Outsourcing helps SMEs thrive during pandemic

Saving cost: Shoppers at the Tiong Bahru Market in Singapore. Outsourcing remains a viable option over hiring in-house employees as businesses and companies continue to grapple with the effects of the Covid-19 crisis. — Bloomberg

SINGAPORE: Companies, big and small, took a huge hit during the Covid-19 pandemic, but a service called business process outsourcing (BPO) emerged as something of an unsung hero, given the way it helped firms survive and thrive.

BPO involves contracting out processes such as finance, tax, accounting operations and technology support to third-party service providers.