Explained: How Organizations Can Benefit From BPOs (With Examples)
Blog: MattsenKumar Blog
The history of the BPO industry is rather a fascinating one. From asking organizations to outsource processes at a cheaper price to ensuring innovation and tech adoption that pushes companies forward, the BPO industry has shown incomparable grit. Today, organizations look at the examples of BPO services before taking on any industry-specific challenges.
Outsourcing has emerged as a viable option because BPOs are preparing for the challenges in advance. A professional BPO Company has the requisite compliances, impressive IT infrastructure, and an innovation center to turn challenges into opportunities. If we take a cue from the varied examples of BPO services that include data digitization and KYC management, we will understand the extent BPOs are going to help companies scale effortlessly.
What is Business Process Outsourcing?
A Business Process Outsourcing organization works to provide bigger organizations with the requisite support that results in process improvement, cost-cutting, brand development, and smooth management of businesses. An example of BPO services can be best understood by looking at how telecom companies outsource customer care to ensure quick management of queries and also in how they rely on third-parties for KYC management for new connections.
Business process outsourcing helps organizations rent industry expertise at an affordable cost, which reduces the need of building an in-house team. The in-house creation and management of expertise are expensive and troublesome. With outsourcing organizations are able to ensure that all their processes are running effectively and have the requisite industry expertise as support.
Today, BPOs are setting new examples that range from e-commerce, fintech, retail to traditional banking. By allowing organizations to get KYC management, data management, and even transcription services done at affordable rates, outsourcing has equipped businesses with the power to get more done in less time.
Why Organizations Outsource?
Businesses are generally made up of multiple processes like HR, hiring, training, payroll management, and data management, together these processes run the organization smoothly. Often a lot of these processes grow in number with the increasing market share of the business. To curtail the increasing cost and to ensure efficiency in all processes, organizations look towards outsourcing as a viable option. The support that outsourcing provides in terms of efficiency improvement, reporting, and cost-cutting is incomparable.
Increases Focus on Core Processes: Best example of BPO services reflects in improved efficiency of businesses, organizations can achieve greater results by outsourcing repeated processes and focusing on scaling businesses and innovation.
Impacts Downline Positively: Businesses from around the world are relying on outsourcing as a tool of downline improvement because it improves efficiency, puts the mundane tasks on automatic mode, and also leverages industry expertise to solve comprehensive and contemporary problems.
Amplifies Efficiency & Sets Responsibility: Yes! 52% of businesses feel positive about their outsourcing partner. Weekly reporting that highlights all opportunities and challenges from outsourcing partners allows organizations to have a better grip over the processes. With insightful reporting and effective management of available resources, organizations are expected to register incomparable growth.
Example How Companies Have Benefited from Outsourcing
For multiple enterprises, BPOs are the tools that help them leap ahead of competitors. Organizations leverage the skills, methodologies, and tech developed or possessed by outsourcing agencies to strengthen their internal processes, while they focus on innovation. One of the best examples of BPO services is how every organization is willing to outsource repetitive tasks, it clears the crowd, saves the bandwidth, and allows stakeholders to focus on prevalent challenges.
1. E-commerce Marketplace Boosts Customer Experience
A leading Indian e-commerce marketplace was having challenges offering a quality customer experience to its customers. With millions of products listed on the platforms, the on-site search was unable to direct customers to the right product.
Lack of faster product discovery and bad customer experience was affecting e-commerce players in varied ways, they were losing out on loyal customers and the important metrics were getting affected.
The e-commerce marketplace decided to outsource the reduction of search pain and now it is a classic example of how business process outsourcing helps. We at MK took the task in hand and decided to overhaul.
Our priority was engaging with the product team, we tried to develop an understanding of the problem, product, and the platform. To demonstrate the best example of BPO services, we worked closely with the product team and devised a plan that suited their needs and solved the problem too.
Once the problem related to long-tail keyword searches made by customers were understood, we implemented standard methods of enriching and optimizing content. Our efforts helped the e-commerce marketplace improve the on-site search and it facilitated an incomparable customer experience.
2. Omnichannel Support Transforms CX for Fintech Player
If we look at an example of business process outsourcing impact from Fintech industry, we will identify how useful outsourcing can be in ensuring quality customer experience. Primarily Fintech is a disruptive technology, it has impacted the business of traditional businesses and industry veterans. With new technology, methodology, and paradigms in its satchel, it is luring users to join them.
With all the tech and modern-day payment facilities, a leading Fintech player was unable to offer the omnichannel experience to its end-users. The leading Fintech player decided to outsource a few processes to see how it works in their favor. What happened later is a perfect example of BPO services and the impact they can have.
The Fintech player was able to offer the omnichannel experience to their users and also transformed the entire customer experience in the process. The challenges faced by Fintech player included:
- Lack of visibility into the incoming customer communication and resolutions
- Absence of an established process of a framework for handling customer queries
- Increasing cost to support the increased number of customer queries
To illustrate the best example of business process outsourcing effectiveness, we offered:
- A problem-based solution that involved understanding the underlying challenges
- Gap analysis and devised an omnichannel strategy
- Worked out a plan for technology and manpower implementation
- Analytics and reporting to ensure all progress, changes and deflections are recorded
3. Boosting Customer Loyalty Using NPS Analytics
To illustrate the effectiveness of BPO services through example, let’s consider a case study from the telecom industry. A public communication and media company from North America was having a tough time improving its customer loyalty.
The company reached out to us and decided to leverage our outsourcing expertise in analyzing the Net Promoter Score. By investing in our NPS study and management service, the North American company demonstrated an example of BPO services best used.
To ensure that we present the best example of business process outsourcing benefit, we trusted our skills and expertise. A team of professionals studied the Net Promoter Score of the telecom company and suggested changes.
The team had two goals including:
- Understanding the key drivers of detractors
- Determining the significance of customer experience factors
By studying over 8000 surveys and going through 250 calls, our team analyzed the problem and factors like agent behavior that inspired customers to be detractors or promoters.
We were able to identify the underlying problem and suggest an organization with an exemplary solution that when implemented improved customer loyalty.
4. Reducing Customer Churn Through Data-Driven Improvements
In this example of Business Process Outsourcing magical transformation, we take on the experience of reducing customer churn for a client through data-driven improvements. An online university was facing a heavy student churn problem and they reached out to us to identify problems and set up an effective solution to control churn.
To illustrate a quality example of BPO services, we at MattsenKumar invested time in understanding the problem. We identified how customer churn is a measure issue for the marketing team and the overall business. The aim of the project can be best illustrated in points including:
- To understand the reason behind churn
- To check and verify if agents are trying to retain students
- To analyze the behavior that is leading to churn
We took a proven approach to solve this problem that includes evaluating 100s of calls, listening to details in calls, making notes, identifying the underlying challenge, and analyzing the student behavior.
After the in-depth analysis of challenges and underlying problems, we devised a plan that worked in the factor of the online university and reduced customer churn effectively.
Final Thoughts on Examples of BPO Services
Be it e-commerce players who are investing heavily in catalog management or Fintech players who present the best example of BPO services usage through KYC services. Every industry is lining up to rely on BPOs to gain scaling opportunities.
By taking a cue from examples of BPO services that have helped their peers & contemporaries, organizations are now willing in search of established BPOs, which is a good problem-solving approach. Organizations will be able to rent industry expertise, save cost, remain agile, and also scale incomparable well.
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