The world of business has dramatically changed and continues to rapidly change every single day. And what we know yesterday might as well be considered a thing of the past tomorrow. That is how fast the business world is changing. So companies all over the globe have to learn to adapt and do it fast.
Before, the business trend is to be a jack-of-all-trades. To be successful, a business has to have everything a client needs in one roof-a one-stop shop. And companies of olden times try to do just that. Hire all the kinds of personnel they need for every department in their company. However, that is a thing of the past now. The economic market today requires specialization. Consumers want to have every product or service tailored to their particular need. Consumers don’t want generic products anymore.
They want special treatment and the best of quality service they can get. So, having everything under a company’s roof does not seem useful anymore. Keeping all business processes under one roof now proves not only to be costly but impractical as well. This is because monitoring each and every one of them to ensure the best quality is served and tailored to every client need has become tedious and almost impossible. Keeping experts in-house is also proved to be expensive in the long run.
The need for specialization and focus on the company’s real core business has spun the trend of hiring Business Process Outsourcing companies, or what is more popularly known as BPO. Business process outsourcing companies have now sprouted and proliferated in countries where labor cost is not so expensive, such as China, India and the Philippines, and lately, the Middle East.
BPO companies in these countries and region provide services to bigger, more often multi-national, companies that want to focus on their core business processes so they just delegate generic tasks or processes that are of lesser importance, to outside provider or supplier of services.
The philosophy of companies these days is to “…do what they do best and outsource the rest.” And it is a very sensible philosophy at that. And more and more companies are catching on it. The list of services that are most commonly outsourced include HR solutions, accounting, financial services, Singapore licensed money lender customer care services, Call Centers, IT Help Desk Services, Marketing tools and solutions, and other nitty-gritty details that most companies want to be free of.
These are necessary business processes-yes, that is true. However, companies now realize that it is more practical to delegate these tasks and focus on sales or production, or whatever their company is all about.