Did you know that outsourcing can actually help you reduce business risk? Take a read here to find out how.
As you work to grow your business, most CEOs are eager to find ways to improve operations and reduce business risk. But sometimes when they hear that improving business operations can be done by working with a business process outsourcing (BPO) company, they worry that they’ll actually be opening themselves up to risk by going that route. After all, they’ll need to trust an external third-party with everything they’ve worked hard for? Sounds, well, risky.
But in truth, one of the best risk management tips is to find the right BPO partner to help you grow. Instead of exposing you to risk, a partnership like this can go a long way in mitigating business risk. Here’s how.
Risk #1: Eroding profit margins.
One of every CEO’s biggest fears is unintentionally losing your margins over time, and ending up with a lack of profitability. This can especially happen during the time period in which you’re trying to scale. As you expand to new locations and add on new personnel, you may find you’ve underestimated costs and overestimated demand. In fact, premature scaling accounts for a great percentage of tech startup failures. Now that’s scary.
When you engage with a qualified BPO partner like Conectys, you get significant cost savings. You don’t have to rebuild your infrastructure time and time again as you scale; but can rather tap into our existing infrastructure. You don’t have to reinvent the wheel when it comes to creating processes; you can rely on our established company that already has repeatable processes we can tailor to your brand’s needs. Through providing you with cost-effective answers to your scaling needs, you reduce the risk of eroding margins and failed scaling.
Risk #2: Tech outages.
Technology is an incredible thing, and understandably the backbone of many businesses. But when technology goes down, you’re at risk of losing time, money and possibly even your customers. Over half of IT outages are regularly caused by natural disasters, and other reasons often include human error or tech failure. If you’re relying on technology in your business, you can’t afford to have all your eggs in an uncertain basket that could go down at any time.
When you outsource your technical support to a BPO provider like Conectys, you protect yourself from irreparable damage caused by outages. If there’s a weather event in your area, for example, one of our Conectys sites overseas can take over for you. If there’s a technology problem at your headquarters, our technical support team can troubleshoot and solve it while providing seamless technology from our other locations. This is the power of true business continuity and is an incredibly valuable way to reduce business risk.
Risk #3: Lacking digital security.
Again, when you’re immersed in the digital world, your ability to protect your customers’ data (and your own) is paramount to your success. Do you know if your security measures are enough? Many companies get the baseline certifications they think they need or work with providers that are low-cost, but don’t necessarily vet these providers have the right process in place to protect their business.. This approach, needless to say, can get you into trouble. In 2018, data breaches increased by a whopping 424 percent increase over the previous year, making it clear that you can’t be too careful with your security.
At Conectys, we take security extremely seriously. Not only are we PCI DSS and GDPR compliant, but we’re also ISO 9001:2018 certified. Furthermore, we comply to data protection legislation as per law 677/2001 and EU Directives 95/46/CE and 2002/58/CE. Our services are additionally certified by the ITIL Foundation in IT Service Management and ITIL Incident Management/Service Desk. What this means to you is that you never have to worry about the risk of insecure data when you work with us; we’ve got you covered.
Risk #4: Inability to be agile.
There are times in every business when being adaptable can make or break your trajectory. For example, let’s say you just launched a new product and the response has been wildly positive. This is great – but you don’t have the technical support or customer service resources to handle all the incoming requests. If you can’t scale these areas up quickly, you’re going to lose credibility in the market – and customers.
Engaging with a BPO partner like Conectys allows you to be agile as needed. If you need more personnel, we can supply high-quality team members in a flash. If you need to implement a new technology quickly, we can help you with implementation, onboarding and beyond. And when you no longer have the need for certain resources, we can get you back down to the right level. This helps you avoid the risk of rigidity, and ebb and flow with your business as your needs dictate.
If you’re considering outsourcing some of your business processes, we invite you to give us a call. We’d love to help you scale, while simultaneously reducing your risk and improving business operations.