service.
They reduced the processing time to 14 days compared to the three months turnaround time they had before outsourcing.
Besides, it guarantees them a better profit from these applications despite the low monthly mortgage rate.
It is because hiring an outsource loan processor is more affordable than an in-house team. They could also process more loans due to various CRM for more accessible compilation of all documents.
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 hard 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.
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 it is essential to find an outsourcing partner to give you a seamless process for form processing services.
Most organizations in BPO Philippines get an agent with experience in the financial industry.
They will carefully integrate several technologies to lessen any errors that come from human interaction. Of course, agents will monitor the process in case of any 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%.
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.
Philippines call center organizations have various software to streamline and categorize all these documents to extract all information easily.
On top of that, 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 breaching.
Recruitment Process Outsourcing
Although your HR department can work this out for you, this is not the only thing they’re 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 that the skills of their employees 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.
|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 in 2019 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 2019.
They were able to add a bunch of 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, those in 2019’s top 5 are no longer at the top spot. They either go down a few locations or are are not on the list.
This shows that Magellan Solutions’ management can maintain the quality of their service despite some unexpected and unfortunate events.
They were able to shift almost instantly to remote work to continue their business partner’s operation.
As a result, they’re currently at the number 1 spot in the top BPO companies in the Philippines 2021. They’ve managed to continue their excellent response to the pandemic.
Something that other BPO companies were unable to resolve.
All in all, Magellan Solutions shows resiliency and credibility despite several changes in the business process outsourcing industry in the Philippines.
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 service, go to 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.
Besides that, we guarantee fortified protection for your data. Our tech support team has different security protocols to prevent online breaching.
Our Business Developers can help you set up your key performance indicators (KPI). KPIs will guide you and monitor the progress of your business 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. Please fill out the contact form below.
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