What is Knowledge Process Outsourcing (KPO)?

Have you ever been deep into a project and wondered how much easier it would have been to have an expert help you? 

Don’t get us wrong! While there's value in tackling things on your own, it begs the question: do we really need to handle every task on our own, particularly when we could bring in someone more skilled?

Statistics show that the global knowledge process outsourcing (KPO) market is expected to grow by 20% annually from 2023 to 2030. This means there’s a growing trend among businesses to adopt KPO to propel their growth.

So, what’s holding you back from tapping that expert support for your business operations?

‍

What is Knowledge Process Outsourcing?

KPO stands for knowledge process outsourcing. It involves hiring experts outside your company to perform tasks requiring specific skills and knowledge.

KPO is used in many areas, including accounting, banking, finance, and insurance. But it's not just about numbers. KPO can help with other industries, too! For instance, KPO can be used to gain specialized knowledge and expertise in health services, making animations, designing products, writing content, and even engineering. There’s no limit as long as there’s a need.

KPO lets businesses focus on their strengths by outsourcing highly specialized tasks to experts.

‍

‍

The Difference Between KPO and Business Process Outsourcing (BPO)

When discussing how to make your business more efficient, two terms often come up: KPO and BPO. Although both might seem similar at first, they serve different purposes. 

Did you know that over half of businesses use BPO to cut costs? That is because BPO is all about handing over tasks that your company needs to do but aren't the main thing you’re known for.  

It can be split into two kinds:
‍

• Back-office services are the behind-the-scenes jobs that don't involve talking to customers, like keeping records and entering data.
• Front-office services involve dealing directly with customers, such as answering their questions over the phone or through email and promoting products.
  ‍

On the other hand, KPO goes a step further. While BPO focuses on your business's essential but routine tasks, KPO taps into advanced skills and expertise, offering solutions that require a higher level of knowledge.

For instance, are you looking for eCommerce talent? With MultiplyMii, you can tap experts while saving up to 84% on labor costs. Download our FREE eCommerce guide to learn more!

‍

‍

The Best Benefits of KPO

KPO offers a treasure chest of benefits for businesses looking to step up their game. Here's how KPO can give you an edge today…

‍

‍

Access specialized teams

KPO allows you to hire expert teams for tasks that require special skills you don't have in-house. It's like having a dedicated team of experts, filling your knowledge gaps and ensuring top-notch results. This enhances the quality of your deliverables and boosts your reputation as a reliable and innovative player in your industry.

‍

Explore new markets

With KPO, you can expand into new territories without leaving your office. Outsourcing knowledge processes means you can understand and enter new markets more smoothly, helping your business grow. 

Take a remote staffing firm like MultiplyMii, for example. To tap the top 5% of Filipino remote talent, you must know what they’re looking for in a job, their cultural nuances, salary ranges, and more. This will allow you to attract ideal Filipino candidates for the roles you are looking for.

‍

Gain sharper insights

By outsourcing complex tasks to the experts, you get more than completed work; you gain deeper insights. KPO firms can help you analyze the consumer behavior and trends of the market you’re trying to penetrate. These insights can show you how to polish your products or services, meet your customer demands, and make your brand more competitive.

‍

Have a strategic focus

While the KPO team handles the heavy lifting of complex tasks, your core team isn't bogged down with these details. This frees them up to focus on big-picture strategies, steering the business towards greater success with a clear mind.

KPO isn't just about doing tasks outside your office walls; it's about smartly leveraging global talent to bring fresh expertise, insights, and opportunities to make your business thrive.

‍

When Should Businesses Consider KPO?

Deciding when to jump into KPO can be a game-changer for your business. Here are scenarios where it might just be the smart move for you:

‍

When costs climb high

Picture this: you need to do something specialized, but it costs a ton because it needs special tools or skills. So, instead of spending big bucks to get everything set up, you can team up with a KPO company. They've already got everything ready to go, saving you a lot of money.

‍

When you need more brains

Sometimes, you have a super important but complex project, and your team is already maxed out. If you don't have enough people with the right skills, turning to KPO lets you bring in experts who can dive right in. This way, you don't have to stretch your team too thin or rush to hire more people.

In short, KPO is a smart choice when you're facing high costs for special projects or when you need more expertise. It's like calling for help when you're in a pinch—they have what it takes to save the day without overloading your team or budget.

‍

4 Examples of KPO Services

KPO services come in various flavors to suit different needs. Let's break down these services into four main categories and provide roles that help businesses sharpen their edge.

‍

Data analytics and insights

About 3 in 5 organizations are using data analytics to drive business innovation. Imagine having a magic lens that lets you see exactly what's happening in your business and why. That's what data analytics and insights services offer. They tackle complex business problems across different areas, giving you knowledge. This means you can make smarter decisions based on solid data, not just guesses.
‍

• Data Scientist: Utilizes statistical techniques and machine learning algorithms to analyze large datasets and extract actionable insights.
• Data Analyst: Cleans, transforms, and interprets data to identify trends, patterns, and correlations for decision-making.
• Business Intelligence Specialist: Develops dashboards, visualizations, and reports to communicate data-driven insights and KPIs to stakeholders.

‍

Market and business research

The US has a 53% market share in the market research industry. That’s because market and business research services dig deep to find the information you need to navigate the market. They provide the insights and strategies that answer your biggest business questions, helping you chart a successful course.
‍

• Market Research Analyst: Conducts surveys, interviews, and data analysis to gather market trends, customer preferences, and competitive intelligence.
• Business Research Consultant: Provides strategic recommendations based on industry analysis, competitor profiling, and market segmentation studies.
• Competitive Intelligence Manager: Monitors competitor activities, assesses market positioning, and identifies market gaps for competitive advantage.

‍

Global reporting and performance management

These services offer top-notch reporting and measure the performance of different business units. This is crucial for driving your company towards operational excellence and boosting productivity.
‍

• Financial Analyst: Prepares financial reports, forecasts, and budgets to assess business unit performance and financial health.
• Performance Metrics Analyst: Measures and tracks KPIs, benchmarks performance against targets, and identifies areas for improvement.
• Compliance Officer: Ensures regulatory compliance, prepares compliance reports, and conducts audits to mitigate risks.

‍

Data management

Imagine having a super-organized digital filing system where everything you need is at your fingertips. Data management services offer solutions for gathering, storing, accessing, and sharing data. This ensures everyone making decisions has the right information at the right time, making the business run smoother.
‍

• Database Administrator (DBA): Manages databases, ensures data integrity and security, and optimizes database performance.
• Data Engineer: Designs, develops, and maintains data pipelines, ETL processes, and data warehouses for efficient data management.
• Data Governance Specialist: Establishes data governance policies, defines data quality standards, and ensures data privacy and compliance.
  ‍

KPO services are the specialized tools businesses use to navigate the complex landscape of today's market. They offer everything from deep data dives to strategic insights that guide decision-making.

‍

Empower Your Business with a Team of Filipino Experts

Join the ranks of over 250 successful businesses that have revolutionized their operations with MultiplyMii's remote staffing solution! 

By tapping into the top 5% of Filipino talent, you can slash labor costs by up to 84% while elevating the quality of your work.

Experience the difference of working with a dedicated team of Filipino experts who are ready to propel your business toward unparalleled success. 

Don't miss out on this opportunity—schedule a consultation with MultiplyMii today and unleash your business's full potential!