It’s not just your business: across the board, businesses in Australia are finding it more and more difficult to attract and retain staff. Regardless of sector and size, as the economy recovers from a pandemic and copes with rapidly changing economic circumstances, the staffing crisis is affecting everyone.
Many firms are switching on to the benefits of outsourcing the routine and repetitive business tasks that slow them down – such as payroll, general accounting, financial analysis and reporting, compliance checks and more. From top-tier financial management firms engaging CFO Support Solutions through to your local cafe engaging BPO services for its monthly invoicing, successful outsourcing is reaping rewards for businesses in the changing economic landscape.
What are the benefits of outsourcing?
Reduced cost is cited as the No. 1 reason for partnering with an outsourced provider, according to Deloitte’s Global Outsourcing Survey of 40 client executives, service providers and lawyers in 2020. Other benefits include, but are not limited to:
- time saved in hiring and training staff
- improvements in accuracy and timeliness in meeting deadlines
- agility, with the ability to scale up the workforce in response to seasonal peaks in demand
- access to expertise.
The ability to tap into a pool of experts is incredibly valuable. Third-party ecosystems are more complex than ever, and it’s essential to stay across the constant updates to operating systems, integrations, APIs, software and plugins. The implications of missing a beat can have serious consequences for efficiency and your business’s bottom line.
So what are the risks of outsourcing?
In addition to the changing economy and workforce availability, new stumbling blocks for business have cropped up in the form of security risks. The Australian business community, government and regulators have long been aware of the hazards; the wider community is increasingly alert in the face of direct consequences of breaches.
For a safe and successful outsourcing partnership, you’ll need a system for rigorous compliance and control, as set out by Sundaram Business Services:
a well-defined Information Security Management System (ISMS) compliant with ISO 27001:2020 to protect the security and confidentiality of our customers’ data
Australian Privacy Principles compliance as spelled out by the Office of the Australian Information Commissioner
state-of-the-art prevention against cyber attack.
There are other ways you can be sure that your business is entering into an outsourcing arrangement that is safe, secure and compliant – to protect your clients, your employees and your business reputation. Here are our top tips.
Choose an outsource partner with experience
Sundaram Business Services has been providing global outsourcing and business services to clients in Australia, NZ and the UK for more than 20 years – and we benefit from being part of a financial conglomerate with a history going back 65 years.
Many of our clients have trusted us for more than a decade. Check out our case studies to read what our long-term clients say about their experience of partnering with the Sundaram Business Services team.
Ensure they have experience in your business landscape
As a global operation, Sundaram’s team has senior members located in Australia, India and the UK. It’s essential to our business model that our Standard Operating Procedures (SOPs) are built around local processes, and that changes in the standards quickly reflect changes in the local landscape, such as:
- legislation
- regulations
- accounting and compliance standards
- more.
Ensure outsourced staff have the appropriate education, training and credentials
Sundaram’s employees are graduates who we have rigorously tested and interviewed – we ensure we have the pick of the crop!
All our educated, skilled, well-rounded, proactive professionals continue their professional development at our purpose-built Centre of Excellence.
Ensure the team is supported
Sundaram’s investment in on-boarding, training and retention is backed up by:
- well-documented Standard Operating Procedures (SOPs)
- a multi-layered supervision model
- defined key results areas
- diligent performance management.
What’s more, we guarantee minimum productive hours for your dedicated outsourced staff – you’ll come to form long-term partnerships with this extension of your team.
All of the above covers best practice for outsourcing and BPO providers… let’s move into the IT space to dig a little deeper on outsourcing risks.
Security for outsource arrangements: what to ask
Do you have a cybersecurity strategy?
Obviously the answer to this question should be an emphatic yes.
Sundaram Business Services address top-level concerns on our Frequently asked questions page. For more detail, contact us to set up a meeting.
How will you segregate our work and information to protect our business?
Sundaram ensures each of our client’s work environment is entirely exclusive, so that information is protected and there is no cross-over in the use of IT infrastructure.
Our IT experts create private VLANS for all our clients: access to servers, internet, email and so on is completely exclusive to that client’s work environment.
What about the transition process?
With our seamless transition processes, we establish strict access protocols at a folder level, granting access as appropriate.
And the outsourcing agreement?
Sundaram’s Master Service Agreement (MSA) includes provisions for confidentiality, privacy, liability and non-solicitation.
Other ways Sundaram Business Services ensures safety for your business
- We use GSuite for email, and all emails are encrypted.
- VPN connectivity to clients is completely encrypted.
For endpoint security, we use CrowdStrike, a leading provider of next-generation protection, threat intelligence, and pre- and post-incident response services.
- We use GSuite for email, and all emails are encrypted.
- The Sundaram network is fully ring fenced and protected against virus, intrusion and denial of service attacks.
- We use in-house built Stealth Login or Password Management Protocol.
Best practice outsourcing
To summarise, businesses in Australia looking to unlock the door to outsourcing success must also hold the keys to best practice and safety. Sundaram has a wealth of experience and a strong record of results.
To learn more, set up a meeting with a member of our experienced team.
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Sundaram Business Services is a business process outsourcing company with offices in Australia, India and the UK. With over 20 years’ experience in the Australian market in providing outsourced teams to Australian businesses across Accountancy, Portfolio Management, Self-Managed Super Funds, and Mortgage Broker support, our business becomes an extension of yours.
Look for a provider with expertise in your own operating environment – because delivering on compliance and regulatory requirements must sit at the top of the list. Sundaram’s pool of 400+ graduates all have experience working with Australian clients – and they’re rigorously tested and interviewed to ensure we have the pick of the crop.
Consider the provider’s track record of success and reputation in the industry. With decades of experience behind us, we’ve partnered with dozens of global companies and leading Australian businesses like Iress, Mazars Australia and Bongiorno Group.
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