Running a business is a complex venture. In addition to the main purpose of the business, there are various operations, including administrative tasks, accounting, marketing, logistics, and others that can potentially detract attention from the main mission. When those in advanced roles are forced to spend their time on entry-level or even intermediate tasks, the company as a whole may pay the price. It can lead to lowered satisfaction rates, decreased sales or other leads, and ultimately a smaller bottom line. In order to bypass a lot of the busywork, many businesses choose to outsource many of their business processes so they can devote more time and resources to what they do best.
What is BPO?
BPO stands for Business Process Outsourcing, and it is a practice used by both small and large businesses. A company may hire a BPO company for either back-office operations, including compliance, human resources, IT, and accounting, or for more customer-facing front office roles such as tech support, marketing, and sales.
Some BPOs operate in other countries, but many functions within the United States, such as Chicago-based Tab Service Company. Companies first began to widely outsource many of their processes in the late 1980s. Outsourcing is typically done for parts of the business that are less crucial than the core operations. By using workers that are not affiliated with the actual company, organizations save on overall labor costs. It can also make the company more efficient, and therefore more competitive, as it can give greater focus to core operations. Outsourcing digital technology services, such as storing information in the cloud, means companies have less equipment to invest in and they can allocate those funds toward building their business.
Companies also outsource areas such as bookkeeping and accounting, Human Resources, Payroll and benefits, and I.T. While initially many of the BPOs operated out of other countries in order to reduce costs even further, there are more that choose domestic BPOs that will still result in lower costs, but don’t carry disadvantages that can come with language and cultural differences. Outsourcing domestically also brings less risk of a data breach than an international BPO.
Finding a BPO in Chicago
In the Chicago area, there are many BPOs that help businesses manage different aspects of their operations and become more efficient overall. Tab Service Company is a popular choice and puts nearly half of its resources towards finance and accounting-related tasks. It also has a big focus on document management, mailing, and creating and maintaining digital filing systems. Workers that represent Tab Service Company obtain certification from NACUBO to develop their leadership skills, and AIIM, which trains in information management. Other popular BPOs work in areas such as health care or in call centers.
While many large companies have replaced large portions of their workforce in favor of working with BPOs, hiring a BPO to help your company isn’t just for large corporations. Often, smaller businesses have a specialized and personal stake in what they do and are less likely to have developed the expertise in many of the back-office operations. By delegating many operation tasks to a BPO, they can continue to be inspired by their business focus, which may lead to a higher level of success and will help keep costs under control as you are growing your business.
What to Look For in a BPO
When you look for Chicago BPO services, you will want to work with a company whose hours will be parallel with your own employees’ work hours, and that also offers the types of services you need help with. You’ll want a company that has been around long enough to earn a solid reputation and that can access quality equipment that will support the different types of processes you need to implement. It’s also important that your BPO understands and takes your security needs seriously. Tab Service takes security seriously and will go the extra mile in order to keep your data and documents away from those who don’t need to see them. Things like data breaches and identity theft have been higher in recent years, so it is important to learn about what safeguards are being put into place to keep your company protected. A good BPO should also have something extra to bring to the table. The business world changes fast, and it is important to keep up on external training in order to be able to provide the best possible contributions to your business.
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