As the term nearshoring keeps popping out on different media outlets, reinforced by constant trade and investment agreements, companies will continue to outsource. 

So, in the month of love and friendship, we see fit to talk about the benefits of outsourcing partnerships and how to keep them successful and turn them even into friendships.  

Which ultimately relies on development and execution.  

This is built on several key elements that work together to create a productive and mutually beneficial relationship.  

Here are some of the most important factors that make an outsourcing partnership great for success: 

Clear Communication & Trust: 

I can’t get enough of saying how communication is vital to any successful relationship, and outsourcing partnerships are no exception.  

Both players need to have a clear understanding of expectations, goals, and responsibilities.  

Regular check-ins, updates, and open communication help prevent misunderstandings and ensure everyone is working towards a common goal.  

But don’t fall into micro-management. Sometimes is hard to let go, but it has been proven multiple times the dangers of certain practices.  

And trust is even more essential to build and keep since it’s necessary to work with a trustworthy and dependable partner.  

You can consider a proven track record of delivering quality work on time and within budget. 

At the end of the day, outsourcing is a way to delegate and rely on professionals to optimize and enhance your services.  

Aligned Goals:  

Both parties must have aligned goals and a shared vision for the outsourcing partnership.  

We consider this important to mention, because sometimes, decision makers maybe don’t consider or just don’t know how a technical or operational subject will be of relevance.  

But you could be surprised!   

This can help ensure that everyone is working towards the same objective and the partnership is working towards the business’s overall success. 

And this must be shared with all departments, reaching not only operations but also the administrative and creative area.  

If all teams are on the same page, the workflow will be faster and cohesive.  

Shared Responsibility:  
Executives should take shared responsibility for the partnership’s success. 

This can include providing resources and support, collaborating on strategy, and working closely with the business to meet its goals.  

They also must be open to new and creative ideas to execute business needs to innovate and meet client’s demands.  

Flexibility:  

The best outsourcing partnerships are flexible and adaptable to change.  

As business needs evolve, the outsourcing partner should be willing to adjust processes, systems, and services to meet the changing needs of the business. 

Expertise:  

The outsourcing partner should have a deep understanding of the industry and specific expertise in the areas they are responsible for.  

This expertise can help drive innovation, improve processes, and provide valuable insights to the business. 

It should also deliver high-quality work that meets or exceeds expectations. 

This can help ensure that the outsourcing partnership adds value to the business and contributes to its overall success. 

Both parties should approach the outsourcing relationship as a partnership, not just a vendor-client relationship.  

Meaning that you have work together to overcome challenges, sharing information and resources, and fostering a collaborative culture. 

Final thoughts:

In conclusion, both can create a valuable tool for businesses, but only when executed properly.  

This partnership requires all the factors mentioned and even more.  

Companies can increase efficiency, drive growth, and achieve greater success by focusing on these critical elements. 

Thank you for reading our blog, if you want to learn more about the industry, visit other articles!  

Want to contact us or get a better idea on how we can help? Send us a message.  

Federico Castillo

Content Creator Specialist at Redial BPO.
Loves to research and talk about politics, economics & culture. In his free time, binge watches movies & TV shows.

Business process outsourcing (BPO) is a cost-effective solution for many companies that want to reduce operational costs.  

Providing a wide range of services that can be outsourced, such as customer service, finance, marketing, accounting, human resources, and many more. 

By outsourcing these tasks, companies can save money on labor, technology, and office space. In this blog post, we will show how BPO can help companies keep operational costs low, and how nearshore investment can be a cost-effective option. 

Identifying company needs 

One of the main benefits of BPO is that it helps companies identify areas where they can reduce operational costs. 

BPO companies have the expertise and experience to analyze a company’s operations and identify inefficiencies. 

A very important step to take, especially for small and medium-sized companies which are still working on their overall business and department structure.  

Sometimes, because of a lack of time or resources, executives cannot detect cost leaks or priorities.   

For example, they can automate repetitive tasks using technology, which can reduce labor costs.  

Additionally, BPO companies can help companies reduce technology costs by using cloud-based solutions instead of maintaining their own servers. But both are reliable options.  

Cybersecurity is also one of the main topics when it comes to doing business. Especially nowadays with all the tech and digital platforms people can access.  

Your information should be a top-priority and BPO can help you in case you need delegation, following all the requirements and the best certifications.  

Automation and technology play a key role in reducing operational costs.  
BPO companies can use automation tools to automate tasks such as data entry and customer service.  

For example, chatbots can handle simple customer service inquiries, freeing up human agents to handle more complex issues.  

But sometimes that is not the case.  

Recently, we have talked about how a lot of businesses need to realize that their customers are at a point where their problems are very specific.  

So, betting on qualified agents to deliver fast-paced solutions to any inquiries can elevate customer engagement, loyalty and even increase sales.  

This can reduce labor costs and improve efficiency.  

Additionally, BPO companies can use technology to improve communication and collaboration, which can reduce costs associated with office space. 

Another way to keep operational costs low is through nearshore investment. 

 Nearshore outsourcing is when a company outsources tasks to a nearby country.  

This can be more cost-effective than outsourcing to a distant country because it reduces travel costs and time zone differences.  

And it has become a huge saver for companies taking their processes in-house because of the increasing wages.  

Therefore, nearshore outsourcing can provide access to a skilled workforce at a lower cost than in the US or Canada.  

Popular countries for nearshore outsourcing include our very own Mexico. Relying on an increasingly well-educated workforce and culturally like the US, which makes communication and collaboration easier. 

In conclusion, BPO can help companies keep operational costs low by identifying areas where they can reduce costs, automating tasks, and using technology to improve communication and collaboration.  

Additionally, nearshore investment can be a cost-effective option for companies looking to outsource tasks.  

By outsourcing tasks to a nearby country, companies can access a vast pool of talent, ready to elevate your operations.  

Thank you for joining us on this blog. If you would like to learn more about the industry, you can check out more articles here.  

Ready to lower your operation costs with a full team of professionals? Don’t hesitate to contact us!  

Federico Castillo

Content Creator Specialist at Redial BPO.
Loves to research and talk about politics, economics & culture. In his free time, binge watches movies & TV shows.

Nothing new about companies choosing to completely remove phone customer service because of cost reduction and claims of finding more effective channels & alternatives to meet clients’ demands.   

A practice that is already well known in the social media industry and some FinTech companies, but recently, airlines. They all share one thing in common: to enhance the customer experience through digital channels, ensuring that no client will be left behind.   

Of course, this subject has sparked a series of debates, establishing various schools of thought on whether this is an issue to worry about.   

If you consider applying or eliminating phone customer service for your business or organization, stick around!   

How many people are still using phone customer service? 

It could be the first question to ask if someone considers such a decision. Aren’t many people still using phones as their primary source of attention? 

The short answer is, yes! 

Understood as a way to eliminate the need for written correspondence and enable making instant inquiries. It is currently the most popular because it reduces the time required to solve clients’ problems. 

Allowing more opportunity for both the agent and the client to connect through certain emotions like empathy, making the call more pleasant.  

According to data presented by Consulting firm Fifth Quadrant, found that for 71 percent of consumers, talking with a live agent over the phone was still the top preference, especially for registering complaints (66%), making purchases (62%), and asking technical questions (70%). 

This comes from the fact that most problems the customer might experience are a very specific type of problem, related to their account or process that by the end, will require assistance.  

Sometimes, leaving FAQ or live chat bots is almost useless since they are designed to solve easy tasks, they can’t really make choices or truly analyze (yet) if the process needs escalating.  

Imagine just a few scenarios, where you don’t recognize a few bank transactions, or need to book a hotel room ASAP, and your only options are live chat or email with no certainty of fast response, much less a resolution.  

Frustrating, right?  

Now, this is not a scenario that applies for every company or organization. But it is very possible one with the wrong partner or service providers.  

 There are some alternatives of the same nature that have been very reliable though their constant investment.  

Omnichannel media is becoming a must for more companies that desire to exceed their customer expectations.  

Especially considering that $62 billion is lost each year due to poor customer service. 

So, should I keep phone customer service?  

Keep in mind  that at the end of the day, it all depends on your business and what your customer’s needs.  

Maybe you have a product or service that runs completely on digital, so in case there is any need for assistance, maybe you can also provide excellent attention though other cost-effective digital channels.  

Especially if you have already considered the demand or volume of calls and requests.  

The truth is that not every business strictly needs phone customer service, but that means that you have other strong alternatives to resolve any possible issue.  

Also, you must also keep in mind that phone customer service lets you:  

• Quickly resolve complex issues 
• Increase customer retention and loyalty.  
• Reduce the percentage of public negative reviews.  
• Your online conversion rate can improve by 8% when you include personalized consumer experiences. 

Thank you for reading this blog, if you want to learn more about CX services, click here.  

Federico Castillo

Content Creator Specialist at Redial BPO.
Loves to research and talk about politics, economics & culture. In his free time, binge watches movies & TV shows.

Considered one of the most innovative & demanded industries internationally, the fintech industry has offered modern financial solutions through technology and digital tools for the last decade.  

Understood as a combination of the terms “financial” and “technology,” refers to businesses that use technology to enhance or automate financial services and processes. 

With a value of USD 112.5 Billion in the year 2021, is expected to grow around USD 332.5 Billion by the year 2028, following a Compound Annual Growth Rate (CAGR) of 19.8% over the forecast period, according to data presented by Vantage Market Research. 

Finding venture capital & the right investors.  

Although this is certainly a process more related to the startup phase of a fintech, due to its natural vision to grow and go worldwide, fintech’s usually rely heavily on considerable capital and investors.  

But this could become a challenge if the business doesn’t have a clear list of objectives or goal alignment between the investors.  

That is why it is so important to have a clear purpose and determine the list of factors venture investors are going to consider for the project.  

Whether you are in the development phase or even full-on operations, epam anywhere shares the following questions you must follow:  

• What are the problems solved by the product? 
•  Where are the potential risks to the business? 
•  How big is the market opportunity?  
• What makes the founders think the product will be successful?  
• How will the investment capital be used to achieve the product’s goals 

Competition in the fintech industry.  

Yeah, there are a lot of fintech’s offering great financial services, and a lot of them are already huge, but hey, they are not the same.  

Feeling confident about your product or service will be of great significance to know your value proposal once you determine to go B2B or B2C.  

Once you have that confidence and full knowledge of what your product offers, you will detect the business opportunities and the problems it could fix.  

Besides, there are a lot of areas fintech can attend from insurance, digital wallets, investments and more. The opportunities? A lot.  

Industry regulation.  

A very important subject that is constantly discussed, especially lately among experts and public figures.  

Finance, being one of the most regulated sectors, naturally, because of the very sensitive data and transactions it holds, raises a lot of standards and processes to secure safety and good practices.  

But in the fintech industry, many questions have been made about its safety and even legality, criticizing some practices as not very different from casinos.   

Although we could make another article explaining more in depth the whole processes involving regulation, for the moment, we are just going to point out fintech’s need to stay in touch, more than ever, about all the necessary policies and relevant information to share with the user.  

This could be in a specific section in the webpage or app, talking about general concerns and even financial education, in the format you prefer. Whether video, blog or even a certificate!  

Users also consult this type of information in different omnichannel media, like phone service, live chat or email.

Something achievable by specialized nearshore services providers.  

Data security.  

As mentioned, users appreciate some privacy in their finances.   

Securing that their money or transactions are safely secure from bad practices is imperative.  

Why? Cybersecurity company appsealing shares that the most preferred methods like one-time passwords, fingerprint, codes, although effective, are not invulnerable to cyberattacks.  

Recommendations to attend this area go from establishing an internal IT department, capable of processing and comply with the required cybersecurity certificates and constant supervision for compliance.  

User experience. 

For many years, we were subjected to not so cool customer attention from traditional financial institutions. Well, fintech’s could be credited with enhancing CX through real care and attention.  

Therefore, consumers have higher standards on how to receive attention and resolve a problem, and with that comes more demand within the different attention channels available for clients.  

The business may be going well, but you are receiving a lot of customer inquiries. Well, that is the moment to determine not only how you can obtain new clients, but also retain and ensure loyalty.   

But with all the rising costs and economic uncertainty, having alternatives to take care of your CX operations can be possible through a nearshore call center, lowering costs and securing efficient market reach and attention. 

Conclusion.  

We are in an exciting time where technology has brought us amazing tools and possibilities to improve or even satisfy our financial needs.   

FinTech’s will continue growing at a fantastic rate, which will also bring benefits for both the consumer and the company, but these challenges must be considered to thrive and adapt.   

Thank you for reading our blog; if you want to learn more, click here.   

Ready to delegate your operations and talk with the experts? Delighted to meet you.   

Federico Castillo

Content Creator Specialist at Redial BPO.
Loves to research and talk about politics, economics & culture. In his free time, binge watches movies & TV shows.

Since exploring the economic context of countries and markets is a fundamental part of our day-to-day, we couldn’t resist looking up what is ahead for the Business Process Outsourcing industry for 2023.  

What are the top places aiming to invest in and generate more opportunities for companies and their people? 

 
South Africa 

If you have been reading our latest blogs, you know South Africa has been a topic of discussion, becoming a preferred destination for BPOs searching for lower costs and stronger infrastructure.  

Its growing and competitive economy has created a positive environment for BPOs, especially given the country’s strategic location in the African continent.  

The country has a strong and well-developed communication infrastructure, competitively priced and skilled labour, and a stable and business-friendly government promoting specific industry agreements. 

 As BPOs continue to focus on increasing their overall profitability, they are also seeking more flexible and cost-effective solutions. 

 
Poland 

Poland is a rising star in the BPO industry, and with good reason. With highly skilled labour, a strong and growing economy, and an efficient transportation infrastructure, this country is poised to become a serious contender in the BPO sector.  

There is a growing demand for BPO in the region, with a focus on customer care, software development and accounting.  

With a cost of labour that is 30 percent lower than the average for Western Europe and a strong cultural affinity with the U.S. and other Western countries, Poland offers a compelling business case for BPO. 

What is also interesting is the growth, expected to reach US$1.92bn in 2022. 

 
Brazil 

Brazil is a big country that has a lot of room for improvement in the BPO sector.  

Its economy has been growing faster than many other countries in the region and has recently been growing at a faster pace. 

However, there is still a lot of room for growth in the BPO industry. The growing demand for outsourcing services in Brazil is attracting BPOs from countries like India and the Philippines.  

The country’s large population, growing middle class, and high internet penetration rate make it an attractive market for BPO. 

Highlighting data presented by the ShowWise consultancy, which highlights important points that have benefited the attractiveness of the country such as:   

• Good business practices   
• Constant growth in the Latin American region  

Specifically, its development and innovation aspect, for the strengthening of physical and digital infrastructure, declaring that for the closure of the year 2021, Brazil had over 35 company accelerators and over 90 manufacturing parks.  

Its Science and Technology Parks (STPs) have been promoting innovation and research while also supporting societal and financial development. 

Mexico 

Of course, we couldn’t skip our home! 

Mexico has been growing in its significance as an outsourcing destination for a while. The country has strong ties with the United States, and its membership in NAFTA (North American Free Trade Agreement) makes it even more attractive. 

Although there have been some controversies in the past months, negotiations have been established for the development of resolutions and has largely involved the energy sector.  

 The country has the largest English-speaking population in the Spanish-speaking world and a highly educated labour force.  

BPO in Mexico has been growing steadily, with more and more companies looking to outsource their customer care and IT services to Mexico. 

 
Malaysia 

Malasia, with its strategic geographical location, growing economy, and cost-effective labour, has become an attractive destination for BPOs.  

Intenational companies have been investing in this sector, as they see a huge potential for growth in the Southeast Asian region. Malasia has developed its own BPO sector, which is now worth about USD 2.5 billion.  

The country has a well-developed infrastructure, and its proximity to India gives it a competitive edge for BPOs. 

 
Final Thoughts 

We hope that this article has provided you with an overview of what the future holds for the BPO industry.  

As you can see, there are many exciting and promising trends that can help BPOs find new and innovative ways to solve business challenges and provide valuable services. 

With the right strategies and technologies, BPOs can position themselves to capture the benefits of these trends and create a more engaging customer experience. 

Federico Castillo

Content Creator Specialist at Redial BPO.
Loves to research and talk about politics, economics & culture. In his free time, binge watches movies & TV shows.