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Outsourcers must learn how to maintain productivity as their business grows
by Alex Allan, COO at Corporate Modelling, the workforce management technology provider
Thursday, May 29, 2014

The UK news is filled with optimistic headlines regarding the economy and jobs at the moment. However, the truth is that productivity is still falling behind and in terms of output per worker, UK productivity is still well behind the average in the G7 leading industrialised nations.

The good news is that greater innovation can help to merge this disconnect between growth and productivity. New developments in workforce management software, for example, are already helping business process outsourcers (BPOs) to evaluate their business models and provide a much clearer view of how to price the administration of a particular book of business.

By using workforce management technology to gather data from the back office, management can see precisely how long each financial product takes to administrate. This in turn, provides a bird’s-eye view of individual policy or product books.

Drilling down to this granular level of information allows these firms to make much more accurate evaluations on the cost to outsource policy administration. Enhanced workforce management tools can offer a number of significant benefits from day one, as they can help UK businesses to make better and more effective use of their time by allocating specific tasks to those with the relevant skills at the right time, regardless of their location.

This modern approach can drive greater efficiency by showing managers exactly where time is being spent and which products or customers need particular attention. Managers in the back office can therefore obtain a clear view of their staff’s workloads in order to keep track of day-to-day task progress. Workforce management systems can quickly reveal any over or under capacity issues across teams and give managers full visibility of their team members’ utilisation so that they can move less busy team members around effectively to fill in any capacity gaps elsewhere. As a result of the real time monitoring, tasks are completed more quickly and to a higher standard, employees are happier and more motivated, and workers are given the chance to focus and develop in the areas where they excel or need additional training.

Ultimately, workforce management software can help firms to improve the accuracy of costing whilst also boosting the efficiency of processing. This way, outsourcers will be able to improve productivity and stay one step ahead of the competition. Perhaps even more importantly, this modern approach will enable firms to spark and maintain the cultural change that is needed to secure a strong ROI right now, and to deliver sustainable growth over the long-term.

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