The Hokey Cokey Conundrum
Outsourcing solutions to external companies who are dedicated to deliver a service for a specific role of your business can add tremendous value. By focusing specific strategies and process models to one area limits the scope of potential substandard or weak methods that may originate in a business.
All industry sectors have a core solution or product they provide and sell to their customers. A great amount of thought is expended on business plans (current and visionary), company structures, departmental structures, employee skills and appropriateness to their roles, commercial structure and so on... aligned with responsible forecasts for expected revenues to be made. However with that brings to the fore the thought that lingers in the back of peoples mind but is taboo in the running of their business (what if a customer doesn’t pay – oh well we have an accounts department, they can deal with that, we can worry when it comes to it – we must focus our attention of getting as many sales as possible).
Strong businesses will always be run with a good solid structure across all operating departments to ensure best practice and evolving processes are in place, however, the skills retained within a business will always be top-heavy to the knowledge and requirements of their core product or service they sell – in reality, to maximise that business, so it should.
So....using outsourced providers for specific areas of a business such as BPO’s, DCA’s, Income Specialists, Vulnerable Specialists, Accountancy etc... whose core strength is within these specific areas and who focus their financial and resource investment to deliver solutions that will improve, maximise or simply just take the pressure off a business, makes absolute sense!
Thousands of business use outsourcing solutions with great effect, however with the balance of probability, where there are strengths there must be weaknesses – where there are positives there must be negatives....
The biggest risk for outsourcing a project, department or process means you do not have as much oversight or control of what is happening to this business area and how it affects your valued customers and brand.
It raises questions such as:
- Am I spending more on operating costs, auditing and oversight controls for an external or third party supplier than I would if I kept the requirement in-house?
- Am I creating a bigger headache for my business from my regulators because of this outsourcing process?
- How are they being remunerated – if I am only paying commission when they succeed, what quality am I getting?
- Will my outsourcing solution to dedicated individuals in that field actually deliver the right outcome.....?
Would it be wrong to have the best of both worlds! Using hybrid solutions that utilise outsource knowledge and strategies whilst retaining the customer experience and control internally can provide:
- Overall Cost Savings
- Eliminate Compliance Risks
- Improved Customer Journey
- Retain Control & Oversight
Matching and weighting up the pros and cons are critical but don’t ever think it is one way or the other...the most successful businesses consistently innovate and challenge their processes and won’t just be satisfied with dated solutions because that is what they have always done.
So in, out, in, out or shake it all about – the Hokey Cokey Conundrum!
Find out more about COLLECTaDEBTpro’s hybrid credit management and debt recovery solutions by emailing email@example.com