Business landscape is changing at a breakneck speed. If you are a leader or a manager, you already know it, don’t you? Digitalization is bringing a sea change to the business processes. Workforce dynamics are evolving and technology is at the forefront of disruption and transformation.
Back office outsourcing – amidst the tectonic shifts in the business world- has emerged as a vital business strategy. Different industries are now opting for outsourcing to increase productivity, cut costs and boost efficiency; three things on top of the list for every business.
So, which are the top industries benefiting from back office outsourcing services? Does your industry make the list? Find out in this blog.
Top industries that Benefit from Back Office Outsourcing Services
Giant corporations with business cut across verticals often outsource back office functions to a third-party vendor. PAN-India organizations with regular expansions and continuous growth also depend on back office support to navigate the complex business environment.
Leading and successful companies invest in professional back office operations service providers because it helps them save substantial cost. How? The overhead cost to run an in-house back office team is vastly reduced by outsourcing back office functions partially or completely. Such business consider the training costs, the time and effort invested and use of latest technology and find that outsourcing is indeed a better option to optimize operations and eliminate additional workload on the team.
Does that mean only big names choose outsourcing? Definitely not. Any business which is unable to achieve the back office objectives with their in-house team should look to outsource the same.
Besides saving costs, other advantages of outsourcing include access to a professional and dedicated team using latest and advanced technology, flexibility to scale up and down per requirement and better customer experience.
Read: Importance of Back Office Services by Calibehr
Some of the most sought after back office services include:
· Data Entry
· Human Resource Management
· IT Support
· Marketing
· Payroll
Now, let’s jump into the industries which benefit the most from back office outsourcing.
1. IT
IT is a dynamic industry which thrives on innovation and delivers transformative technology and software in quick time, aimed at improving processes and increasing productivity. Outsourcing back office operations such as administrative tasks, sales support functions, account reconciliation etc. helps IT companies to focus on core competencies and enhance their productivity.
IT is one of the highly competitive industry in India with strict project deadlines. In such a scenario, outsourcing helps in making the back office processes transparent, cost-effective and valuable.
2. Finance and Accounting
Banking, Financial Services and Insurance (BFSI) sector has seen an uptick in competition with the emergence of digitalization of processes and the need for personalization and superior experience. Outsourcing different back office processes such as inbound/outbound customer support, KYC management, data digitization can help to unburden the existing team and help them focus on core tasks. BFSI industry also outsource functions such as bookkeeping, tax preparation and payroll.
Read: Benefits of Outsourcing Back Office Services in Banking
3. Human Resource and Recruitment
As the competition for talent intensifies in the job market, businesses of all sizes from large corporations to startups are leaning on staffing and recruitment companies for onboarding, for taking care of HR tasks, and to conduct interviews, salary negotiation and other tasks. HR functions are well supported by back office team behind the scenes through record keeping, data capture and storage, reporting etc. This again play a significant role to free up the existing resources in the industry, who in turn, can focus on strategic goals of HR companies.
4. Customer Support and Service
Customer experience is the main priority for every business today. Investing in back office outsourcing services helps in making the process productive and efficient. Because there are a lot of functions that back office team execute which helps the front office to deliver exceptional customer experience. So, customer support and service companies handling clients can maximize their efficiency through outsourcing services.
5. Healthcare Services, Manufacturing & Supply Chain, Research and Development
Some of the top industries that benefit from back office outsourcing are healthcare, manufacturing & supply chain and research firms. One common thread between these industries is that they are growing in India. As the companies expand, get more clients and hire more employees, outsourcing back office functions becomes imperative for overall process efficiency.
Want to know how Calibehr can help your business with back office outsourcing services? We would love to discuss in detail about our wide range of people, process and technology solutions that can help your business grow. Contact us today.
