Enhancement vs. Replacement: The Makings of a Good BPS Partnership
Businesses are constantly trying to streamline processes and stretch budgets in tandem with supporting the work that their employees perform. In search of ways to regenerate focus on core competencies and away from extraneous tasks, external expertise is proving to be a tool of leverage and freedom.
Through Business Process Services (BPS), companies can redirect non-core functions such as back office billing, data entry, and payroll to an outside provider. Doing so drives a reallocation of behind-the-scenes resources while welcoming the implementation of innovative methodologies which are vital in supporting process functionality.
Referring to BPS as a tool for outsourcing, however, might seem uncomfortable to some. Finding the right balance within your organization rather than creating a sense of displacement is key in driving success, improving your competitive advantage, and keeping your employees content and feeling less vulnerable. Working with the right partner is pivotal in gaining the full benefit from a relationship involving work reallocation.
A Different Perspective
The connotation implied with outsourcing is sometimes regarded as one of ‘replacement’. Cayuse considers it instead to be one of enhancement. Reallocating resources is driven by the respect you have for your employees and the talent you see in them. Enhancement enlisted by managed services providers supplies the necessary resources that allow your workforce to focus on their core responsibilities.
A partnership in BPS is an augmentation of roles versus a replacement of them. With additional resources, businesses feel the positive impact through improved functionality, cost savings, and higher levels of customer and employee satisfaction. The value of BPS is found in a renewed ability for your team to focus on the things that they are truly there to do – the things that matter most. This leads to overall improvement in business functionality. Think of BPS as an extension of your company and its workflows, and an avenue for growth and support.
The strategy of BPS has evolved tremendously over the years. The benefits continue to add up and stem from the addition of time and redistribution of internal talent, as well as the extended resources that managed services partners like Cayuse provide.
Partnering enhances what you already have by contributing a myriad of skills and benefits to your business and your workforce. For example:
- AI and ML – A big advantage of enlisting a BPS engagement is having access to automation. Offloading repetitive tasks through technology and machine learning reduces errors, improves production and turnaround times, and elicits operational efficiencies that open your business budget for more strategic initiatives. This also frees up human time, making your team available for more vital undertakings.
- Access to insights – Data analytics comprise a large part of a BPS partnership. Managed service providers house tools and techniques that enable them to extract valuable insights from a large amount of data. Doing so allows businesses to make informed decisions, track patterns or irregularities, and discover opportunities and options. BPS providers offer labor resources in tandem with analytics and reporting that promote more efficient business operations.
- Virtual customer support – Tools exist that enhance and streamline the customer service and support experience. These include the use of chatbots, virtual agents, and staff equipped with cognitive computing and Natural Language Processing (NLP) abilities. Such tools provide a heightened, modern means of enlisting the latest and greatest resources, alleviating your company from having to implement and manage them on your own. The value of virtuality lends to the customer and workforce experience through attentiveness, streamlining, and effective troubleshooting.
- Technical alternatives – Your business is privy to the talent within technology that BPS providers house. From cloud-based storage to heightened cybersecurity measures to technical expertise and guidance, enlisting BPS, whether in one back-office sector or several, also includes a culmination of knowledge that your business can access.
- Continued learning - BPS providers realize that the reputation of a business is a direct reflection of those performing the work. Therefore, they invest in the training and technologies that empower their teams to cater to the unique needs of their partners.
- Security and compliance - Because they are responsible for your data, BPS partners impose strict rules and guidelines in using and storing information. Such resources trickle down and your business reaps the benefits of the talent and the security measures.
- Economic preparedness and savings – BPS manages the balance of price and performance. Businesses can significantly reduce overhead expenses associated with personnel, logistics, and infrastructure. Financial budgeting and planning are more predictable and easier to manage overall. Once freed from mismatched allocation, resources can be utilized for additional strategies and initiatives.
- Flexible resources – Businesses ebb and flow in scaling their operations as market demands or organizations require. Whether driven by climate, time of year, or a random influx, BPS resources can be scaled up or down quickly to adapt to the changing environment of your company.
- Improved operational functionality - BPS is intended to optimize your operations, making things easier for your team and better for your customers. Factors like decreased errors, improved turnaround time, and greater process efficiency improve the level of satisfaction extending both internally and externally.
- Adherence to rules and regulations – Organizations have rules to follow and responsibilities to maintain. BPS providers remove some of that burden by helping to mitigate risks and focus on industry compliance. With vigorous security measures, data protection initiatives, and keen methods for disaster recovery, they possess a strong understanding of current industry requirements to assure compliance when working within your scope of standards.
BPS providers like Cayuse tap into their pool of tenured personnel to provide you with expertise alongside streamlined processes at a lesser cost. Freeing up your team for more vital pursuits in tandem with tasks performed by industry experts provides a win to your processes, your people, and your budget. The workforce that empowers BPS is built to be experienced, innovative, and service oriented.
A Functional Partnership
The effectiveness of Business Process Services is being recognized as a powerful strategy for businesses looking to optimize operations, grow within their industry, and remain competitive in an ever-evolving landscape. Leveraging the benefits of task reallocation adds expertise, security, and innovation while supporting your workforce and their ability to focus on the core of your business and their related responsibilities.
Embracing BPS as an enhancement rather than a replacement of what you already do is substantial in utilizing your resources more efficiently and leveraging your business against competitors. It also adds extra talent and industry knowledge while allowing you to protect and reallocate budgets. BPS prompts businesses to adapt to market changes, utilize innovation, and deliver superior value to their customers while remaining flexible and competitive throughout the challenges faced.
BPS starts with a solid partnership and results in incredible functionality.
Learn more about our services and the beneficial ways in which Cayuse can realign your processes.