Business process outsourcing (BPO) has become such a natural course of progression for so many companies looking to save on costs that it’s almost assumed these days that any non-client facing processing or function will be done in a lower-cost location. Much has been made of the constant swinging pendulum of what “shore” that companies use for their back-office functions and/or grunt work that no one “on” shore wants to do.
That being said, companies that once shifted this work to places like India or the Philippines are finding that, over time, these low-cost locations aren’t so low-cost anymore, and there has always been the question of quality. And let’s also not forget that most BPO commercial models are based on headcount, so the more heads the more revenue to the BPO provider. Not exactly a great motivator for finding efficiencies.
Thus it is time for a completely different – and much more effective – way to help drastically reduce the cost of operational processes. At Troovo, we call this virtual shoring.
Forget shipping your grunt work overseas. Virtual shoring uses Robotic Process Automation (RPA) to permanently reduce operational costs to their lowest possible level whilst providing consistent, accurate and scalable processing capabilities to your organisation.
How low are we talking about? Allow an expert consultant to explain: “Offshoring is an obsolete strategy to reduce operational costs because automation costs one-ninth of an on-shore body and one-third of an offshore body”. – Mohit Sharma, CEO, Mindfields automation consultants
Allow me to convert fractions to dollars: if you’re currently paying $10 in costs to process a transaction in your current operations centre, and you want to ship that processing to an off-shore BPO, you may be able to get that down to $7. And along the way enjoying all the challenges that come with getting that off-shore operation off the ground and making it sustainable.
Virtual shoring means that an RPA engine like Troovo’s can do that work for $1. And be 100% accurate, reliable and able to scale up as your business grows. All done on a virtually wonderful shore that allows you to use your on-shore people to do the valuable work that they want to do.
The future of transaction processing doesn’t need to be anywhere, that’s the old model. The new path forward is a virtual one that is everywhere, anytime, all the time, and gives you back the time and money your business needs to be virtually amazing.