The Business Process Outsourcing industry is growing rapidly and continuously. According to Grand View Research, the global BPO market is expected to reach $525.2 billion by 2030. BPOs have stopped being exclusively a large enterprise solution and have expanded to the point where even small businesses and start-ups are starting to adopt this approach.
However, this increased growth and demand across all tiers of industry is not without its complications. BPOs now have to consider all levels of industry and need to adjust their resources and technology use so that they can easily adapt to any market, from the small local businesses to the large global enterprise.
And the best way for them to do that is to use one unified enterprise resource planning platform (ERP).
In this article, we’ll discuss not only how one ERP can help BPOs expand more easily, but also how BPOs in turn can facilitate ERP migration, as well as NetSuite’s approach to BPO partnerships.
How One ERP can Help with BPOs
There are a lot of benefits to using NetSuite for BPOs as far as ERPs go. Here are the top three ways in which partnering with NetSuite helps BPOs:
- Faster growth without limits
The problem with growing quickly in the business world is that the systems that you used as a small business might not be enough to adapt to your increased needs. With NetSuite, a company can continue to use the same account and just increase functions and capabilities as they need.
This saves a lot of time and resources, as you don’t have to focus on implementing new systems after reaching a certain growth threshold.
Not only does adopting NetSuite as an ERP solution allow companies to grow without limits, but it also helps speed up that growth. The ability to quickly add more functionality to their systems with minimal adoption times lets BPOs build custom workflows that aren’t impacted because of changing business needs.
- Fast Implementation times and increased focus
Netsuite’s SuiteSuccess model allows BPOs to quickly set up a comprehensive system to provide their clients with a satisfying experience. This model lets BPOs provide their clients with industry-specific solutions that can be customized as needed.
Furthermore, BPOs can focus on multiple organizations without compromising the quality of their services, their profits, or their productivity. This is possible thanks to the use of one unified platform, whereas using multiple systems would quickly become unwieldy when dealing with a large client repertoire.
- Robust capabilities that go beyond the financial
A lot of the standard cloud solutions that are used by BPOs to work with small businesses and startups have limited capabilities beyond the financial. As the need for support in areas like inventory, ecommerce, and HR grows, these systems start to show their limitations.
A unified platform that combines capabilities of all areas of the business will allow the BPO to manage multiple solutions and vendors and make the delivery of outsourced services much more efficient.
How BPOs Can Help with ERP migration
ERPs are beneficial to BPOS, but BPOs themselves can also return the favor by making the ERP process simpler for business. This is particularly effective when the BPO partners with an ERP, such as NetSuite.
The following are some of the ways in which using a BPO for your ERP migration strategy is in your business’ best interest:
- Flexible staffing that adapts to fluctuations
Depending on your type of business, or the speed at which it is growing, you might find yourself in need of additional staff at specific times. It could be a seasonal event or related to specific moments in the year. Either way, it presents a significant challenge.
You could find yourself with fewer people than you need at critical times or be paying more for staff when you don’t need them. Outsourcing your accounting operations allows you to control your staffing based on your needs, make your operations smoother, and save on costs.
- Decreased Overhead
At the end of the day, all businesses have one shared goal, to maximize revenue and profits. In that regard, implementing NetSuite is one of the highest ROI projects that a company can choose. With an outsourced accounting solution, you can save money on hiring, training, and office space.
You only pay for the services that you need and can make your operations more efficient by letting the outsourced professionals focus on the financials.
- Easier migration process
Migrating the systems your business uses is not an easy decision to make. It often takes time and effort, which is why many businesses try to stick with their current systems for as long as possible. However, more often than not this approach backfires, as their competitors adopt new solutions that leave them behind.
With a BPO, these migration issues are lessened. You’ll have a team managing your finances while you focus on the migration, lessening the risks.
- NetSuite-focused experts that can ease the pre-migration process
Last but not least, the accounts partnered with NetSuite are experts on the platform. They are CPAs with advanced NetSuite certifications that make them far more efficient at handling the platform than an internal employee.
This also has the added benefit of making your pre-migration process. You’ll want to ensure that your BPO partner’s accountant can work with your legacy system or Quickbooks, but you’ll already know that they understand NetSuite.
NetSuite’s BPO partners can help analyze your current process, confirm everything is optimized to switch to NetSuite and make the NetSuite implementation smoother by reviewing your current system.
- Increased visibility and detailed reporting
BPO employees already come with years of experience in NetSuite, as well as in customizing and automating the platform. They will use this knowledge to provide you with detailed reports and forecasts.
Conclusion
BPOs have a lot to gain from adapting one unified ERP platform, such as NetSuite. This would allow them to service businesses of all sizes through all stages of growth, without having to compromise on their profits. And this applies both ways, if you are looking to implement an ERP system in your business BPOs can help make this process smoother and more effective. In both scenarios one thing is clear, NetSuite is the right choice.
