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INSURANCE AGENCY NETWORK Blog

Important Aspects Of A Profitable BPO

3/27/2023

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​Business Process Outsourcing (BPO) is one of the largest industries globally since it helps with companies' back-end and front-end processes worldwide. One reason might be that the BPO may better care for the customer's relations with any company. 
Importance of BPOs
More companies are partnering with BPOs since they're helping lessen the load on their workforce. Some importance of BPOs:
  1. Reduces Operational and Labor Costs
    BPO optimizes the processes without investing in new infrastructure or personnel. 
  2. Helps the Workforce Focus on Core Products and Services
    Since the BPO is already taking customer relations, the company can focus more on its work and services. It helps save time, money, and energy.
  3. Assists With Staffing
    One important feature of BPO is that it helps with the additional staff needed. It helps the company have experienced employees without hiring and training them internally.
  4. Improves the Customer Experience
    ​Outsourcing helps have customer support, technical support, or any similar function of an employee. They do their job with expertise and provide customer satisfaction. 

Finding the Right BPO Partner
Finding the right BPO, you're not just looking at an outsourcing company but an extension of your own. In  choosing the right one, the BPO may have the following:
  • Provider with specialization.
  • Can perform a variety of processes.
  • Have dedication working with the team. 
  • Able to collaborate closely.
  • Should have a smooth transition protocol.

Manage Key Performance Indicators (KPI)
Creating KPIs may help determine if the BPO meets your company goals. One aspect of a BPO is meeting the KPIs. 

Outsourcing Risks
By partnering with BPO, you're giving them fully your trust in business as a third-party provider. Some of the risks can go up to losing your clients. Here are some risks:
  1. Security Breach
    Partnering with third-party providers is the risk of having your security breached.
  2. Hidden Costs 
    Since Outsourcing may not be from your country, you may pay the price as the currency, the people, the workload, and the equipment increase. 
  3. Disconnection From Customers
    Partnering with BPO means risking your connection with the clients. 

Conclusion
Partnering with BPO may lessen the workload and reduce labor costs, but there may also be risks. Ensuring detailed communication, building camaraderie, and providing feedback for growth may help manage and keep the business running. 

At Insurance Agency Network, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (425) 448-9190. You can also request a free quote by CLICKING HERE. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!
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