Back Office is the engine room of a company/organization. When you outsource your Back Office support or Medical Billing Services, you gain numerous advantages that improve your business as a whole. Once you have the right partner working to supplement your business needs, you can place your focus on core business competencies and leave the secondary concerns to the experts.
As the costs of back-office jobs continue to increase, more and more companies are turning to outsourcing to keep costs down and realize many other benefits outsourcing has to offer. In fact, the average Back Office salary in the United States is $45,596 a year according to ZipRecruiter. In places like New York City, the average salary is even higher at $66,402 and in San Francisco, the average salary is a whopping $81,363 a year. No wonder Back Office outsourcing has become such an attractive option for companies all over the world.
Fortunately, with the right outsourcing strategy, many companies today can cut their costs in half while improving their productivity and focus at the same time. In fact, according to Statista, 59% of businesses stated that they used outsourcing to help them cut costs.
Back Office support doesn’t usually become a noticeable problem until a business starts to get larger. As your company grows in size, managing the business processes that are crucial to everyday operation becomes an increasingly expensive and time-consuming challenge. Departments have to be expanded or created from scratch, and then you are stuck managing the cost and effort of hiring and training new employees.
That’s where Shree P M Agency comes to the rescue. Shree P M Agency gives you the freedom to focus your efforts on what matters most, by taking over your labour-intensive operations. Be it data entry, human resource, IT support services, call centre, marketing, or medical billing management, we provide expert solutions that can improve bottom-line and bring down operational cost. What’s more, as your partner, we don’t just stop at providing quality support; instead, we extend services that deliver a measurable impact.
However, outsourcing can come with challenges and downsides, too. It’s important to understand what outsourcing is, how it can help, and how it can hurt before you make any decisions.
A report by Shared Services and Outsourcing Network (SSON), an online network delivering the latest news on business and leadership, stated that Fortune 500 companies lose an estimated $483 billion due to ineffective back-office processes. Factors that contribute to this include the following:
- Leadership challenges faced by businesses
- Handling the ever-increasing workload
- Achieving service goals and timelines
What are the advantages of back-office outsourcing?
Businesses that outsource find a significant difference in the time and resources saved through back-office outsourcing. Back-office needs may vary according to the size and industry of an organization. Still, several benefits of outsourcing common to every company are available, such as:
• Time and Cost-Efficiency: The first and maybe most obvious advantage to outsourcing your Back Office is simply improving your bottom line. Developing the infrastructure to manage your Back Office needs is expensive, not to mention time-consuming. The cost of maintaining this infrastructure after you develop can also be very high.
When you factor in labour costs, employee turnover, and investment in the newest technology and training, you end up with a large and ever-growing number that can dwarf many of your other business costs.
Outsourcing your Back Office support is a much more affordable solution. You can utilize an existing, well-maintained infrastructure and end up with a much more affordable option that allows your business to thrive.
As mentioned earlier, back-office functions can be quite costly due to overhead expenses for facilities, tools, and technological resources (software, applications, and programs). Such costs can put quite a strain on the growth of a company.
With outsourcing, back-office operations can be both time and cost-efficient. Outsourcing companies provide the facilities, equipment (such as computers, accessories, and internet providers), and the hiring process (i.e., training). That being said, businesses can save valuable resources as opposed to having an internal back-office.
• Access to Experts: Back-office outsourcing gives access to highly-skilled people equipped to provide quality services while using the most up-to-date technological resources. Offshore personnel know how to utilize the necessary tools needed in the industry they work in. This is possible because outsourcing service providers tend to hire qualified people for specific roles, and then provide extensive in-house training and seminars.
Focus/ Concentrate on your core Competencies: Outsourcing back-office functions allows companies to focus on their core competencies. While the management concentrates on the main areas of the business, their outsourcing partner focuses on the back-office support they need.
Back Office support is vital, but taking the time and effort to build and maintain it yourself often pulls the focus away from the core competencies of your business. It can be frustrating to spend so much time on admin tasks and not on the growth of your business.
By placing these crucial but secondary processes in the hands of trusted professionals, you and your team will have more time to concentrate on the most important aspects of your company. Let the Back Office experts do what they do best for you, so you can do what you do best for your customers.
These are just a few of many advantages that can be yours with the right outsourcing partner for Back Office support. If you’re looking to compete in a tough market, maintain efficiency, focus on your core business, and save money all at the same time, outsourcing is probably the best solution.
Scalability: Once a company grows, the outsourcing vendor will handle the hiring and training process for back-office operations. Moreover, partnering with an outsourcing company can only be contractual, so a company can hire them as needed.
Cost-cutting: The obvious advantage of back-office outsourcing is simply enhancing your bottom line. As discussed above, developing and maintaining the infrastructure to handle your back-office operation is time-consuming and costly. When you factor in labor charges, worker turnover, and investment in the latest technology and training, it can dominate many of your other business costs. Back Office outsourcing is a much more affordable solution. With outsourcing, you get a ready-made infrastructure and cheap labour offshore.
Allows more flexibility: Today, businesses are growing with unprecedented speed. In order to keep this growth upwards, they need to be fully prepared to adjust according to the ever-changing market. With solid back-office outsourcing in place, businesses will find more flexibility when they need to scale up. From management to training, businesses find it a little easier with their outsourcing provider in place.
Reinvest in your business: The true value of outsourcing lies in the potential of the budget. With no longer having to spend on an in-house team, you open up countless avenues for reinvestment. If you were thinking of expanding your business, back-office outsourcing can offer an important role and provide you the much-needed flexibility. Outsourcing can save you time and money; therefore you can set your business goals through amplified investment and achieve them fast. Also, this can be used as a quick-fix buffer and you can hire more talented people in your in-house departments and strengthen your core business activities. With outsourcing, the ball will always be in your court.
Access to the latest technologies: Another major advantage of outsourcing back-office services is that businesses get immediate access to the latest technology and infrastructure. The outsourcing companies mostly provide around-the-clock services. You can save your time, money, and resources to purchase the technology, software, equipment, etc. by just outsourcing it to a third-party professional vendor.
Our Mission
Every employee at Shree P M Agency is committed to getting work right, the first time, every time wherever you go. To be the preferred and trusted resource for the products and services that enhance home and family life
Our Vision
Our goals are simple - no harm to people, no accidents, no security breaches, and no damage to the environment
