Will 2017 bring new challenges for outsourcing companies? The latest business environs and outsourcing is more dynamic than ever and changing rapidly with the ever-increasing client demands. According to subject matter experts, 2017 will prove to bring substantial shifts in the wake of new trends on the cards. Major areas of which outsourcing industry trends will have a significant impact:
Trend 1 – More Services requiredMarkets and Markets predicted that before the end of 2015, the industry of cloud computing would reach a worth of $121 billion. Companies are anticipated to utilize cloud-based technology to produce superior services. The cost effectiveness and automated processes will lighten up the work thereby creating more scope for competition. According to a CIO article, customers are expected to purchase services from expert digital helpers like the BPO, ITO and cloud service providers, moreover, product based managed services is the norm as more big product-driven vendors like Cisco are selling their services too. We can expect a significant growth in managed services capability. Trend 2 –Security greater importanceSecurity has become the prime factor for all companies and their management and will play the pivotal role for the strategy of outsourcing in 2016. Indeed, the security risk is composed to rise as Internet of Things (IoT), and telematics becomes more widespread in commercial products and consumer, according to business and technology sourcing practice, Mayer Browns partner Paul Roy. “Increasing numbers of threat actors will use increasingly creative ways to exploit weaknesses, often with devastating effect. Regulators will exact increasingly large fines for poor security. Service providers have often been the weakest link in a company’s security and will need to find better ways to address that concern.” “In 2016, we expect to see the rise of the Chief Security Officer and more enterprises opting for specialized security vendors with Security-as-a-Service capabilities that can protect data no matter where it resides, “says Pace Harmon’s managing director Rahul Singh. “The threat profile changes every day and with every added protection comes a new vulnerability, not to mention it is becoming harder and harder to tie products together to deliver a robust security solution.”
Trend 3 –Vendors need a makeoverVendors need to be more adjusting to meet the demands of these companies; they have been habituated to twisting customers to their tunes by offering low prices. However, in order to penetrate the market more like in its core functions, they have to change their behavior according to the respective clients.
Trend 4 –Offshore captives returnA senior director of outsourcing consultancy Alsbridge, Randy Vetter, foretells that companies will set up their shops and inspire the knowledge they have acquired in process maturity as an outcome of working with outsourced offshore groups. “The goal of this approach will be to reduce costs by taking away the provider’s margin, as well as increase flexibility by removing contractual constraints. In general, companies are likely to get smarter about insourcing,” says Alsbridge director Mary Patry. “Rather than insourcing as a knee-jerk reaction to a bad outsourcing relationship and repeating past mistakes, clients will benefit from lessons learned and be smarter about what and how they repatriate.”
Trend 5 – VMOs go mainstreamMulti-sourcing has increased the work in the vendor management. Alsbridges managing director Mike Slavin says, “As clients look for ways to address the challenges of overseeing increasingly complex multi-vendor service delivery models, the [vendor management office] will establish itself as a way to provide a high-level, enterprise-wide view while at the same time managing day-to-day operational details and multiple touch points between different providers in the service delivery chain.” Trend 6 – Automation – future of relationships
“Clients will rethink their sourcing strategies and how to build their RPA capabilities, and providers will continue to build automation into their solutions,” says Craig Nelson, managing director with Alsbridge. “Both parties will have to redefine roles and skills requirements for individual jobs, as well as maintain the touch points between automation functions and tasks performed by humans. This will present a significant challenge for outsourcing relationships as agreements will need to be flexible to accommodate these highly dynamic environments.” Trend 7 – Multi-speed ITThis year outsourcing clients will identify the necessity to take different approaches to cope with the change the business’ and ‘running the business’ factors of IT. According to COI, Eleanor Winn, managing director at Alsbridge tells “Clients will use the bi-modal approach to implementing commercial and contractual mechanisms with vendors to clearly delineate the roles of the respective groups and to optimize the contributions of each to the business.”
Trend 8 – Faster sourcingTechnology is advancing at a slower pace that means outsourcing decisions have to be quicker. Peterson of Mayor Brown foretells “Companies who decide on a digital strategy will execute quickly in 2016 to avoid seeing a technology shift or a competitor jumping ahead, we see increasing numbers of clients deploying substantial negotiating teams working on an agile basis to close smart deals fast.”
Trend 9 – Risk Management Put to the TestAnother important trend is to watch out for natural disasters, 2015 saw the great South Indian floods, which are among the risk factors that play big roles in driving businesses like outsourcing. The client might have to visit the site throughout the year to check work quality and seek technology to detect disasters, find early disaster recovery methods and plan business continuity. Companies might require pulling the plug to check if the provider can re-route work faster to other service centers without any notice. from http://www.outsourcinginsight.com/outsourcing-trends/
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Today, with the current handling of technology development, sales and business operations the tax filing and income tax returns submissions are a tough task to execute for businesses as well as the individual taxpayers. On the other side, small and medium sized business companies, CPAs and tax firms around the globe struggle with time limitations, while the period of busy tax seasons. However, they also deal with the reduced operation during the off-season. Tax processing includes tax validation, the liability calculation, returns preparation, managing forms, and certifications. An outsourced company can assist you with the complications faced at the time of an exceptionally packed in tax season. Tax preparation outsourcing services can get better effectiveness and productivity by releasing your company’s engaged resources to focus on better value customer service and get needed work-life balance by achieving finer client and employee satisfaction. What makes outsourcing tax returns so unique?The expertise and knowledge about income tax preparation with an experienced outsourcing company is always on the higher side as they do the same work “day and night.” They have greater commitments to their multiple clients. By outsourcing tax preparation work you are getting a trusted partner who will hold up you and enthusiastically dig out your requirements, is it a high refund or a smaller legal tax-related liability. An experienced financial services company will have the expertise to deal with all types of tax reporting for small businesses. You can be completely confident of secured work delivery, and use of better tax software’s when you outsource to an experienced company. So you can have the luxury to concentrate on getting better and better with your client relationships, business operations and futuristic corporate planning, while outsourcing company is managing your tax processing tasks from the backend. Experienced TeamAn experienced tax returns team is well skilled and competent. The outsourcing companies on a regular basis upgrade the knowledge and skills of their employee team at every level. They need to be updated with the latest tax software and statutory laws through continuous training, webinars, and seminars. By sending work to an experienced company, a business can reduce its costs up to 40% to 60%. You can timely focus on your core business operations and reduce strain, in addition to saving the costs. Preparation of taxes through an outsourced companyThe outsourced company will go through your balance sheets and other critical data to organize all required items correctly. While to put in order and process your tax returns, the company will analyze and understand the till date profit and loss. Additionally, they will go through the taxability details in regards to your different accounts Before the tax season, they converse regarding their keen observations, industry or market viewpoints and let you know how to move forward with the current and futuristic tax arrangements smoothly. An outsourcing tax preparation company usually receive data related to tax returns in one of the approaches which comprise of remote access based, secured server based or email based. They examine the information and feed it into tax software of your preference. The services also include auditing of the information to make sure that it is accurately accounted for and go through the defined process. After that, they convey the returns back to you by the transmission process you select. When the tax return reaches you, you can review, modify and conclude the details as needed and return it to them. They then update your tax files and forward the closing copy to you for the final filing. Some companies also offer free pilot project services; you can even try them and then take the final decision related to outsourcing your work.
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Business benefits of outsourcingThere are cases where documents related to tax preparation are lost due to carelessness by the in-house staff. Whereas if the outsourcing services are utilized, they will ensure the documents are kept correctly as well as tracked properly. Access to superior resources makes access to analytics for areas which can be enhanced, while you deal with an outsourcing company. You will have access to the updated technology and skilled staff without in fact hiring them. By using the services of outsourcing companies improved processes and procedures can be created with lesser efforts. This will assist in having improved relations with creditors and avoiding penalties due to late or non-payment.
Some of the limitations of outsourcingIt is much simpler to control the in-house employees or staff working on the different tax preparation processes. On the other hand, there is a chance of making errors due to the communication or collaboration gap while working with an outsourcing team. There are also chances of raising privacy issues while working with an outsourced partner company. Even though the 3rd party companies will give the complete guarantee in relation to the safety of your data, but it is easier said than done to rely on them fully. Data security will also be a concern in case you choose to work with a CPA near you. The processes or the procedures followed by the outsourcing company would be different from the technique developed earlier by the in-house employee or staff. So there is always a probability of duplication of data entries taking place in these procedures. Key TakeawaysOutsourcing tax preparation allows you to focus on your business and execute revenue generating processes, while they manage all the required complexities of tax preparation as well as the processing. An experienced outsourcing company will always follow quality assurance protocols and consider deadlines which do not affect his client’s work. from http://www.outsourcinginsight.com/tax-returns-preparation/ Telemarketing is the skill of acquiring leads via phone calls via the call center. It is a huge investment because it requires physical, human, and financial resources. On the other hand, a business that chooses to outsource telemarketing services is mainly trying to free up its workers from the hectic process so that the job can be handled by skilled industry experts who keep the best return on investment (ROI) during implementation. Telesales often involves working with the latest technology and target data to identify leads that are most likely to convert. That skill is not common in a typical office, and here’s why you should consider outsourcing it instead. Let’s go over the reasons
If you choose to assign telemarketing duties to your in-house employees instead, you will be chasing away potential leads. It is obvious that they lack the expertise needed to execute the job effectively. This can result in stress and negative emotions which will quickly be sensed on the other end of the line. The result is that the client in question will want to stop the call as soon as possible.
Noise and distraction coming from other employees in the office may prevent other employees from carrying out a successful telemarketing campaign. With everyone around, the telemarketer who also happens to be your employee will feel naturally self-conscious, and will not want to talk as freely to the person on the other end. This situation makes it difficult for them to respond to any signals that might be relayed from the client on the phone and so you will lose the lead.
You might opt to source for your own data in a bid to cut costs. But it will quickly turn out that this process is costly regarding money and time. On the other hand, poorly sourced data is often cheap and not effective in converting leads. And you agree that this will affect your ROI. On the other hand, a telemarketing company only provides leads based on relevant and strategic data. In the end, working with this data leads to a big boost in conversion, which is good for your business.
Temporary telemarketers are paid low wages on an hourly basis. For this reason, the temptation to hire them is often high because they come at a low cost. However, the problem with these temporary ‘’professionals’’ is that they often don’t have intimate knowledge of your products or services. After all, they are just temporary, and this means lack of that sort of commitment which you get from full-time professionals who guarantee their support while integrating their skills into your company’s vision, thus promoting sales.
Most businesses are never confident when it comes to writing these scripts. This often results in undesired loopholes and closed questions. It is for this reason that you are encouraged to outsource telemarketing services to spare your money and time on calls that will cost you for no apparent reason.\
If you work with your employees to acquire leads through phone calls, you will need to change your approach every time you engage with a lead. There is calling a selected list of contacts, and there is also dedicating time to sort out these potential leads. Achieving this kind of flexibility is never an easy task. Managing these leads then becomes an impossible task.
Flexibility should also come into play when considering your employees’ time. Can they work on a Sunday afternoon? If yes, will you compensate them for the overtime work? In short, telemarketing campaigns need flexibility and the ability to handle leads at any time of the day, and not just between 9-5. Now, consider these cost implications, and you will soon realize that you are in a better position to outsource telemarketers rather than have your employees taking up that extra job.
Cost means investment regarding money and time. The cost of acquiring resources comes in the form of software, scripts, calls, and much more. Do not forget the cost of training your employees and boosting their morale when they work overtime. Also, to keep up with technology in the industry, you’ll be required to update your hardware and software on a consistent basis. Apart from this, you require technical support, maintenance, cleaning and so much more. These can quickly add up, thus upsetting your budget.
This point is still related to cost. You are spending more because employees who double up as telemarketers need a separate room with separate desks for conducting their duties. You still need to acquire equipment such as automated dialers, computers, software, phone lines, cables, headsets you name it. In addition to this, you still need support and proper maintenance of these types of equipment. This is the cost implications of not outsourcing your telemarketing campaign.
As with experienced telemarketers, this is not an issue. But with in-house employees who do not have what it takes to handle the client in any direction they will take them, this can be a big challenge. It takes more than just following the script. Experienced telemarketers express themselves clearly and confidently even when under pressure. Also, because they are skilled, they know how to capture the attention of the caller with certain phrases. They know how to keep their interest using the script so that they can skillfully prompt them to take action. In short, a skilled telemarketer addresses the need as opposed to just selling. The choice of words used here encourages the caller to proceed with the conviction that what they are getting is the right thing. Outsource telemarketing after you do the following five thingsOnly a specialist company has what it takes to effectively generate leads for you. And because this is a costly undertaking, there are certain things which should be done before you can consider hiring a third-party. They are as follows: Clarity of the strategy you are using for your sales and marketing A sales and marketing strategy is something that most small businesses will ignore. But the truth is that you should know your target audience and why they would be interested in engaging with you concerning what you are selling. In that context, a telemarketing company will either choose to offer it as a separate service or wove it into your campaign. If they offer it as a separate service, it will cost you more. If they integrate it into your campaign, they will essentially be doing trial and error work. In fact, to be sure of whether or not you need a telemarketing specialist, you should consider who your audiences are. If you don’t have a clear picture, hire this service separately. Budget allocation Telemarketing is a slow process that yields result consistently in the long run. This happens because clients soon grow familiar with your business name as they trust you more. For this reason, your leads may respond to one campaign but not to the other which is completely fine since you are likely to experience the same thing if you chose to do the job on your own. Most telemarketing specialist will suggest a 2 week trial period. But the right way to go about it is to find an ideal specialist whom you will assign a 3 week trial period instead. After all, telemarketing should make you more money than you currently spend. 2 weeks is a very short time to affirm this. So adjust your budget allocation accordingly. The process of interviewing a telemarketing provider People masquerade as telemarketers when the truth is that all they have is a desk, a computer, and a phone. Do they have what it takes to build rapport and consequently an effective communication with the lead? You find out. By hiring a telemarketing specialist, you are not buying sales leads. Instead, you are buying time and skill much the same way you do when outsourcing IT-related tasks. There are costs involved in employing and managing specialists. These logistics are important to consider in the hiring stage. You essentially need to know the person who will be speaking to your clients on your behalf. You also need to work with someone who is specifically assigned instead of people working in a pool. Expectations need to be realistic Sales leads that are generated from networking referrals tend to convert immediately because they have been pre-sold to already. Apparently, many business owners who seek the services of a telemarketing specialist will assume that getting them in front of the right person will always mean closing the deal. Unfortunately, that’s the wrong approach. Getting leads through telemarketing is a process that takes time because leads have to be nurtured. This is quite different from what happens in networking where closure rate percentage can reach 90% while that of telemarketing only playing between 20-30% for the skilled professional. Also, the relationship between the telemarketer and their list builds over time. Following a script and implementing other techniques of selling will definitely yield results, but not right then. Get the right quality of salesmanship For telemarketing to work at its best, you need to keep quality salesmanship in mind. Sales teams who do well tend to get regular training which often involves coaching from managers. They practice and give feedback in a bid to refine the craft. At the end of the day, it boils down to how your competitors are trained and skilled in selling. If they are indeed skilled, you will be disadvantaged. In short, the quality of your salesmanship plays a critical role in your telemarketing campaigns. So approach it with eyes open.
How To Identify The right telemarketing companyThese companies come in a variety. There are those who get involved in direct marketing where a wide range of services is offered from generating leads to fulfillment. Then there are those who invest in inexperienced call reps who are often required to make hundreds of calls just to get a dismal pay at the end of the day. Whatever the case, consider the following:
How long have they been around? Do they specialize in B-to-B sales lead generation? Well, if so, get a call center that has vast experience in your specific industry. Don’t hire call representatives who will cold-call your clients in the most inappropriate times to pitch sales. Ensure they have customer support call center agents.
You need to find out the average return on investment from this company. Apart from this, ask them about the number of leads the program will generate as well as the anticipated sales ratio.
You need to meet the various account Managers and call teams in this company. See how they are fulfilling requests from leads and listen to their phone conversations as well. You should be able to get a clear picture when you tour the production floor.
This should highlight the company’s background, program recommendation, qualifications, and fees. This proposal will tell you whether or not the company is attentive to your needs. It will help you ascertain if they are the right candidate.
You need a sample report on the company’s activities. This will help you gauge whether they have experience in your industry and are capable of integrating their systems with your needs.
You should speak to one or two current customers as well as those who stopped using the services of this company a year ago. This will give you a clear picture of the people who handle accounts as well as the overall quality of services offered by this telemarketing company. In addition to this, find out if these individuals would be willing to outsource this telemarketer again if there was the need to. ConclusionThe bottom line is that b2b or b2c telemarketing is extremely effective in generating, nurturing, and ultimately converting leads. And because of the reasons mentioned above, hiring outsourced telemarketers seem to be the best option for all business owners. from http://www.outsourcinginsight.com/outsource-telemarketing-services/ |
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