0
How forecasting would be useful for operations in a BPO Business Processes outsourcing unit what factors may be important for this industry -?
Wiki User
∙ 6y ago
Forecasting would be very important for operations in a BPO unit. Forecasting, in essence, makes for the ability to be proactive, intuitive and strategic, and it may very well be the differentiating factor between success and failure. You can have cash-flow forecasts, operating budget forecasts, call/e-mail/chat volume forecasts, forecasts for attrition and absenteeism of phone agents...anything!
By properly-assessing historical information (whether that be cash-flow, sales, refunds, attrition, phone/e-mail/chat volume, absenteeism...anything!) you can develop some sort of expected trend or pattern for future time periods and make decisions based on what that forecast means to your business.
Here is a very simple, rudimentary example. It can be applied to any part of your business, but I will use the staffing of a contact center as the basis of my example:
For "ABC Toy Company", when I look back at historical call volumes, I notice that my call volume in December is quadruple what it is in August, and that this trend has been apparent for the last 3 years.
If August of 2008 provided for 100,000 calls, then based on this information, we can expect around 400,000 calls in the month of December. Based on that forecast, what do I need to do in order to provide adequate service to my customers? Do I need to hire more phone agents? How many? Do I need to expand physical space to allow for such a ramp-up in hiring? Perhaps there are ways other than by phone that I can address my customers' needs?
By developing a forecast, you can deal with the answers these questions bring about ahead of time, making for smoother, more cost-effective business operation.
Adele O'Hara
Add your answer:
Earn +20 pts
What is the oldest and most important method of forecasting the future?
Judgmental forecasting is the oldest and still the most important method of forecasting the future.
What is the important of forecasting?
Forecasting is important because it helps managers prepare for changes in their industry. With the right forecasting, companies can have the products their consumers want with out any shortages or overages.
Explain factors that make forecasting a particular challenge?
why is forecasting so important to companies and how does it have an effect on financing
What is the most important tool in weather forecasting?
weather maps
What are some drawbacks to outsourcing?
Maybe hidden cost appeared, threat to security and confidentiality or loss of managerial control.It is important in outsourcing that you will manage it carefully.
The Top 5 Perks of Outsourcing In Medical Billing?
Outsourcing medical billing can provide several benefits for healthcare providers. Here are the top five perks of outsourcing medical billing: Expertise and specialized knowledge: Medical billing companies have experienced professionals who specialize in the complex and ever-changing field of medical billing. They stay up to date with industry regulations, coding updates, and insurance requirements. By outsourcing, you can tap into their expertise and ensure accurate and efficient billing processes. Cost savings: Outsourcing medical billing can lead to significant cost savings for healthcare providers. Hiring and training an in-house billing team can be expensive, along with the cost of software, infrastructure, and ongoing training. Outsourcing allows you to eliminate these overhead costs and pay a fixed fee or percentage based on the services provided. Focus on core operations: By outsourcing the medical billing function, healthcare providers can focus on their core operations, such as patient care and practice management. It frees up valuable time and resources, allowing healthcare professionals to concentrate on delivering quality healthcare services without the added burden of managing billing processes. Improved efficiency and accuracy: Medical billing companies have streamlined processes and advanced billing software that can enhance efficiency and accuracy. They have established protocols for claims submission, payment posting, and denial management, which can result in faster reimbursement and fewer errors. Outsourcing can help reduce claim rejections and denials, leading to improved cash flow for the practice. Scalability and flexibility: Medical billing needs can vary based on the size and growth of a healthcare practice. Outsourcing offers scalability and flexibility to adapt to changing requirements. Whether you experience a surge in patient volume or need to downsize, outsourcing allows you to adjust the billing services accordingly without the hassle of hiring or firing staff. It's important to carefully choose a reputable and reliable medical billing partner to ensure a successful outsourcing experience. Assess their track record, reputation, security measures, and compatibility with your practice's specific needs before making a decision.
What uses do you see for understanding Order of Operations?
The order of operations is very VERY important and is a crucial piece of algebra. If you do now know the order of operations (P.E.M.D.A.S.), you will more than likely get every equation that has more than one processes in it, wrong. If you need clarification, feel free to ask :). xoxo blahitsgenaa
In demand forecasting important method used in trend projection is?
Delphi method
Why is budgeting important?
Budgeting is an important planning and forecasting process for a given period. It is the itemized summary of income and expense.
Is budgeting important?
Budgeting is an important planning and forecasting process for a given period. It is the itemized summary of income and expense.
How atom and molecules are important to cell processes explain?
why atom and molecules are important to cell processes explain
Why is demand estimation and forecasting important for managerial decision making?
why is demand estimation and forecast important for managerial decision making
