Business process outsourcing companies (BPOs) have been riding a wave of opportunity for the past two years. And it’s about to get even bigger. With enterprise customers turning to BPOs to help accelerate growth and profitability, the industry’s market value is set to hit a massive $335.2 billion by 2024.
However, at the same time the BPO landscape is becoming more and more competitive. Savvy industry players are having to respond by upping their game and re-positioning themselves for success.
Here, we’ll discuss how elevating your accounts payable service with Xelix’s AP Control Centre can help you become more competitive in the new market dynamic by driving more value for your customers.
1. Modernising the client tech stack
The world is changing rapidly. To remain relevant, enterprises are under pressure to constantly evolve and stay ahead of fast-evolving customer needs. But many are grappling with change and remain anchored to the past by dated technology and systems. To help fill the gap, they’re looking to their BPOs to reinvent workflows, fuel digital transformation, and drive greater impact in modernising processes.
Consequently, technology is becoming a powerful differentiator for BPOs, it is no longer just about providing high quality, cheap labour – but about how supporting technology can take performance to the next level. By offering customers access to solutions that help them break free from their limitations and achieve their outcomes, you can drastically increase your BPO’s competitiveness.
You can do just that with Xelix, the world’s first accounts payable control centre. With zero infrastructure requirements, your customers can benefit from our AI-powered software that automates processes for spotting payment and supplier risks, vendor statement reconciliations, and generating meaningful insights – regardless of the state of their existing tech stack.
2. Moving human capital up the value chain
If you run AP services on human-driven processes, your inflated headcount cost and uncomfortably narrow margins leave you vulnerable in a competitive market.
And, if your AP team is tied up on tedious manual tasks instead of delivering what customers really value – insights that move the needle on their strategic outcomes – they might start questioning your value.
But, by automating key AP processes with Xelix, you can drastically reduce your resource costs and achieve more for your clients.
Take statement reconciliations. With Xelix Supplier Statement Reconciliation, you can reduce the time to reconcile by 80%. Now you can proactively reconcile more of your customers’ spending against monthly supplier statements with less effort. Immediately, you’ll boost efficiency, and eliminate late payment problems, missed credit notes, and supplier enquiries. Plus, you’ll be able to shift your team’s focus onto identifying value-driving initiatives that create measurable value for your customers. But more on that later…
3. Delivering rapid time to value
Your customers want solutions to their problems, and measurable results. And they want it yesterday.
For BPO’s it’s a very tough juggling act – maintaining the status quo whilst appraising and implementing transformation. Things can get bogged down quite quickly.
Therefore, large businesses expect clear and fast ROI. Fortunately, Xelix customers like Euro Car Parts have uncovered six-figure losses in over payments alone on the first day of use. That’s an instant time to value. To go further, all Xelix clients have seen ROI within the first 2 months of using the platform.
Enterprise businesses often have competing implementation projects, so when presented with new technologies its important that they can fit into their schedule. Xelix can be implemented within 2 weeks, giving your clients that much sought after ‘quick win’.
Deliver these quick wins, and in your customers’ eyes you’ll be a strategic business partner and success enabler. And no one wants to replace a partner who supports their success, even if cheaper alternatives are available.
4. Powering customers’ success
So, what does all this mean for your customers? In the current climate, they likely want to boost efficiency and fuel growth, maintain a resilient supply chain, and develop data capabilities to become more intelligent enterprises.
With Xelix, you can measurably drive those objectives for your customers – making yourself indispensable in the process.
How? By boosting efficiency, you can achieve faster time to payment and support a better supplier experience for your customers. And by preventing financial losses you could help customers divert more funds toward growth-fuelling initiatives. Plus, with your AP talent free to crunch data and devise insights on Xelix’s interactive dashboards, you can spend more time helping customers to control cash flow, boost efficiency, and make better, data-driven decisions.
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