In the rapidly changing world of business, BFSI leaders are finding it extremely difficult to maintain their profit ratios with the existing business models. The industry feels the compelling need to respond to evolving market conditions and transform their service offerings as per the changing times.
The pressure to maintain optimum performance ratios whilst maintaining adherence to all regulations is further compounded by the need to embed environmental, social and governance principles into operating models, and the drive to deliver ever-greater levels of personalised services to all customers across the value chain. The resulting conundrum has pushed the BFSI sector to adopt BPaaS solutions that allows them to transform and digitise their front, middle and back-offices.
What is BPaaS and how can it turn transform your business?
BPaaS is the process of delivering outsourcing services that are sourced from a cloud-based structure aiming at multi-tenancy, where software running on a server can effortlessly deliver seamless services to multiple occupants. These services are mechanised, automated, and therefore executed faster than ever.
Here are a few specific reasons why BPaaS is beneficial for all businesses and the reasons why its service needs to be integrated into your business operations for better productivity:
Cost Benefits
BPaaS offers services through a cloud-based platform, thereby saving operational expenses for your business. This often becomes the primary reason why organisations choose its service.
Since the BPaaS model can handle the hardware service-based on a cloud system and the business software, the IT costs reduce automatically.
It also aids the businesses when it comes to dealing with upfront costs and reduced expenditures when it comes to developing an in-house infrastructure that can demand huge capital investment.
Improved Productivity
BPaaS boosts business efficiency as it progresses depending on the markets’ improved analytics, agility, and automation.
The model can help you enhance your time-to-market. However, the same function cannot be performed in-house, since it demands considerably more time and stringent efforts whereby efficiencies are compromised to a large extent.
Focus on Core Functions
Many times, because of numerous tasks that might crop up as businesses are run, we tend to lose focus on core functions. Even when a business succeeds, there are times wherein it has to deal with limited expertise at certain junctures. This limitation can be addressed with a BPaaS model, as it can effortlessly shift the business focus from inefficient and time-consuming actions to services that can lead to generating business value.
BPaaS when executed, can automate functions and save the time required to conduct business and cut down on the chances of errors as well. It’s a secure process for your organisation, which you can easily adapt to bring about transformational changes in the way you conduct your business.
Advanced Cloud Technology
Manual services can never lead to the same flexibility and efficiency that you can achieve through BPaaS. When you have a cloud-based model at work, the overall expenses, be it infrastructural or operational, are cut down significantly.
Earlier when businesses made use of limited technology, business process services involved manual tasks, where repetitive functions increased the time-to-market. The risk factors were more too.
However, now, a cloud-based model, can lead to cost cuttings along with efficient service deliveries.
Process Management by Expert Professionals
It’s a fact that skilled professionals can most often turn out to be too expensive for businesses. There might be a clash when it comes to meeting business expectations as well. Therefore, opting for an outsourcing BPaaS model is the best option.
As business process as a service makes available a pool of experts over a cloud format, it is cost-effective and saves time.
Removes Time and Location Issues
One big advantage of BPaaS is that it can totally eradicate time and location issues.
When BPaaS is integrated into your business model, you are capable to deliver uninterrupted services 24/7, since a cloud-based model can be accessed via the internet and so accessible from any part of the world and anytime.
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Conclusion
Banking and Financial Services companies are looking to focus on their core business of serving clients with the assistance of digital channels. The industry is on the lookout for integrating new age solutions which will usher in better cost efficiencies, operational excellence and thereby improve profitability and offer a completely revamped Digital Experience for their customers
- Category: Business Process Services
- Date: 21-09-2020