September 2021
But this apples-to-apples approach can overlook other important metrics that can save clients even more than what’s stated on the contract. Beyond the dollar value, there are also added and hidden values that equate to significant cost savings.
Defining Added Value
Added value can be found in better performance, productivity, and quality. As agents outperform their benchmarks, these incremental gains translate into direct cost savings for the client.
- Performance: Better conversion/upsell equals more dollars per hour
- Productivity: As agents become more efficient handling each call, the greater the number of interactions per hour
- Quality: Total compliance adherence means fewer downside liabilities for the client
Role-Based Dynamics
Each functional role has different dynamics, and the incremental marginal gain on these functions translates directly into cost savings per agent, per hour.
And then, there are hidden value items. If an outsourcing provider continually invests in key technologies, they can enhance their own operations while directly benefiting their clients. Oftentimes these technologies come at no additional cost to the client and also correlate to cost savings.
- Better Employee Engagement = Increased Performance
- Better Performance Management = Increased Operational Efficiency
- Better Recruiting & Training = Quality Workforce, Reduced Attrition
And finally, while still a hidden value but also a strategic one, the value of effective compliance. Strict adherence to regulatory compliance mitigates exposure to risk for clients, thus increasing long-term profitability and overall brand value.
Recognizing the Value Add
Taking these values into consideration is essential in not only choosing the right outsourcing provider to meet your needs, but in realizing the effective cost, your BPO provider represents. After all, these increases in value equate to a reduction in price.
So, while there’s a dollar cost that you see that you pay for, there is a magnitude of savings that reduce those costs dramatically. Based on empirical data, KM2 Solutions’ true cost value is effectively half of those of its competitors, so when it’s time to select the best value provider, it’s not so much a case of apples-to-apples as apples-and-oranges.
About KM² Solutions
KM² Solutions ( KM2 Solutions ) operates contact centers throughout the Caribbean and Latin America, providing outsourced inbound and outbound customer service contact services for voice, chat, email, and mobile. KM² Solutions provides these services to clients in financial services, multi-unit healthcare, insurance services, travel & hospitality, eCommerce, technology & telecommunications, home services, and other sectors. The company provides clients with a host of solutions, including customer support and care, telesales & retention, claims management & processing, appointment setting & schedule management, loan origination & verifications, back-office processing, and technical support. KM² Solutions maintains PCI DSS compliance, completes a SOC 2 audit annually, and has a Compliance Management System that meets the FDIC standards.
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