It is a well-established fact that outsourcing is the best practice through which one can boost revenue and extend their reach and efficiency, which is essential for all businesses. Most business owners are thrilled at the thought of making their company stronger while keeping payroll under control. Although, unfortunately, there are a lot of misconceptions regarding BPO (Business Process Outsourcing) services and how they work. These myths act as embankments preventing companies from soaring higher to climb further up the ladder of success.
To rule out prevailing concerns, we’re looking into the top 10 myths and misconceptions about BPO services.
1. BPO Services are Costly and Exorbitant
There is a common perception among some businesses that BPO services are solely a financial burden. However, the truth is that these services can actually serve as a valuable investment. By outsourcing certain functions, you can significantly reduce your administrative costs and HR-related expenditures, which tend to add to your annual budget.
2. Your Business Should Be Big to Be Able to Benefit
Yet another prevalent misconception is that only big companies can reap the rewards of outsourcing. However, small and medium-sized enterprises can also gain significant advantages by outsourcing services instead of hiring part-time employees or seeking freelancers to accomplish tasks. Irrespective of the company's size, outsourcing leads to lower HR costs, payroll, and various other expenditures.
3. BPO Services Upend Corporate Culture
Every thriving business has its foundation in corporate culture therefore, it's essential to maintain it, not just for you but also for any reputable outsourcing firm. By involving and recruiting skilled teams within and beyond your borders, you can enhance productivity, which will have a positive impact on your corporate culture.
4. Having In-house Staffing is More Feasible
Investing in your own company can be a more economical option in certain scenarios, but when it comes to staffing, the opposite holds true. In-house staffing departments tend to be much more expensive compared to outsourcing solutions.
5. Your Grip Upon Your Business Will Loosen
It is understandable that having another company take over some of your operations is a stressful experience. However, partnering with a reputable BPO services company does not pose a risk to your business. Reliable partners are committed to maintaining the same high standards that you implement every day in your business.
6. Less Expenditure is the Sole Reason for Outsourcing
Outsourcing offers benefits beyond just cost savings. While cost is a significant consideration when deciding to outsource, the availability of skilled professionals is another important factor. If your organization requires expertise in a specialized area but cannot bear the expenses of hiring a full-time employee with benefits, outsourcing to BPO services can provide access to skilled professionals at a much lower cost. Moreover, outsourcing allows businesses to focus on their core activities, which in turn enhances productivity and helps in boosting profits.
7. Acquiring BPO Services is Still New
Although technology may give the impression that outsourcing is becoming increasingly prevalent, it is not a new concept and has existed for many decades. As early as the 18th century, specific tasks such as legal services and engineering were outsourced to specialized firms.
8. Your Quality Will Be Compromised
Many companies are dissuaded from outsourcing due to the mistaken belief that it will result in an inferior product, despite their desire to provide customers with only the best. However, this notion is untrue, and as long as you collaborate with a trustworthy company that prioritizes quality control, there is no need to be concerned about subpar outcomes.
9. Data Protection is Questionable
Ensuring data security is crucial, and safeguarding confidential information belonging to both the company and its customers is paramount. It is essential that your outsourcing partner is equally committed to protecting your customers and employs appropriate security measures to secure all proprietary and private data. When selecting an outsourcing company, prioritize those with at least three layers of security in place and well-defined protocols for handling sensitive information.
10. BPO Companies Contribute to Economic Regression
Did you know that BPO services, in fact, enhance the US economy by enabling businesses to operate with greater productivity and efficiency? This is a fact. In the period of hardware boom from 1995 to 2002, outsourcing led to an increase in productivity by 2.5-2.8%, contributing an astonishing $230 billion to the US output. Outsourcing helps US companies become more competitive and also results in reduced prices of goods and services in the market. So, with substantial evidence, any concerns regarding BPO weakening the economy must be put to rest.
So, to sum it all, busting myths and misconceptions is essential for businesses to be able to put their trust in BPO services and embark on a journey of exponential growth and prosperity.