A new report by Phil Fersht and Charles Sutherland of HFS Research (BPO on the Brink of a New Generation: Technology Transformation) substantiates something that we at AcctTwo have based our business on: technology-enabled outsourcing is a game changer for businesses.
HFS Research is the leading independent analyst authority and community for the global business services and outsourcing industry. Their comprehensive new report is worth a read for any size business, but we at AcctTwo have discovered how particularly transformative technology-enabled outsourcing is for small to mid-sized organizations (SMBs), especially those in the not-for-profit and oil and gas industries.
The report has some key findings about the current state of business process outsourcing (BPO):
- Too many businesses are still stuck in the old paradigm of cost reduction by outsourcing/offshoring and reducing labor costs, rather than putting more emphasis on process and quality improvement.
- The use of technology, particularly cloud technology, is the key to moving away from the labor cost reduction paradigm.
- Analytics and automation have become the most important technological features for companies that are taking most advantage of outsourcing their business processes.
- Legacy on-premise ERP systems are one of the biggest obstacles to the adoption of these new cloud-enabled technologies.
- While mobile and social applications for BPO are becoming more important to companies, they cannot take full advantage without the adoption of enterprise-wide technologies that properly incorporate these new trends.
Stone Age Meets the Information Age
Taking advantage of technology doesn't just benefit large companies in automating, streamlining, and improving the quality of their business processes by outsourcing. Cloud technology puts these powerful tools in the hands of smaller businesses and organizations. By outsourcing their finance and accounting functions, start-ups can grow and scale quickly without the hassle and expense of staffing back-office departments. CEOs and business owners can focus on growth and their core business processes, rather than getting bogged down in managing their finances. CFOs can finally be a part of their company's strategy and future, rather than remaining stuck in its day-to-day operations and its past. This is the future. Embrace it. Take advantage of it. Take your organization from the stone age into the information age.
Register to download the full HFS report at the Horses For Sources Blog.
And with all the new tools available for small to mid-sized businesses, it can be confusing where to begin. Let AcctTwo take a look at your business' finance and accounting function and see how we can help. For a complimentary consultation and assessment, please fill out the form below: