4 facts on The Value of Time that illustrate the importance of outsourcing

4 facts on The Value of Time that illustrate the importance of outsourcing

4 facts on The Value of Time that illustrate the importance of outsourcing

Do I really understand what the value of time is for my business? How many hours a week are considered wasted? If you have asked yourself these questions in the last few days, you have taken a great step!

49% of professionals and business owners have never audited how time is spent in their organization. This shows that they have not stopped to think about how they manage this key resource, which affects their business’s productivity and overall results. 

This statistical information from the Harvard Business Review clearly shows how our day-to-day dynamics absorb our time, and cause us to forget about the importance of measuring basic, essential aspects of what we do. A great example of this is time. 

Also, it shows that, in many instances, companies, and their leaders, take on more processes than they can handle, and that outsourcing may be the right path for them to become successful. Outsourcing can help alleviate the operational burden and help businesses use their available resources optimally. 

In this article, we will share with you some facts that show how some businesses do not make the most out of time inside their organization, and how they can benefit from outsourcing.  This is especially the case when it boils down to processes that become a massive, recurring and predictable distraction away from your core-business. 

1. Talent for operations and not strategy

According to Trafft, a premium business scheduling and booking software, employees allot, on average, 80% of their time on operational tasks. Only the remaining 20% is spent on decision making, planning, strategizing, and figuring out ways to optimize the business. 

In other words, professionals and employees become submerged in repetitive, manual tasks and dedicate little time to really making a difference by adding value to their business. 

This can be resolved through outsourcing! For example, instead of having account managers or sales experts handle calls, you can delegate this operational task to a specialized Call Center, who will have the necessary technologies in place to support your needs. 

In this manner, your team will no longer have to spend time on repetitive tasks, and can be devoted to supervising, establishing metrics, and setting commercialization strategies in motion. Your team can focus on adding value. 

You can cost effectively execute anything relating to Call Center and Contact Center operations by partnering with a nearshore provider, localizing customer service in Mexico

Not only can Mexico be up to 40% more cost effective than the United States in terms of service, but call centers in Mexico also follow American market quality standards. 

2. Distracted and ineffective leaders

Bestselling author Susan Sly, along with her market research team, conducted global research which showed that, on average, organization managers and leaders spend almost 70% of their time resolving operational issues. 

This is mainly because companies take on intricate, repetitive processes internally, when they many not be experts on the subject at hand. These processes may not only be time consuming, but also complex. As a last resort, this translates to errors and operational fails that have to be resolved by senior management.  

When they become “firefighters”, business leaders may perceive that they do not contribute to business results and strategic planning, and, consequently, taking on these processes may stall growth aspirations for their organization.

By outsourcing all non-essential processes that go beyond your main economic activity, you will be taking advantage of the value of time, you will avoid additional complexities, and you will be able to concentrate on your expertise to boost your general and strategic objectives.

3. Expensive and unproductive meetings 

When companies take on a wide range of essential, and non-essential, processes, touch points among teams also grow: many more day-to-day reports will need to be generated and end of month balance sheets become more extensive.  

This fact means that meetings have to take up a wide percentage of operational time, which translates to cost. Such meetings can mean a huge financial burden.

A comprehensive study performed by Inc. Magazine revealed that, organizations in the United States suffer daily losses up to 25 million dollars collectively, because of internal meetings. 

Surprising, isn’t it? This is because recurring meetings distract employees, push them to leave certain activities aside, and, in many instances, submerge teams into unsuccessful discussions where no decisions are truly made. 

This becomes a very common issue when the focus of meetings are tasks, processes, and areas where the organization’s leadership may not be experts. This makes the meeting path unclear and incoherent.

4. Overwhelming work load results in burnout

Did you know that, on average, employees are only highly productive for about half of their work schedule? This is because many may have accumulated months of an overwhelming workload, demotivating and burning them out. 

According to governmental statistics, 46% of labor stress cases start due to an overwhelming workload, because employees take on multi-departmental roles that go beyond the functions specified on their contracts. 

In addition, many of these extra tasks are associated with processes that may fall under their expertise, and, as such, represent an additional psychological challenge. 

This makes delegating and outsourcing whatever is not part of your core business a logical step. In this manner, our talent can focus on their real expertise, that for which they have been trained for. 

In conclusion, resisting to strategies such as nearshore y el outsourcing in general causes companies to take on more operations than they can really handle, obviating the value of time. This creates massive, repetitive distractions for employees, limiting their ability to bring in results. 

As we read on the lines above, this ends up affecting their performance and limiting the contribution of employees and senior management, thus impacting your company’s growth. 

Now that you understand the value of time, and how outsourcing can help, we invite you to complement this information by reading our next blog post:

5 Advantages of Outsourcing a Call Center For Your Company