How Can You Optimize Your Business using Back Office Outsourcing?

2017

How Can You Optimize Your Business using Back Office Outsourcing?

Back office outsourcing helps to simplify and streamline various business processes and ensure easy access to resources, utility and convenient back up.

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The world is now in the process of transforming into digital format. Almost all industries are embracing back office outsourcing to speed up document digitization and other processes. It helps to streamline business processes and maximize efficiency and is applied in many industries.In a good outsourcing model, companies shift tasks, operations or processes to an external contracted third party for a significant period to benefit fromreduced costs and improved efficiency. Outsourcing also involves the purchasing of components from another source such as

components for computer

equipment. IT services can also be outsourced such as cloud computing and softwareas-a-service (SaaS) offer companies access to computer service

and tools that were

once managed in-house by a company’s IT department.

Advantages of a Good Outsourcing Model  Focus more on core business activities: As a business grows, the back office operations also increase, and this is when back office outsourcing becomes useful. When it is entrusted in the hands of a reliable vendor, business managers and staff will have more time to focus on the core activities in an organization. It also helps the employees to be more productive as they do not have to spend more time on non-core processes.  Less cost and highly efficient: Outsourcing reduces the expenses involved inhousing the back officeprocessing facility, infrastructure, employees and so on.  Overhead cost reduced:Overhead cost of performing particular back office functionscould be high whereas outsourcing them is a much affordable option. It also increases the office space and thereby results in growth of the company.  Operational control: Sometimes operation costs can go out of control and therefore outsourcing must be considered. Outsourcing helps departments that are uncontrolled or poorly managed to become a better and efficient setup.

Outsourcing services also brings better management skills to your company.  Continuity and risk management: Periods of high employee turnover will add uncertainty and inconsistency to your operations. Outsourcing provides a level of continuity to the company while reducing the risk that a sub-standard level of operation would bring on the company.  Develop internal staff: Large projects require skills that sometimes your inhouse staffs may not possess but by outsourcing you can gain access to advanced skill that your company needs, and the staffs can also acquire new skills and upgraded equipment.  Staffing flexibility: 0O1utsourcing will allow operations that have seasonal and cyclical demand to bring in additional resources

when

you need

them and

release them when you are done.

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What Can be Outsourced •

Administrative

tasks:

Administrative

tasks

such

as

data

entry,

travel

arrangements and other administrative tasks can be handled by virtual assistants or administrative staffs as they are not core business activities.

•

IT: In housing IT operation can be very expensive. The average business has limited ability and knowledge to manage all its IT needs. The potential advantages of outsourcing IT tasks are enormous.

•

Customer service and lead generation: Sales calls are often a matter of numbers, more calls the more sales and leads you will have. A talented salesperson’s skills can be better utilized to close sales and handle clients.

Outsourcing customer service also helps to maintain qualified support staff, especially for product-based companies.

•

Marketing: A marketing firm can often provide an outside perspective that an internal marketing staff cannot. The can develop high quality polished content that will enhance your marketing efforts. They also provide efficient web design, press release and online marketing services.

•

HR: Human resource functions can be easily be administered by an outside agency. This is because they are more skilled in advertising, screening suitable applicants and checking reference.

Healthcare IT Outsourcing Market to Grow Third-party IT outsourcing has become a huge trend in healthcare IT. The healthcare IT outsourcing market service providers havedeepened the competition among them.

Vendors are focusing on developing their own analytical platform for improved patient data management and quality patient care systems to offer customized

solutions

to

healthcare payers as well as providers on a global level, notes Transparency Market Research in a new study.

Unmet healthcare needs in emerging economies of Asia Pacific and the Middle east and Africa are expected to offer an opportunity-rich market to participants. IBM, Accenture, TCS, Cognizant and Wipro are the leading healthcare IT outsourcing service providers with a presence across the world. Various government initiatives and regulations focus on making high quality and cost-efficient healthcare service available to the people. The outsourcing of IT solutions in the healthcare industry has emerged as one of the best cost-saving practices.

The assistance these outsourcing solutions provide in curbing expenses on in-house healthcare IT solutions has driven their demand exponentially and it does not look a if

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this trend will decline

anytime soon. This increase in demand shows that the global

market for healthcare IT outsourcing is going to improve in future. According to TMR’s estimation the opportunity in this market that stood at US $ 34 bn in 2014 is likely to increase at a CAGR of 6.70 percent from 2015 to

2023 and to touch

a projected

valuation of US $61.2 bn by the end of the forecast period. North America emerged as the leader in 2014 with a share of more than 40 percent in the global market and it is likely to stay dominant over the next few years. Asia Pacific is projected to record the fastest growth at a CAGR of 10.50 percent between 2015 to 2023.

Among Healthcare IT outsourcing applications, healthcare administration enjoys the highest demand at present.Due to increasing patient pool and the growing demand for quality care services, globally, care management applications are expected to witness the fastest growth rate in the coming years.

Today it has become very important for companies to optimize their business due to high competition existing in the economy. Back office outsourcing helps to simplify and streamline various business processesand ensure easy access, utility and convenient backup.

www.managedoutsource.com

(800) 670 2809