For decades, businesses have leveraged outsourcing as a major strategy to streamline costs while ensuring access to critical skills and talent needed to compete. Today, businesses work with offshore and onsite partners for core software development and other technology-enabled activities. However, the operation and management of several back-office business processes have for long formed the essential backbone of the economic advantage of this business model. Studies estimate that the global market for business process outsourcing will be worth over USD 739.4 billion by 2033.
In the early days, customer support, invoicing and billing, and related tasks were the perfect candidates for businesses to entrust operations to an outside partner. Fast forward to today, a sizeable business can transition into an efficient entity by entrusting more or less all of its key back-office processes to a partner via this proven model.
Technology is a game-changer
Carving out back-office processes for partners is just one part of the story. In today’s digital-first world, it is imperative that back-office processes must be agile, accurate, and efficient to adapt to the dynamic needs of customers. Fulfilling customer expectations requires strategic handholding by front-end business channels and back-end processes through a framework of digital experiences. The use of technology is as critically important for back-office processes as it is for customer-facing operations.
The back-office partner must adopt the best of the available technology solutions to automate back-office workflows, manage operations seamlessly, and scale their performance dynamically according to market needs. Some of the major contenders among back-office processes that need to align with this trend of digital transformation include accounting, supply chain management, customer support services, talent management, etc.
A tech-enabled partner for the back-office must effortlessly streamline and enhance the productivity of such processes by leveraging the right technology to automate their daily operations.
The benefits of leveraging technology-driven back-office process outsourcing
Compete with new entrants
Improving market presence and share are critical focus areas for enterprises in these times of heavy competition, especially from startup businesses in their domain. Startups have the inherent benefit of starting with a strategic digital-friendly business model right from the very beginning. They also tend to be agile and fast. For established businesses, however, legacy business processes can choke their productivity and slow them down.
By moving back-office processes to a partner with the right kind of technology prowess, enterprises can guarantee a transformative change in their market approach. A knowledgeable partner can help to engineer a future-ready digital back-office for any business without disrupting the customer experience. Using state-of-the-art technology tools like RPA, AI, etc. for automation, they can ensure that the business has an agile and nimble digital back-office that accommodates market trends effortlessly and can adapt to change quickly – exactly like startups.
Lower cost of operations
One of the major benefits of working with partners for large back-office processes is the reduction in operating costs for the business. There is a two-fold advantage to outsourcing back-office processes from a cost perspective. The first would be the availability of an economically competitive workforce to handle back-office operations. Second will be the ability to eliminate inefficiencies with technology, thereby bringing down process costs. Automation will aid in reducing delays, removing errors, accelerating processing, and much more. This will ultimately help to complete more work in less time leading to significant cost-efficiency in the long term.
Scale dynamically
An agile and digital-friendly back-office infrastructure will support enterprises in their growth initiatives. It will offer the right amount of flexibility needed to manage demands from a diverse range of customers as the business scales. It will bring agility as well as resilience into the processes that drive various operational functions. The right back-office partner will ensure that the digital back-office processes are equipped with the right technology from time to time to support growth.
That could be in the form of cloud deployment for optimal workload balancing, the use of AI, RPA, etc. for intelligent automation, and integration with other SaaS products and solutions to accelerate back-office processing. Ultimately, the business will have access to a very dynamic digital ecosystem across customer channels and back-office processes.
The future of back-office processes
As we have seen, the race is on for businesses to work with partners to digitally transform their back-office processes to redefine their growth story. That suggests that decision-makers must be aware of the right technology that must be adopted, the right strategic roadmap to implement these technologies, and the expected outcomes so that they can quantify and measure ROI.
Picking a tool or platform will be easier if they can first identify the exact digital capabilities needed in their back-office. Some of the popular ones in this regard include workflow automation, robotic process automation (RPA, intelligent process automation, decision automation, continuous intelligence, process orchestration, intelligence architecture, and much more.
Creating a success story
For enterprises, creating the perfect success story for their back-office digital transformation initiatives requires deep collaboration with a knowledgeable technology partner. It will be impossible to source the necessary skills, technical resources, and guidance from an internal talent pool. The right outsourcing or offshoring partner can ensure that the important back-office processes get the most deserving transformation with measurable ROI in the quickest timeframe without risks.
For years, Trinus has been deeply involved in carving such success stories for some of the world’s largest and best businesses. Get in touch with us to learn more about unlocking new opportunities in your back-office processes with the right technology.