Debunking Common Business Process Management (BPM) Outsourcing Myths
- April 6, 2021
- Category: Business process management
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Despite the fact that many companies use outsourcing for portions of their business, there are still a lot of misconceptions about how it works. Whether you’re a small to midsize business (SMB) or credit and collections agency, don’t let these three myths distract you from the opportunity to gain efficiency and profitability.
Fact: The majority of the national issuers and debt buyers have approved their servicers to leverage a certified business process management partner.
A leading BPM company with an experienced knowledge process outsourcing (KPO) team knows how to work with clients to develop an approval process and will guide firms on how to have the discussion with their client. Clients understand the benefits of outsourcing, and with a trusted KPO partner and robust vendor management processes, will very frequently approve the partnership.
Fact: Clients, state requirements and collection platforms drive much of the general operational processes of a collection company.
A leading BPM company with an experienced knowledge process outsourcing (KPO) team knows how to work with clients to develop an approval process and will guide firms on how to have the discussion with their client. Clients understand the benefits of outsourcing, and with a trusted KPO partner and robust vendor management processes, will very frequently approve the partnership.
Fact: There are myriad processes that can be performed by a business process management company to augment staffing, reduce costs and improve quality output.
At Provana, we have experience and deep understanding across the majority of the collections back office. Firms engage Provana to help with client services, pre- and post-judgment support, audits and accounting processes.
To succeed and grow in today’s collection industry, agencies and firms should understand that knowledge process outsourcing is being used as a very effective tool to exceed performance goals. In addition to providing significant cost savings, it can help optimize operations and allow for scalable growth with clients.