Evaluating and choosing the right vendor for your Back office support has to be done with the right expertise to avoid pitfalls and get it right the first time.
The world is becoming smaller thanks to the internet and other technological innovations. Organizations worldwide are outsourcing many of their back office operations. This helps them focus on their core activities. They will be able to have their teams involved in more value-added activities rather than just procedural and operational work. Back office support is typically done by a lot of business and knowledge processing firms. The global business process outsourcing (BPO) industry grew at a compound annual growth rate of 4.4% to reach total revenues of $140.3 billion in 2016. This year, 2018 has seen emerging technologies such as cloud computing, robotic process automation, software, social media, and automation being adapted by BPOs for benefits of cost reduction and accelerating growth.
Choosing the right vendor of back office support is critical for successful outsourcing of back-office operations. There are a few steps in choosing the right vendor for outsourcing your operations. We recommend you choose a reliable outsourcing consultant to help manage the process. Experience matters in the selection process and a lot of pitfalls can be avoided.
Let’s go through the steps for selecting a back office support vendor:
You need to have an internal team to help in the selection of a suitable vendor. You need to identify which back office support processes are aligned to be outsourced to a vendor. A detailed report with business and technical requirements must be prepared. Define requirements to be met by the vendors. The internal team can review and finalize this requirements document. Once that is done you can then share it with an outsourcing consultant.
We as outsourcing consultants having expertise have seen both sides- your requirement side and the vendor managing similar processes. We have been handling a diverse range of clients in various industry verticals which allows us to tackle a problem through multiple perspectives. We know which processes can be outsourced to vendors and those processes that have challenges. We will guide you to make your outsourcing successful.
Identifying suitable vendors is a time-consuming process. Choose one that can deliver your service as per your quality parameters and expectations. All vendors will not meet your criteria and you will arrive with a shorter list. We have industry contacts and know the successful back office support vendors in the industry. We will help select a vendor that offers a holistic solution. We will help you in the qualifying process through our stringent vendor selection parameters. We will help shortlist vendors.
Some shortlisting parameters include:
Once, that is done you can issue an RFI (Request for Information) to the selected vendors. Post evaluation and further shortlisting, a Request for Proposal (RFP) or Request for Quotation (RFQ) can be issued to the shortlisted vendors.
We will evaluate proposals received to arrive at a decision that is in the best interests of your organization. Inputs will be sought jointly from all stakeholders and we will use the following methodology.
The final stage is to prepare a contract negotiation strategy so you can discuss and partner with them.
This includes -
Contact us with your requirements for end-to-end consulting and we will get in touch right away.
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