The current economic climate has compelled many businesses to grow their businesses in new ways, with many turning to remote and outsourcing solutions. And those businesses that have fully embraced hiring a remote workforce have improved efficiency, reduced costs and scaled rapidly.
In a market as competitive as today’s, great return on investment (ROI) is what drives growth and astute business decision-making.
Businesses can improve their total return on investment in many ways but one of the easiest to implement is to reduce running costs associated with business functions.
Many companies have utilized outsourcing as a means to reduce labor costs, boost productivity and expand team capabilities without compromising on quality.
Outsourcing does not mean replacing your existing workforce. Smart outsourcing supplements and supports your in-house teams. When done right, outsourcing reduces ‘office noise’ and helps the team focus on delivering what is most important to your company. And you no longer have to worry about business activities that drain the bottom line and take up too much of your team’s time. Resources and unlocked capital can grow your business instead. Outsourcing is a game-changer, enabling businesses to compete harder and flourish in an ever-changing and challenging world.
Outsourcing back office functions
Staffing business workflows effectively is extremely time-consuming and costly. To be more competitive, businesses are always reconfiguring and restructuring their systems to raise return on investment and optimize output.
Back office functions are a prime example and essential for every business. They serve as a pillar for every organization but for many companies they are not part of the business’ core operations.
Outsourcing these types of tasks can dramatically improve market competitiveness, operational efficiency and slash costs without ever compromising on quality.
Here are a few advantages of back office outsourcing:
- Global access to talent with specialist expertise
- More operational flexibility
- Access to new and advanced technologies
- Reduce recruitment costs
- Streamlined processes
Commonly outsourced back office functions
One of the best things about outsourcing is that it can save you a significant amount of time that your core staff can use elsewhere.
Here are some back office functions that are best left to outsourced professionals:
Data management can consume most of your time since it needs you to acquire, validate, process, analyze, store and protect data. It also needs to be accessible to users and reliable enough to serve as a reference when developing your business strategy.
Finance, accounting and payroll
If you want your finances completed meticulously and transactions accurately recorded, outsourcing your finance, accounting and payroll functions can be hugely beneficial. Accurate data reflects your overall business performance and health. This can make your decision-making smoother and assist with longer-term forecasting.
HR and Administration
Having a great HR team can help you create better strategies to grow your business. So it’s imperative to not let them spend too much time on repetitive tasks. Recruitment and selection, training and development, performance management or staff engagement are all better uses of their time. It’s best to outsource your HR department’s manual work.
Digital marketing is a continuously evolving industry and its complexity confuses many organizations, making it difficult for them to keep pace with change. However, the success of your campaigns and your brand depends on your marketing strategy. So building a team of marketing experts to tip the scales in your favor can grow your business. Outsourcing solutions give you that opportunity.
What is the best outsourcing solution?
Outsourcing is a major decision, so you want to approach it strategically and effectively.
To ensure this happens, one of the many things you need to consider is the location of your remote team. Where do you find the top outsourced talent?
Southeast Asia rises to the top of that list thanks to its hard working population, aspirational workforce, always-on lifestyle and cost-effective labor rates. The Philippines leads this dynamic region with an educated, passionate workforce that already fuels many of the world’s leading companies.
Here are some decisions to assess:
- Do people speak the language of your market fluently?
- Does their government support outsourcing?
- Can you use their time zone to your advantage?
- Do potential outsourcing suppliers have a history of hiring talented, highly skilled people?
Outsourcing with Cloudstaff
Since 2010, Cloudstaff has helped businesses across the globe achieve their goals by sourcing knowledgeable, high-performance people.
Whether you’re looking to raise return on investment, find new efficiencies within your business processes or improve customer service with 24/7 availability, use Cloudstaff’s outsourcing solutions to free up time to focus on growing your business.
With a talent pool featuring thousands of qualified candidates, we have the people you need to achieve success. Contact our team today to find out more.