The key to front-office BPO success in 2019 and beyond is the ability to evolve with client demands by offering the right set of services. The failure to do so will inevitably mean either stagnation or failure in today’s market. For many companies specializing in account receivable management (ARM) and debt collection, moving toward a more diversified suite of offerings has been challenging, but in the case of Toronto-based SinglePoint shifting to services that have been more focused around customer management has proven that this track is viable. It is proof of concept that an outsourcer can offer ARM as one of its core offerings, alongside other elements that permit clients to consolidate their needs with fewer partners.
As an organization providing contact center services, SinglePoint has a significant legacy in the current marketplace. Founded in the late-1990s, the company’s management made the strategic decision to acquire a long-standing provider of ARM services in order to solidify a position in the North American market. A series of further competitor buy-outs followed, bringing to the company more geographic and functional diversity over the last fifteen years. The SinglePoint brand was adopted in 2016 to reflect management’s intention to focus on a broader scope of customer management services. Based on its performance, this approach has shown itself to be successful.
In fact, by making the decision to move toward a more diversified, customer experience centric offering, SinglePoint has grown across key areas. For one, its vertical reach has expanded to include clients from both mature and emerging sectors. Equally, its geographic presence is no longer restricted to Canada’s three major commercial centers of Toronto, Montreal and Vancouver. Rather, in order to best satisfy needs of clients in the US, SinglePoint has opened capacity in both Panama and Colombia. Not only does this offer value from two very sophisticated American nearshore delivery points, it has given SinglePoint access to a third language in the form of Spanish, so it can support the increasingly important US Hispanic community.
While ARM remains an important component of the company’s offering, SinglePoint can now count on revenue from other services as it continues to diversify into new markets. Its focus on growing more profitable functions that are designed to drive strategic value to clients cements partnerships over the long-term.
Outsourcers with a focus on ARM need to look at the example set by SinglePoint as a contact center provider that has been able to grow due to the right investments and pivots toward customer experience capabilities. Sticking with one stream of revenue is risky at the best of times, and clients are more likely to work with fewer providers that bring multiple strengths to the table. SinglePoint has established itself as an example of this business model, and BPO players with narrow offerings that want to move into new areas of excellence would be wise to study this path to success.