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Casual Articles - Self-Assessment - Is your Organization Ready for Business Process Outsourcing?
Do customers still use PRINT Yellow Page directories, or has everything gone digital? Well, physicians, auto repair shops, attorneys, dentists, plumbers, insurance agencies, veterinarians and florists... Just these 8 (out of 300) categories alone were referenced nearly 3 BILLION times in 2005. Now consider that “online Yellow Pages” were referenced a measly 1.8 billion times for ALL BUSINESS CATEGORIES, and you can see that print Yellow Page directories are still one of the very best ways to reach valuable local prospects at the very time they’re in need of your product or service.In fact, certain companies live and die by the Yellow Pages. Businesses like Restaurants, Attorneys, Dentists, Plumbers, Insurance Agents, Veterinarians,
Metrics: What kind of value are you looking to attain from this relationship. Be specific . . . don't just say "I want to save money" but rather look at how you will be measuring your success. For example, the key metric for a bank is the cost to administer a mortgage every month. In the insurance marketplace, it is the cost per beneficiary per month that matters. For healthcare firms, the issue is the cost p
While visiting a friend, he asked a favor of me. He whipped out this humongous business plan consisting of two full 3-inch loose-leaf binders. Someone he knew had paid a whopping $250,000 to have this business plan prepared and my friend was interested in my opinion of it.At first I considered telling him I had something else to do and couldn't spend the next ten hours reading a "Gone-With-The-Wind" business plan. Had I been an actual potential investor presented with this monster, I would have simply dumped it in the trash and told the entrepreneur, "Thank you for considering me as a potential investor, but it doesn't fit my current criteria."Nevertheless, I relented and agreed to look it over. My thought was, "OK, give it to me and I'll look it
Even though outsourcing is an efficient way to run your operations or even part of it--it may not be for everyone.
* You will need to assess the positives and negatives of having a partner overseas.
Some of the expected benefits from outsourcing are: * Cost reductions * Improved service quality * Superior competency * Access to leading technology * More freedom to focus on strategic activities * Increased shareholder value * Economy of scale * Shared risk
Some of the expected risks from outsourcing are: * Less contact with your customer * Lowered Service Quality * Possibility of valuable data falling into competitors' hands (all respectable outsourcing partners will sign a confidentiality agreement) * The potential for the cost of outsourcing to exceed expectations (your outsourcing partners' initial analysis of the project should give you a fairly accurate figure) * The erosion of in-house knowledge (if 100% of your operations are outsourced)
Things to consider in a BPO contract * Work scope * Rates * Term & Termination * Performance Guarantees * Deflationary Pricing over length of contract * Training costs * Data Security, Privacy, Confidentiality and Continuity of Business * Indemnification and Insurance * Financial Strength of Vendor
Fixing a poorly defined contract during a project is very difficult. So getting it right is extremely important for the overall success of any BPO engagement.
Remember, a good Outsourcing company will treat this as a partnership. With that in mind, both you and your outsourcing partner must have open communication and understand the goals of your business. If you are able to communicate effectively and both feel comfortable with your introduction . . . the next steps are very crucial to maintaining a good business relationship from start to finish:
Metrics: What kind of value are you looking to attain from this relationship. Be specific . . . don't just say "I want to save money" but rather look at how you will be measuring your success. For example, the key metric for a bank is the cost to administer a mortgage every month. In the insurance marketplace, it is the cost per beneficiary per month that matters. For healthcare firms, the issue is the cost p
When looking at any type of marketing advertisement, do you glance at the ad then set it down thinking that later you will call on it? Most of the time we forget about the service or product and end up weeks later throwing the ad away. What makes the difference between an immediate response to an ad, or having it end up in a pile of papers on your desk?When marketing and advertising your home based business in any type of form, power point phrases are an idea tool to generate income. This will not only capture interest in your product or service, it will get people to respond.Creating urgency through "call to action" phrases is an important and effective way to keep potential clients from forgetting about you. Generally, "call to action phrases" are phr
Some of the expected risks from outsourcing are: * Less contact with your customer * Lowered Service Quality * Possibility of valuable data falling into competitors' hands (all respectable outsourcing partners will sign a confidentiality agreement) * The potential for the cost of outsourcing to exceed expectations (your outsourcing partners' initial analysis of the project should give you a fairly accurate figure) * The erosion of in-house knowledge (if 100% of your operations are outsourced)
Things to consider in a BPO contract * Work scope * Rates * Term & Termination * Performance Guarantees * Deflationary Pricing over length of contract * Training costs * Data Security, Privacy, Confidentiality and Continuity of Business * Indemnification and Insurance * Financial Strength of Vendor
Fixing a poorly defined contract during a project is very difficult. So getting it right is extremely important for the overall success of any BPO engagement.
Remember, a good Outsourcing company will treat this as a partnership. With that in mind, both you and your outsourcing partner must have open communication and understand the goals of your business. If you are able to communicate effectively and both feel comfortable with your introduction . . . the next steps are very crucial to maintaining a good business relationship from start to finish:
Metrics: What kind of value are you looking to attain from this relationship. Be specific . . . don't just say "I want to save money" but rather look at how you will be measuring your success. For example, the key metric for a bank is the cost to administer a mortgage every month. In the insurance marketplace, it is the cost per beneficiary per month that matters. For healthcare firms, the issue is the cost p
Nowadays, staying competitive involves more than just having a website – retailers need to maximize their web presence. This involves a combined effort of leveraging your website, integrating online and offline marketing efforts, and communicating effectively online.Susan LaPlante-Dube, Entrepreneur.com columnist and president of Massachusetts-based Precision Marketing Group, offers the following pointers to assure you’re getting the most out of your website investment:1. Online marketing is marketing“Like all successful marketing efforts, you must develop a clearly defined goal for your website and have an understanding of your online target market,” says LaPlante-Dube.She encourages retailers to decide whether their site will:replace
Things to consider in a BPO contract * Work scope * Rates * Term & Termination * Performance Guarantees * Deflationary Pricing over length of contract * Training costs * Data Security, Privacy, Confidentiality and Continuity of Business * Indemnification and Insurance * Financial Strength of Vendor
Fixing a poorly defined contract during a project is very difficult. So getting it right is extremely important for the overall success of any BPO engagement.
Remember, a good Outsourcing company will treat this as a partnership. With that in mind, both you and your outsourcing partner must have open communication and understand the goals of your business. If you are able to communicate effectively and both feel comfortable with your introduction . . . the next steps are very crucial to maintaining a good business relationship from start to finish:
Metrics: What kind of value are you looking to attain from this relationship. Be specific . . . don't just say "I want to save money" but rather look at how you will be measuring your success. For example, the key metric for a bank is the cost to administer a mortgage every month. In the insurance marketplace, it is the cost per beneficiary per month that matters. For healthcare firms, the issue is the cost p
Who Are the Data Entry Companies?Data entry companies are out there, if you know where to find them. Come learn where to find the companies that will hire you for a data entry job.Today, there is a huge demand on work provided by data entry companies as the business world is always in a state of flux. There will always be innovations, variations and reinventions of the traditional workplace environment. This should not come as a surprise as the world moves at a million miles a minute and the business world must keep up or fall by the wayside.Which Companies Require Data Entry Work?This is why there are so many data entry companies. Well, the reason for the volume of data entry companies is fairly understandable. There is an enormous demand in
Fixing a poorly defined contract during a project is very difficult. So getting it right is extremely important for the overall success of any BPO engagement.
Remember, a good Outsourcing company will treat this as a partnership. With that in mind, both you and your outsourcing partner must have open communication and understand the goals of your business. If you are able to communicate effectively and both feel comfortable with your introduction . . . the next steps are very crucial to maintaining a good business relationship from start to finish:
Metrics: What kind of value are you looking to attain from this relationship. Be specific . . . don't just say "I want to save money" but rather look at how you will be measuring your success. For example, the key metric for a bank is the cost to administer a mortgage every month. In the insurance marketplace, it is the cost per beneficiary per month that matters. For healthcare firms, the issue is the cost p
A couple of weeks ago, I was invited to accompany a manager on a tour of his physical facilities. As we walked around the yard and through the warehouses, the manager spotted several housekeeping issues that disturbed him. Each time this happened, he would seek out an employee, angrily point out the problem and tell him to take care of it."I get so frustrated with these people out [on the yard]", he told me. "Every time I'm out here, I find material that has not been stored properly, piles of trash that should have been picked up and thrown in the dumpster and bunks of lumber that are not stacked correctly. I don't know what else to do to motivate our people to pay attention to detail. It's little things like this that eventually lead to big problems."The
Metrics: What kind of value are you looking to attain from this relationship. Be specific . . . don't just say "I want to save money" but rather look at how you will be measuring your success. For example, the key metric for a bank is the cost to administer a mortgage every month. In the insurance marketplace, it is the cost per beneficiary per month that matters. For healthcare firms, the issue is the cost per member per month. These are the crucial business metrics for which the provider is measured and rewarded.
Know your partner: Who's on the team? What kind of qualifications do they have? Interview them . . . just like you would someone walking into your office applying for a job. If they don't know what they are talking about . . . .you'll know right away! It may also be wise to ask for a few references in order to gain some feedback on their current or past performances.
Cost and Scope: You and your outsourcing partner need to have a solid understanding on the costs, which types of service will be included and not included in the agreement, who is your account manager, etc. In defining the service level agreement (SLA), it is important to discuss objectives for the project and measurements of success.
Without defining SLAs and key metrics upfront, confusion could arise about responsibilities. This will ensure that the project will start off on the right foot.
Have you found the team you want? Before you start, here are some important Rules for Managing the Relationship with your Outsourcing Provider
o Understand YOUR company's Goals: o Yes, you are trying to save money . . . .otherwise you wouldn't be looking into outsourcing--right? Don't forget that you need to know what you want to accomplish. What are your goals for this project or team? Communicate this with your outsourcing partner and you'll be amazed at the results. The key is . . . are we both in sync here? Are we focusing on the same concerns? Not only are you looking to save money and resources, but you are looking to SUCCEED over the course of the long haul. You should right down your goals and expectations before even looking into any outsourcing solution. If you don't know what you want--how will your partner know?
o Establish an effective Relationship Management Process: o This doesn't mean you contact your team only when problems arise. Even thoug
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