Thursday, January 16, 2014

The Varied Needs of Modern Business ....

In today’s economy, it does make sense to have an effective and efficient finance organization. Therefore to achieve high performance in challenging global market, companies are looking for finance and accounts outsourcing to drive their business. On a global scale there should be a deep understanding on how to leverage technology and commitment to drive operational excellence.

There are outsourcing companies with internal teams which focus on core business issues. They work on standardizing the financing and accounting process which transform the finance costs and lower the costs. Most organizations across the world are keen on improving the financial transparency and managing the costs on core business areas.

Since India has a rich pool of talent and substantial cost advantage, it remains one of the most preferred outsourcing destinations. In today’s fast evolving business process, the organizations are increasing to speed up their operations and free up their resources for core business activities. Therefore they need to outsource their non core functions for fixed assets management.

Nowadays the definition of BPO is changing as it is changing their scope as companies are also going for human resource outsourcing. This has accelerated over the years and will continue to do so. Therefore companies entrust all their outsourcing solutions to a single firm so that they concentrate on their core business issues. The work of Human Resource is to develop, retain and train the best people. They are also responsible for compensation, benefits, employee and labor relations, data collection, business partners and other legal issues.

Speaking about employee expense reimbursement, it is the act of compensating someone for the expenses made. Usually a person is reimbursed for out-of-pocket expenses when the expenses are made through an employment while carrying out the duties for third party. Some common examples are firms when they compensate for individuals that buy supplies for the company or compensate the employee that go for out-of-town assignments.

Thursday, January 9, 2014

Mynd is also on YouTube! Watch the video to know more about us....

Mynd Solutions Pvt. Ltd. Official Blog: Contact Centers : A New Dimension in Customer Rela...

Mynd Solutions Pvt. Ltd. Official Blog: Contact Centers : A New Dimension in Customer Rela...: The contact center is a novel and emerging concept in the domain of customer service management, and is largely regarded as part of a ...

Contact Centers : A New Dimension in Customer Relationship Management

The contact center is a novel and emerging concept in the domain of customer service management, and is largely regarded as part of a company’s holistic customer relationship management strategy. The contact center acts as an organizational central point from which the entire pool of customer contacts is handled and is emerging as a vital component of the Multichannel Marketing Strategy of contemporary companies.

A contact center essentially comprises of one or several call centers, e-mail channels, live chat and social networking channels for collecting customer responses. Further, the contact center is normally powered by special software which enables routing of information to the correct person, tracking of contacts as well as data collection.
The reasons for the Emergence of Contact Centers
The increasing acceptance and adoption of modern communication channels, new devices- smart phones, tablets etc along with the growing proliferation of social media among today’s consumers has completely modified the conventional concepts of customer relationship management. Modern companies require innovative end-to-end solutions for empowering their customer relationship management experience and being “the best among the rest”; in order to drive long-staying brand loyalty & customer retention.
An ideal contact center solution needs to provide organizations with the below deliverables
  • ·         Ability to engage with customers in the most intelligent and useful manner
  • ·  The solution must be equipped with multi-channel customer experience management capabilities
  • ·         Achieve superior results with every transaction
  • ·         Overall enhanced business value

Contact Centers are a powerful tool for Customer Relationship/ Experience Management and hold the potential to offer companies a sustained competitive advantage over opponents by providing a unique customer service experience and environment. Customer Service is merely not about having customers in the first place! It is much more than that, and in fact it would not be wrong to consider effective customer service as the foundation stone of long-term profitability, client retention and retention.

An effectual contact center solution provides firms the opportunities for improving lead generation and hence profitability. A well-defined contact center strategy also allows companies to personalize customer service activities and offer products/services based on the behavior patterns and attributes witnessed; thereby leading to overall enhanced customer satisfaction. Contact centers help companies manage client interactions via several distinct media including emails, calls, fax, letters, live chat and messenger, social media platforms-Facebook, Linkedin, Twitter, Blogs etc. 

Saturday, January 4, 2014

Mynd Solutions Pvt. Ltd. Official Blog: The many benefits of Human Resource Outsourcing..!...

Mynd Solutions Pvt. Ltd. Official Blog: The many benefits of Human Resource Outsourcing..!...: The Human Resources department of any organization is definitely an  indispensable  part of its smooth functioning, and is responsible for...

The many benefits of Human Resource Outsourcing..!!

The Human Resources department of any organization is definitely an indispensable part of its smooth functioning, and is responsible for executing several critical functions including hiring, payroll processing, compensation & benefits administration and HR related country-specific compliance. For both small and large firms outsourcing a strategically vita
l business function like HR could be a difficult choice to make, keeping in mind the probabilities of losing complete control over their valued assets- the human resource as well as the possibility of a decline in the quality of task execution by the prospective vendor. However, actually the contrary is mostly true for majority of organizations whether SME or large. The simple reason for the same which most enterprise owners and managements do not realize, is that the HR is a non-profitable cost center and thereby it is indeed the most suitable among all business functions to be outsourced!
Trends indicate most organizations with employee headcounts ranging between 1000-10000+ are adopting HR outsourcing in order to reduce their costs.  Many MNC’s including Fortune 500 corporate are outsourcing their non-strategic/ administrative HR functions for instance, Payroll processing, Employee Self Service activities and Benefits administration etc to offshore. HRO is slowly emerging as one of the most rapidly growing segments in the outsourcing market
Some questions to be pondered on before considering the decision of outsourcing Human resource activity
1.     Does your prospective HRO Service provider hold a strong market reputation and credibility?
2.     Do the services offered by the provider seem economical keeping your company budgets in mind?
3.     How strong are the financial and technical expertise levels of our prospective vendor?
4.     Are your HR department employees over burdened leading to a lower productivity rate?
5.     Are your cumbersome/unproductive HR administrative activities taking up a major share of your HR management’s time and creating hindrances in taking strategic HR decisions/policy implementation/framework designing etc.?

If most of the answers seem to be going in favor of adopting outsourcing, then it’s high time your organization does indeed go in for HR outsourcing!
Benefits of outsourcing your HR function to a reliable service provider
1.     Cost Saving- The most common reason for outsourcing any function in an organization remains cost savings. HR outsourcing enables companies to save substantial amounts of money as hiring of new employees in the HR team is not required, as and when the company is witnessing growth and increase in size
2.     Efficiency Improvements- If your outsourcing provider is innovating itself using technology as an enabler, the efficiency of the entire outsourcing process is improved comprehensively, as compared to vendors that stick to standard and traditional platforms.
3.     Smooth Functioning of HR Processes- Outsourcing your HR department ensures that additional information overload or any sudden requirement coming up in the organization can be addressed smoothly with the third party vendor taking care of time consuming administrative tasks. Hence, the normal business operations are not adversely affected
4.     Preventing HR Processes from Adverse Turnover Effects – HR outsourcing would mean that any employee’s leaving the organization would not hamper the core HR processes in any which way. HRO allows companies to manage their turnover issues in a hassle free manner.
5.     Reduce Overheads – HRO also facilitates the reduction in high overhead costs also by decreasing sudden, unplanned additional expenses. These expenses can be managed by the HRO provider at a relatively lower cost.

6.     Training Existing Employees on new functions – When new technologies/functions/tasks are added in an organization, the HRO partner can also train and develop the existing employees till the level of the new technologies and place trained professionals in their place in the meantime. Thus, HR outsourcing can help in driving the holistic growth of your company.