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There is no doubt that business process outsourcing is booming. According to a recent report, the BPO industry, which was estimated at $232,32 billion last year, is expected to show a compound annual growth rate of 8.5% from 2021 to 2028. And there’s no wonder why – back-office process outsourcing covers support and administrative functions such as data entry, finance and accounting, document scanning, HR, payroll, management, and much more. The key reason why back-office outsourcing is so popular today is that it helps businesses achieve efficiency in all of these operations, which in turn skyrockets business performance.
Business owners hiring VAs stand to benefit big time from this process – no HR or employee relations requirements to comply with, no need for large office space, equipment, and furniture, and no overtime pay. They only pay for the service they agreed on in the contract with the VA. Outsourcing back-office processes ensures that professionals complete tasks, which can go a long way in driving business performance and revenue.
Cost Savings of Virtual Assistance
VAs are professionals who provide support services to companies from remote locations. These services can be whatever a business owner requires them to be. More often than not, virtual assistants handle anything from digital marketing support to administrative services and everything in between, including full-blown project management. Several professionals and personal tasks are handled by experienced teams of freelancers or high-level results that are sourced to different contractors.
One of the greatest values of the virtual assistant is the cost-effective benefits they offer business owners in time and hard-earned cash. They save both recruitment and operational costs since they don’t require the HR investment of searching, interviewing, vetting, and hiring. VAs (i.e., a virtual PA) save business owners the expense of advertising on job platforms and don’t require the full-bodied benefits package of a full-time employee.
Outsource to Overall Productivity
Outsourcing VAs can increase productivity by allowing your staff to focus on what they do best. It unshackles employees of the arduous and repetitive back-office tasks. In fact, working with documents and data in-house can prove cumbersome and unproductive. An experienced VA can efficiently handle these non-essential tasks in a quick turnaround time. Appointing professionals to handle specific processes will allow your team to focus on their core strengths and income-generating processes.
Provides Access to Skilled Professionals
Outsourcing works wonders for businesses who need to access professionals with specialized skills in different areas like data entry, accounting, IT services, inventory management, HR, and supply chain management. For example, outsourced data entry services are an affordable way to get time-consuming data entry tasks done efficiently and in no time.
Put simply, having a professional to support yourself, and your company helps put processes in place for ongoing growth and scalability in the future. You can regain your time, peace of mind, and profitability by delegating work to VAs that does not come naturally, isn’t cost-effective, or is enjoyable.