What is Knowledge Process Outsourcing? (KPO)
Wondering what knowledge process outsourcing is and whether your firm needs it? If you're a vendor manager looking for support in data analytics, market research, global reporting, or performance management, this is the resource for you. In this guide, we’ve outlined exactly what KPO is, how it differs from BPO, and who is responsible for managing it all. We’ve also included plenty of examples, benefits, challenges, and a tool you can use to maximize your investment. Keep reading to learn more about knowledge process outsourcing and how Wrike can help you manage it. Introducing knowledge process outsourcing (KPO) Knowledge process outsourcing (KPO) is the practice of tasking contractors with information-related business activity. These contractors are typically freelance individuals with highly specialized knowledge in a particular area. This makes them more qualified to understand and apply the data collected. The biggest difference between KPO and business process outsourcing (BPO) is that BPO is all about creating and following a process, whereas KPO is focused on providing a specialized knowledge set along with their services. Essentially, you’re choosing between a firm with a highly efficient process without experts versus a firm with specialists who can create custom processes depending on the needs of the complex topics at hand. The information KPOs process is essential for business. It’s centered around data that is a foundational element of the brand’s value chain. Not only is it necessary for operations, but it’s also key for creating valuable products and services. This process is heavily data-driven and complex. It includes everything from identifying data points for collection to mining it all for actionable insights. The work involved is considered intense. And with the number of special skills required to tackle the various areas, it’s no surprise that businesses often hire more than one outsourced employee or a KPO firm to assist them. These outsourcing facilities are located all over the world. This can be very cost-effective for businesses located in countries with stronger currencies. But it also presents challenges typical for remote work. Who manages knowledge process outsourcing? Vendor managers, business operations managers, and management consultants are all great candidates for managing knowledge process outsourcing. Their biggest challenge is aligning internal and external collaborators. This business process management is commonly built from the ground up. But it can also be based on past experience and workflows on other data-related projects. The other biggest challenge KPO managers face is finding and keeping the best possible talent. According to India news outlet Firstpost, it’s important to find KPO firms that focus heavily on understanding the domain and objectives. They go on to say that, “investing in strong domain specialists [who are] relentlessly living the culture of the domain in which they operate” is an absolute must for successful KPO organizations. This means vendor managers will be the ones responsible for making sure that communication is strong and KPO firm alignment is stronger in order to succeed. Advanced tools such as business process management software are vital for every step of KPO management. When do you need KPO? There are three major scenarios businesses face that make them great contenders for knowledge process outsourcing. The first is a lack of specialization. Their teams may be missing someone with a deep knowledge of a particular data area. Or they lack data analysis experience. They may even have one or two qualified team members, but the task at hand requires additional support. The second, as we’ve just mentioned, is a lack of employees. Whether that means having a team that lacks qualifications or one that is already overburdened, businesses may need additional help for this process. This reason is especially prevalent among bootstrapped startups. The third is a lack of resources. That could mean teams are already short on time, the KPO process has a tight deadline, or businesses lack the funds to hire full-time employees. The hiring process for temporary employees and partners is less costly than the hiring process for salaried team members. Plus, the cost of doing business with a KPO firm is low risk because the prices are typically lower than the in-house equivalent and they are only onboard temporarily for this one project. What types of businesses use knowledge process outsourcing? There are many different types of businesses that use KPO. But what they all have in common is the need to collect, store, and analyze a high volume of valuable data. This is especially prevalent in industries such as finance, law, engineering, medicine, and technology. It’s also key for certain government agencies and researchers in nearly any discipline. Even if a business doesn’t fit under these categories, they may have an internal department that can make use of KPO. For example, creative teams such as content marketing and graphic design often need data support since their work is directly tied to marketplace and audience information. KPO even covers operational needs that every corporation uses. An international KPO firm named airisX offers services such as back-office support with customer solutions and sales. They also provide support for e-commerce and enterprise data management. So as you can tell, there’s no shortage of industries that can benefit from partnering with a KPO firm. Even if a company doesn’t fall under the categories listed above, it may still need the support either out of necessity or as part of a larger resource management strategy. Types of KPO services Clutch recently listed the top KPO companies of 2021 based on customer reviews. Aidey, Unity Communications, and ARDEM Incorporated make up the top three. Here is a sampling of what they and other KPO firms have to offer: Customer Service, Experience, and Success Technology Support Back Office Functions Operations Streamlining Telecom Integration Data Entry Accounts Payable Utilities Management Call Centers Healthcare Services In addition to the services they provide, top KPO companies also include essentials such as data security, industry experts, and a high level of quality management. Reviewers on Clutch point out that responsiveness and attention to detail were some of the other service-related offerings customers can expect from KPO firms. Overall, KPO services tend to be well-rounded but also include experts who can provide great experiences for both you and your customers. What are the advantages of KPO? The biggest advantage of using knowledge process outsourcing in project procurement management is cost. KPO firms often provide competitive pricing. They’re also contract workers, so corporations save on some tax and benefits packages. Vendor managers can choose when to hire new talent or pause contracts as needed. So with a little forecasting, businesses can reliably stay within budget by eliminating what might otherwise be fixed expenses. Companies that choose to outsource also save on training and resources since most KPO firms take on the burden of providing both to their employees. For highly technical skills, this could mean big savings when it comes to recruitment costs. This is especially true if the role will be short-term or if it’s slated to begin sooner than later. Beyond the financial opportunities, some other advantages of KPO include increasing process efficiency and sourcing unique talent. Most knowledge process outsourcing firms have the experience and tools needed to streamline operations for any organization. Whether that means taking on the burden of heavy task loads or simply providing streamlined workflows, KPOs offer smarter resources management. And when it comes to sourcing unique talent, KPOs present fast and easy solutions for finding a subject matter expert as needed. Since KPOs tend to have a wide variety of team members, there is a good chance that they’ll be able to provide a specialist for any project right when you need them. They’ll already be trained, are familiar with your industry, and are able to onboard much quicker than traditional hiring processes because they’re already part of the KPO team you’ve partnered with. What are the challenges of KPO? According to Outsource Philippines, where KPO firms are set to become “the second largest source of the country’s foreign exchange,” the biggest challenges revolve around security. Sharing data with a third party always poses a risk. Data can be stolen, sold, or even lost in the process of working with an outside vendor. That’s why it’s so important that vendor managers take extra precautions when making their final hiring decisions. Another challenge to consider is fit. Just because a KPO offers a comprehensive list of services doesn’t mean they’re the best partner for a particular company. And with high staff turnover rates, vendor managers may find themselves spending more time getting acquainted with new account managers and specialists on a regular basis, sometimes even mid-project. Compliance is another issue KPO firms regularly deal with. That means dealing with the risk of data confidentiality and security. A strong HR department can prevent obstacles like these. However, it’s nearly impossible to know how well a KPO brand deals with these issues before you partner with them. With all this in mind, vendor managers should make sure they’ve thoroughly researched the reputations of their prospective KPOs and look for established brands to partner with. Knowledge process outsourcing examples Again, it’s important to keep in mind that the unique value proposition KPOs offer is specialty, which is why they are a great option for tasks such as: Medical hospital invoicing and billing for complex surgeries B2B tech software development firms that need assistance streamlining their production line to maximize profit without sacrificing quality VC firms that need assistance with investment research for interesting yet time-sensitive new opportunities How to manage knowledge process outsourcing with Wrike Wrike is a project management software that makes working with a KPO safer and more efficient. Project management timelines and tasks make it easy to assign work both internally and externally. And because project Gantt charts are highly visual, outsourced specialists can quickly reference their own personal due dates, as well as where their work fits into the bigger picture. Wrike also provides a solution to data sharing with enterprise-level security. Not only can your team share and store data files right within the platform, but they can also control who has access to what. This ensures that information is still easy to locate, but it also keeps sensitive and unrelated information on a need-to-view basis. The more you work with KPOs, the more you’ll want to use a robust and secure project management platform such as Wrike to maximize the impact of your investment. Choosing the right KPO firm to partner with is challenging when your company’s most valuable data is on the line. Wrike creates peace of mind with the help of advanced features perfectly suited for third-party collaboration. Start your free trial today.
Is Red Tape Stifling Your Creative Team? (Work Management Roundup)
Welcome back to the weekly Work Management Roundup where we collect and curate great articles about work, productivity, collaboration, and life hacks. This week, we open with a great discussion on how administrative processes and compliance issues often stifle the creativity of your best people. Read on!
Should Founders Be More Transparent? (Work Management Roundup)
Welcome back to the weekly Work Management Roundup, where we collect and curate the week's best reads in productivity, management, and work. This week, we lead off with an interesting story about one founder's risky move in the face of a potential acquisition. He made his acquisition process public and shared crucial lessons that other entrepreneurs can now benefit from. But it was a risk. Is this kind of transparency worth it? You be the judge.
What Are The Most Outrageous Startup Perks?
Catered meals, in-office massages, free afternoon yoga classes... Cushy employee perks are a famous part of startup culture, especially in the tech industry of Silicon Valley. If you're a founder looking to hire your first employees (or you're just curious about how other organizations create and sustain a unique company culture) check out the latest chatter on the craziest startup perks, which are employee favorites, and whether they actually matter when it comes to attracting and retaining top talent. (You might be surprised at the answers!) Silicon Valley's Craziest Startup Perks $500 weekly drawings, laser tag, paid sabbaticals, and more killer employee perks 10 tons of snow? Office slip 'n slides? Why startups prioritize fun at the office From arcade rooms to ball pits: how successful startups mix work and play The most unique perks (including a custom painting of yourself as a dragon slayer) Employees at these famous tech companies get $2,000/year to take their paid vacations. dog-friendly offices, access to Lego play sets and trampoline parks, and so much more On-site car washes, haircuts, laundry, massages, live concerts, and other perks that help employees manage life outside of work Which Corporate Perks Foster Company Culture & Attract Talent Which perks are actually most popular with employees? Which perks are considered standard, which are great, and which are over-the-top amazing? Morning surfing lessons, daily dog walkers, and other unique startup perks that attract the right talent How smaller companies are turning to personalized perks to compete with tech giants How to bring Silicon Valley's perks to your own office Are Employee Perks Really Worth the Hype? How companies benefit from offering their employees perks What's the actual monetary value of all those perks to employees (and employers)? The downside to providing perks (yes, there is a downside... but for whom?) The million dollar question: do perks actually work? Follow the DroneCo Comic for More Startup Fun Browse previous episodes of Welcome to DroneCo in the comic archive, then subscribe to the strip to get each new episode. Click here to follow DroneCo on Twitter to keep up with the startup craziness all week long! Share this comic on your own site with this embed code: Webcomic brought to you by Wrike
Startup Launch Checklist: 22 Steps to Success (Infographic)
Starting a business is an exciting idea, but pretty daunting when it comes down to logistics. If you're stumped on where to start when it comes to launching your startup, check out our latest infographic for a step-by-step roadmap on how to go from concept to thriving business. Share this infographic with fellow founders with this embed code: Infographic brought to you by Wrike Read next: 30 Startup Founders Share Their Entrepreneurship Advice 2015’s Hottest Industries for Tech Startups Dos and Don’ts of the Startup Pitch: Expert Advice from 5 Famous Investors
31 Quotes About Launching a Startup (Infographic)
Launching a startup is no walk in the park. Once you decide to follow your dreams, it's a long marathon to success. Luckily, you're not the first person to take on the challenge. Read these inspirational quotes from well-known founders and CEOs for actionable startup launch advice. They cover everything from finding your niche to the most dreaded topic: money matters. Want to inspire other startup founders and hopefuls? Share this infographic on your blog using our embed code: Infographic brought to you by Wrike Let us know which quotes fired you up in the comments below. And if you have other inspirational quotes that you turn to when launching a startup seems like a race you'll never win, share those too! Related Reads: 30 Startup Founders Share Their Entrepreneurship Advice Launch Your Startup in 22 Steps (Checklist + Resources) Dos and Don'ts of the Startup Pitch: Expert Advice from 5 Famous Investors 3 Ways Bootstrapping Strengthens Your Startup: Advice from GoPro
How to Get Unstuck: Focus on the Future (Work Management Roundup)
Welcome back to the weekly Work Management Roundup! We took last week off from the roundup in order to bring you our April Fools prank. But the hijinks were everywhere across the web: while some people lost their jobs because of a GIF, others were wowed by imaginary products, and people all over the globe scrolled through roundups of the best pranks to laugh with the rest of us. So this week, we're giving you a double helping of links to productivity-enhancing articles and management-improving blog posts to help you bounce back from the April 1st tomfoolery and get ready to tackle this new quarter with some verve. Read on! You Need to Practice Being Your Future Self (Harvard Business Review): The reason most of us are stuck in a rut? We're focusing on what's bugging us at this present moment instead of spending time moving toward our future goals. This means doing stuff which may feel unproductive at first because there's no instant gratification of marking off a checklist, but which will eventually help us achieve an end goal. How I've Learned To Get Through A 100-Hour Workweek In One Piece (Fast Company): The first rule is: if you can avoid it, do so. But if you can't, here's a comprehensive guide to surviving a hundred-hour workweek, including a handy infographic charting what tasks to do at which time of day, written by a survivor who didn't lose his mind while going through it. What Every Entrepreneur Should Learn from GoPro Founder Nick Woodman (Fortune): Today’s answer to the question “How do you come up with a new startup idea?” is quite simple: solve an existing problem. That's how GoPro founder Nick Woodman did it. And that's how all successful startups begin. The Hidden Psychology of Failure (BBC Capital): The rapid pace of business is forcing companies to fail fast and often — in short, experiment in order to innovate. Failure then isn't something to be feared, since the lessons learned can lead to a more successful future. But is there any scientific proof that successive failure propels innovation forward? 4 Ways to Keep Mobile Tech from Hindering Productivity in the Workplace (Entrepreneur): With BYOD (Bring Your Own Device) a reality in corporate offices everywhere, there's a very real struggle to keep workers productive when distractions are just a tap away. Here are 4 guidelines for ensuring devices help, instead of harm, worker productivity. New Report Released: How Marketers Get Things Done: The State of Agile Marketing in 2016 (Wrike): Our latest report explores the world of Agile and the challenges marketers are facing today. We surveyed 800 marketers about their work management, use of digital tools, and their collaborative relationship with other departments. And the results might surprise you. Working for a workaholic? If you're ever pressured to check work emails at all hours, or respond to requests on Sunday afternoons, then use these 10 strategies for impressing your workaholic boss without becoming one yourself. Here's the full blog post on #Wrike: ----- >>>>> http://bit.ly/workaholic-no A photo posted by Wrike (@wriketeam) on Mar 25, 2016 at 2:37pm PDT More Work Management Reads Business: Audio Of The Week: Albert Wenger and Mike Masnick on Encryption, Security, and Privacy (AVC) 4 Benefits of Managing Your MarTech Stack Like an Ecosystem (Boardview.io) Who Killed Project Management? A Baker’s Dozen of Project Management Do’s and Don’ts (PM Hut) Heavy Use of Social Media Linked to Depression in Young Adults (Psych Central) Study: Customers (Especially Millennials) Hate When You Fail to Deliver Cross-Device Experiences (Adweek) Creativity/Productivity: Adam Grant: The Surprising Habits of Original Thinkers (TED Talks) On Using Inspiring Locations to Inspire Deeper Work (Cal Newport's Study Hacks) OneTab - a browser extension that converts all your open tabs into a list Tutorials: How to Start a Blog in 5 Steps (ProBlogger) How to Write Email Subject Lines Like a Pro (Huffington Post) How to Start a Business With (Almost) No Money (Entrepreneur) Browse The Work Management Roundup on Flipboard If you use Flipboard on your mobile device, then you can check out these links via The Work Management Roundup magazine. View my Flipboard Magazine.
10 Best U.S. States for Launching Your Software Startup (Infographic)
If you’re ready to found a software startup, you might think a move to Silicon Valley is inevitable for your organization's success. But soaring rental rates and a high cost of living may make you and your team wary of picking up and moving to the Bay Area. Luckily, San Francisco isn’t the only place you can find venture capital, an entrepreneurial culture, and opportunities to grow. This infographic shows hubs of innovation sprouting up all over the nation. Take a look at where software startups and other fledgling businesses are thriving: Top 10 U.S. States for Entrepreneurs (and VC dollars raised) California ($3.27 billion) Massachusetts ($798 million) New York ($648 million) Washington ($279 million) Texas ($213 million) New Jersey ($174 million) Arizona ($145 million) Illinois ($144 million) Colorado ($142 million) Pennsylvania ($105 million) Take a look at the full infographic to find out which industries are claiming the most VC dollars in these top 10 states, the major players in cities across the US, and the average age and working hours for entrepreneurs in four big cities. Source: Intuit Read next: 7 Ways to Fund Your Startup The Ultimate List of Legal Resources for Startups Top 10 Reasons Startups Fail
Launch Your Startup in 22 Steps (Checklist + Resources)
It’s 3 AM and you’re staring at the ceiling yet again, absorbed in fantasies of developing your dream product and launching your very own business. If your idle thoughts automatically turn to prototypes and product designs, it’s time to start thinking seriously about founding your own company. But how do you turn an exciting idea into a functional, thriving business? Follow this step-by-step checklist to launch your startup and keep it running strong. Lay the Foundation Don't just chase the money; think about what makes you happy and what you're passionate about. What kind of life do you want to have? How will your business need to fit with your other responsibilities? Figure out your optimal work style and environment, what niche you want to target, your ideal business model and number of employees, and so on. Remember that doing what you love will bring out the best in you and your company! Step 1. Identify & Research Your Market. It doesn't matter how amazing your product is if no one's willing to pay for it.Read: 10 Hot Industries for Tech Startups in 2015; How to Determine of There's a Market for Your Business Idea Step 2. Design/Develop Your MVP. Create your Minimum Viable Product and determine initial pricing.Read: The Ultimate Guide to Minimum Viable Products; How to Price Your Products Step 3. Select a Business Structure. Sole proprietorship, partnership, LLC, corporation, non-profit...? Choose wisely, because the route you take will have legal and tax implications for your business.Read: Choose Your Business Structure Step 4. Write a Business Plan. Include how your product addresses a specific need, how much money your business will need to make, your role in the company and any other members of your team, how you'll measure your success, and your exit strategy. Is your ultimate goal to launch franchises nationwide? To get acquired? To launch an IPO by a certain date?Read: 12 Steps to a Startup Business Plan (Infographic) Step 5. Pick a Name. Start thinking about your brand and how you want customers to perceive your company.Read: How to Choose the Best Name for Your Business; Free Logo Design Inspiration (eBook) Step 6. Protect Your Intellectual Property & Assets. Register any patents, trademarks, copyrights, confidentiality agreements, and your domain name.Read: 10 Ways to Protect Your Intellectual Property Find Advice & Support No matter how brilliant you are or how inventive your product is, you can't start or run a successful business single-handedly. You'll need to make strong connections and find supporters who can help you navigate the wild startup world. Step 7. Find a Co-Founder or Business Partner. The key isn't finding someone who thinks exactly the same way you do, but someone who complements your strengths and weaknesses.Read: How to Find the Perfect Co-Founder Step 8. Find a Mentor or Supportive Community. You'll need a network of people who can support you, offer advice, and commiserate with your struggles.Read: 18 Top Networking Sites for Startup Founders (Infographic); 30 Startup Founders Share Their Entrepreneurship Advice Get Funded You have the perfect product and a genius team behind you. Now you just need the fuel to get your company off the ground. But raising such a large amount of money can be intimidating to say the least, and it can be far too easy to say yes to whatever funds anyone happens to offer you. Think very carefully about who you partner with financially and make sure it's a good fit! Step 9. Decide the Right Funding Type for You. Bootstrapping, crowdfunding, business loans, VCs, Angel investors... weigh the advantages and disadvantages of different funding types before you decide which option to pursue.Read: 7 Ways to Fund Your Startup (Infographic); How 5 Famous Startups Got Funding Step 10. Research & Identify Compatible Investors. Find out what opportunities each individual is typically interested in, so you can speak to those interests during your pitch. And remember, investors aren't just a source of capital — they're valuable business partners who can advise you on strategy and tactics.Read: Research Your Potential VCs Step 10b. Research & Identify the Best Crowdfunding Platform. Not going the investor route? Or do you also want to lean on crowdfunding for your success? Compare each platform's fees, crowdfunding model, niche audience, and visibility before choosing.Read: Definitive Guide to Crowdfunding Sites (Infographic) Step 11. Create Your Pitch Deck. Whether you're pitching Angel investors and VC firms, potential crowdfunding backers, or your parents, you'll need a compelling presentation to get people as excited about your company as you are.Read: Dos and Don'ts of the Startup Pitch: Expert Advice from 5 Famous Investors; Perfecting Your Startup Pitch Deck: 3 Essential Links Tackle Logistics The pieces of your new company are falling into place. Now you've got to make it official, and that means a lot of paperwork. Between registering with the IRS, getting your legal documents in order, and setting up your bookkeeping, there are a ton of details to cover. Follow these steps to make sure all your bases are covered. Step 12. Find Your Support Team. You'll need to find a lawyer, open a business bank account, take out insurance, and may want to hire an accountant or realtor as well. Make sure whomever you hire has experience working with entrepreneurs and understands their needs.Read: When to Hire a Bookkeeper or Accountant; The Ultimate List of Legal Resources for Startups Step 13. Make it Official. Register your business name, get an Employer Identification Number, and acquire the necessary business permits & licenses.Read: How to Register Your Small Business in Five Steps Step 14. Become a Real Boss. Workplace safety regulations, Equality Act compliance, disability resources, work authorization for non-US citizens, and more: understand all the details of your legal obligations towards your employees.Read: US Department of Labor Employment Law Guide; US Small Business Administration Guide to Hiring Your First Employee Hire Your Team The quality of your people ultimately equals the quality of your business and your product, so take your time and find the right mix of talents and personalities. And most of all, find people who are just as passionate about your industry and customers as you are. Step 15. Build a Great Team. Don’t just stop at hiring great people — make sure the culture and perks are in place to keep them around. Whether it’s gym memberships, free lunches, or flexible hours, ask your team what they want and then find ways to recognize and support them.Read: 5 Effective Hiring Tips for Early-Stage Startups; Company Culture: Why it Matters and How to Get it Right Step 16. Find an Office. Once you outgrow your garage, you'll need an official office space for your thriving team.Read: How to Know Your Startup is Ready for an Office; How to Find the Right Office Space Market & Sell Now that you've laid the groundwork, it’s time to get the word out! With so many other products competing for your customers' attention, you'll need to find an effective marketing strategy to cut through the noise and distinguish yourself from competitors. Step 17. Establish Your Brand. What is your company about? What sets you apart from competitors, and how will you communicate that to customers to earn their loyalty? Think about personality and purpose when crafting your brand.Read: 10 Ways to Build a Brand for Your Small Business Step 18. Research & Create Detailed Customer Personas. How old are your target customers? How much money do they make? Where do they live? What do they do for fun? What are their daily habits? What media outlets command their attention, and who influences their decisions?Read: Template: How to Create a Buyer Persona and Journey Step 19. Create a Strategy. How will you engage your audience? Experiment with different ways of reaching your target customers and capturing their attention.Read: Two Weeks to a Startup: Develop Your Marketing Plan Make Success Sustainable You've built something incredible, even if it feels like it's all held together with popsicle sticks and duct tape. Now you need to help it grow and thrive. Beware of growing too large too quickly, or you'll stretch yourself and your resources too thin. But being too conservative is risky too, since you chance missing out on a once-in-a-lifetime opportunity. Step 20. Learn from Others' Mistakes. If you're thinking of launching a business, you're probably well aware of the scary stats surrounding business failure. One of the best ways to keep your startup growing strong is to identify the biggest threats to your business.Read: 10 Reasons Startups Fail (Infographic) Step 21. Find Tools to Run Your Business. Startup life is chaotic, but the right tools can help you stay on top of all your work and make sure everything runs smoothly.Read: 25 Online Tools to Run Your Startup Step 22. Learn to Lead. You find yourself the head of an exciting new venture — but that doesn't mean leadership comes naturally to you. The decisions you make and the tone you set for your teams can make or break your company, so don't disregard soft skills and leadership tips as irrelevant or low-priority.Read: 7 Deadly Sins of Bad Startup Leaders; 15 Books All Managers Should Read Are you ready to take the leap? We've been there ourselves, so we know how exciting and challenging startup life can be. Read the Wrike story to find out how we overcame those typical startup hurdles. Happy founding! Sources: StartupNation.com