BPO | Business Process Outsourcing | HfS Research Blueprint ...

Improving our industry is the focus of an outsourcing industry blueprint released by HfS Research, the analyst research organization that boasts 120,000 services professionals. The document identifies key issues affecting outsourcing and provides 21 detailed recommendations to improve the industry.

It came together in an intriguing way. Phil Fersht, HfS CEO, brought together many of the outsourcing industry?s key players to share their experiences, challenges, successes and future desires in an open setting. The objective, according to Fersht, was to make a genuine difference in how the industry currently operates. The blueprint identifies four major challenges currently facing industry participants:

1. Overcoming the singular focus on cost that strips the industry of value.
2. Leveraging outsourcing as one of a variety of vehicles to achieve business objectives.
3. The need for service providers to invest smarter in their account management teams.
4. The need for buyers and providers to partner to foster innovations into business and IT process outcomes.

BancTec?s iBPO Addresses Industry Challenges

BancTec?s Intelligent BPO (iBPO) process addresses the concerns of many BPO clients by moving beyond mere cost-cutting and creating true client partnerships focused on innovation. It?s based on the reality that simply outsourcing an already inefficient process will not lead to improvements in the long run.

A business must first consult with their BPO provider to determine how to best optimize that process. BancTec?s proprietary iBPO process addresses the root causes of process inefficiency in a four-step methodology:

1. Envision ? BancTec offers process optimization consulting to thoroughly evaluate which financial and back-office processes will benefit most from outsourcing.
2. Design ? Redesigning processes is a daily project for BancTec engineers, but every client is different, and all decisions are based on industry best practices.
3. Transition ? The process is migrated carefully to a BancTec iBPO Center of Excellence. This can happen all at once or in stages, depending on the circumstances and desired outcome.
4. Optimize ? The final optimization stage is ongoing; BancTec continues to manage the process and make improvements.

By choosing Intelligent BPO, companies realize reduced risk, better customer service, and improved business intelligence in addition to lower costs. BancTec offers iBPO to enhance a variety of financial transaction processes and document management processes across the healthcare, banking, insurance, manufacturing, government and utilities sectors.

Combatting Negative Perceptions of ?Outsourcing?

Among the recommendations of the HfS Research blueprint to improve the outsourcing industry, the report suggested that alternatives to the term ?outsourcing? are needed because it has become synonymous with greedy corporations exploiting low-cost labor in Third World countries, and, ultimately, the sacrifice of higher-paying jobs.

This is an interesting point; many people do have the wrong idea about outsourcing.? For example, most of BancTec?s U.S. customers are served by BPO Centers based in the United States ? underscoring the point that improving processes, not simply shedding costs, is the foundation of our business.

HfS Research?s next major summit, titled the ?HfS 50 Blueprint Sessions 2.0? will be held in Boston Oct. 23-25 to finalize an operating framework for the outsourcing industry. Click here?for more information.

Contact us today to learn more about business processing outsourcing with BancTec.

Tagged as: BPO, business process outsourcing, HfS Research, Outsourcing, Phil Fersht

Source: http://www.banctecbpo.com/2012/07/hfs-research-blueprint-identifies-challenges-faced-by-outsourcing-industry/

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