The primary challenges for CEOs and CFOs across the country and around the world seem to be the optimum allocation of their smartest resources to generate directional growth and maximize their ROI. This is why many of them make the decision to outsource.
Apart from the constant challenge of adhering to market trends and keeping up with the standard industry protocols, running a successful business or corporation is further contingent upon successfully carrying out between thousands to millions of routine-based transactions every day. These daily tasks further enable operational efficiency and translate into a superlative customer experience and increased sales for you.
However, as your scope of operations expands and your internal team struggles to execute these processes with the same level of efficiency and attention every time, work begins to suffer. Your team also becomes stressed and under-productive with different departments struggling to coordinate and report back numbers and statistics in real-time for you to implement smarter and more effective decision-making.
Naturally, the next question that arises is that when does it all become too much and how can you tell whether it’s time for you to outsource these essential yet tedious tasks to specialized remote teams for greater speed, higher accuracy, and lower processing costs?
Here are 7 key indicators to help you ascertain whether your business is struggling to keep up and that it’s time for you to outsource:
1. Your Team is Unable to Focus on Core Business Processes
Your internal team may be amazing; however, even the brightest of your team members will falter if they feel overburdened at work. The most common signs that your team is feeling overwhelmed include waning enthusiasm, constant pushback against expected deadlines, and stressed employees with considerably lower productivity.
If both you and your team are caught in an endless loop of still fixing your day-to-day operations, then it could spell disaster for your overall operational productivity and bottom line as a stressed team is rarely a high-performing one.
The reasons for this are simple, you may have a need to update and upgrade your existing processes, or your scope of operations has simply grown beyond your current capacity.
While hiring more resources may seem like the most obvious choice, it is costly and can result in further stress on your team as they face the additional pressure of recruiting and training new employees.
According to TimeDoctor, nearly 57% of all companies outsourced work to increase focus on their core functions.
Outsourcing labor-intensive and time-consuming tasks such as data entry, document conversion, accounts payable and invoice processing, etc., to a trusted outsourcing firm, can take a load off both you and your team.
As you outsource and assign these tedious yet essential tasks to a remote team of specialized employees, you free up your full-time internal resources to focus on driving core business activities and growth.
2. Your Invoice Receipts and Accounting Books Make No Sense
When it comes to maintaining an effective bottom line, you need to have the current state of your finance and accounting operations at your fingertips in order to make smarter financial management decisions.
Apart from forming the backbone of an organization, a company’s finance and accounting function play a crucial role in ensuring smooth, uninterrupted operations by ensuring uninterrupted cash flow in and out of different departments and processes.
If your finance and accounting departments constantly find themselves struggling to manage mounds of invoices and receipts, then it’s a clear sign that your team needs help.
As per a 2019 study by Clutch, businesses most commonly outsource more technical tasks, including their accounting (37%).
Perfectly balanced accounting ledgers are dependent upon successfully executing a variety of routine-based and highly challenging transactions such as invoice processing, accounts payable, accounts receivable, and QuickBooks bookkeeping among others.
Optimizing these tasks requires specialized remote teams comprising skilled accounting analysts who are trained in dealing with and resolving bottlenecks such as exceptions, suspect data, and tracking down missing or even incomplete information.
ARDEM offers fully managed finance and accounting solutions that are designed to carry out the most crucial financial processes from start to finish, for timely data delivery and accurate reporting. Our solutions are designed to transform and carry out your current processing for increased cost savings of up to 40% and higher ROI.
3. You Face a Constant Back-Office Backlog that Never Seems to End
A never-ending backlog at the back office can end up compromising your front-end operations as well as they are directly dependent on each other.
Any delays at effectively carrying out backend tasks such as sales order processing can irritate your existing client base as customers face delayed services and resolutions of their complaints, resulting in a less-than-desirable customer experience.
The solution to this glaring red flag is the same as before, outsource your back-office operations to a trusted and proven back-office support partner to enjoy the benefits of precision processing and streamlined operations.
4. You Lack Resources for Specialized Tasks
Apart from effectively carrying out routine transactions, a business or company also needs to carry out specialized tasks such as database creation or specific market research, etc., to work smarter and more efficiently.
However, if you routinely find yourself postponing such tasks due to a shortage or non-availability of resources, then perhaps it is time for you to ask yourself: Should I be outsourcing these specialized tasks?
The answer is yes; outsourcing can provide you with immediate access to specialized remote teams with skills that match your needs for such projects.
Just recently, ARDEM developed a specialized solution for a leading global alternative legal service provider that was looking for urgent database creation within a record span of 2-3 weeks. Our specialized data teams were able to mine, format, and create over 11,000 datasets withing 2-3 weeks all the while exceeding our client’s expectations.
5. Your Sales Curve is Taking a Turn for the Worse
A flat sales curve is a source of worry for most businesses as it may be an early indicator of something even worse to come, a decline in sales!
While there are many reasons behind a decline in sales, the most common ones are poor time and order management that translate into poor client experience and result in fewer customers coming back.
As your business grows, a greater need arises for faster and more efficient sales order processing services to ensure higher customer satisfaction. Many of these tasks can become quite time-consuming, and any failure to process them on time can delay shipments and create unhappy customers.
ARDEM accurately captures, processes, and allocates data from sales slips and receipts to ensure that all orders are fulfilled with both speed and accuracy to boost your efficiency and ROI.
We further automate your order processing steps for back-end efficiency and faster order fulfillment with real-time processing within 24 hours. Our sales order processing solutions are designed to help you build a strong market reputation with rapid order fulfillment for efficient sales order processing.
6. You Lack Updated Insights for Smarter-Decision Making
In today’s digital world, the adoption of smarter business strategies for growth and expansion requires real-time data analytics that transforms into actionable insights for smarter decision-making.
Gaining access to these vital insights requires that the data from your daily transactions is extracted, processed, collated, and shared in real-time to help you and your management make smarter and more timely decisions.
We offer a cloud-based solution, the ARDEM Collaboration Manager, to streamline your workflow with a cost-effective solution that helps to free up your internal resources and increase focus on core business processes.
For a nominal monthly subscription fee, you get access to a workspace on our cloud server. The cloud server is provided by Amazon Web Services and has strict security protocols in place. Each user also has a secure login protocol using the latest SSO protocols.
Once connected to the workspace you can drag and drop your work documents for processing to secure folders, chat with your account representative to describe the work you want your team to do, interact with your team members, review the status of your project, leave new instructions, follow up on issues related to your assignment, and monitor the live progress of your project on customizable dashboards.
7. You are Looking to Expand Operations While Reducing Costs
While expanding your operations can be an exciting proposition, it can also turn out to be quite an expensive one! Recruiting and training new resources takes you quite a lot of time and resources, not to mention that hiring highly skilled resources for implementing upgraded solutions can drive up your costs and may even end up compromising your ability to expand operations.
Once again, the smart solution would be to outsource these expanding tasks to a team of highly skilled and dedicated virtual assistants who can take over your process and get started in as little as 14 days.
As experts in virtual training services, we manage all training aspects of your remote workforce to mobilize your teams for success so you can focus on what you do best.
If you think that you are facing at least one of the above situations and feel like you need to outsource at least a part of your internal operations but are unsure of how and where to start from, worry not!
Just get in touch with our team to schedule a free consultation where our outsourcing experts will be more than happy to discuss your requirements and guide you further.