According to Grandview Research “the global business process outsourcing market is expected to reach $525 billion by 2030.” This is a staggering figure and one not to be taken lightly. For businesses who are new to the outsourced treasury world there are a few considerations to be made as you ensure you’re opting for the best provider for your needs.
In this article we talk through the benefits of outsourcing your treasury functions to Centralis Group and important criteria to consider during your search for a new service provider.
- Flexible services
Businesses vary considerably in terms of their needs; some require minimal outsourced functions whereas other require a fully outsourced model. Consider your business needs and whether you’d suit a bespoke service rather than a rigid platform and fixed costs which will inhibit your ability to scale.
Due to the types of operational services we offer, we aren’t required to be a regulated provider. This supports our ability to offer a flexible service solution to our clients. We support clients with an array of services tailored towards their precise needs which our pricing structure reflects. Our team of industry experts enable our clients to reach their maximum potential based on their individual needs.
- Sufficient jurisdictional knowledge
Do you currently operate within one jurisdiction, but you don’t want to be limited to this as your business adapts and grows? Many of our US corporate clients operate predominantly in the international space and have limited multi-jurisdiction knowledge and expertise. Here at Centralis Group, we boast a multi-jurisdiction presence, enabling us to support these corporate clients who may not have access to an in-house ‘on the ground’ specialists in these jurisdictions.
Our global teams have developed an in-depth knowledge of the changing regulations across these various jurisdictions. This enables Centralis Group to save our clients the risks and costs associated with hiring talent, setting up offices and building systems in a jurisdiction they haven’t previously operated in.
- Transparency between client and provider
It is essential to partner with a transparent service provider, especially when the service involves the third-party having access to sensitive client or business data.
Shane Rath, Senior Treasury and Implementation manager at Centralis Group, explains the importance of transparency when outsourcing treasury functions to a service provider: “I’ve worked in this sector for 20 years. Historically service providers used their own system, and you would only get reports back from them. You would send an email to your provider, and they would trade – it was kind of like a black box.
At Centralis Group we share the treasury management system with the client. I think that it’s a very tangible fear of perceived loss of control, but in many ways, it’s just a transfer of control allowing clients the bandwidth to further improve their operations.”
Contact our Senior Treasury, and Implementation manager Shane Rath to discuss your specific outsourcing requirements and find out how we can support your treasury functions.
Reference:
https://www.grandviewresearch.com/press-release/global-business-process-outsourcing-bpo-market