Whether it’s classic Fortune 500s or nascent startups, BPO services have become vital for them all. BPO services give companies access to a pool of qualified experts for certain business processes. A venture may not be able to handle all of its business internally at all times. In addition, some business processes in an organization are transient and are only implemented for a short period. Therefore, to meet the expectations of the future, companies today are outsourcing their non-core activities to BPO providers.
The BPO industry today is more relevant than ever. This is even more so as companies are still struggling to increase efficiency to meet growing demand and be alert to unforeseen events like the pandemic.
In connection to business process outsourcing, there are some important BPO trends and statistics that you need to know to get the most out of your BPO services. If you are currently considering BPO in your business, it is very important to know what is happening in the industry.
Let’s take a look at some of the recent BPO trends in the market…
Demand for cloud-based services
Companies adopting cloud-based applications have a competitive advantage, forming a demand for cloud-based BPO services. As an authorized user, you can easily access your data and files without long wait times. In addition, maintenance costs are reduced because you don’t have to pay for traditional data storage. The cloud-based apps are also ideal for real-time collaboration and work. For example, you can make changes or offer advice, and your BPO solution partner can respond at any time.
Increased focus on process automation
Futuristic technologies, such as robotic process automation (RPA) have been increasingly adopted by players in the industry in recent years. RPA uses bots and artificial intelligence (AI) in its user interface system to get things done faster and reduce operational costs. Initially, RPA was done with the simplest and most repetitive tasks like handling claims or data entry. As technology advances, we expect RPA to enhance more complex tasks and eventually help fully automate back-office functions.
Because BPO involves exposing third parties to your company’s sensitive information, many companies were previously reluctant to outsource due to privacy concerns. Consequently, companies now are enhancing protections in their contracts and accords with their BPO providers.
Improved business transparency
Until the last decade, only multinationals have outsourced their capabilities to third parties. In the past, it was difficult to get information about a service provider’s organizational structure and capabilities, but now it isn’t. With the entry of SMEs and new businesses, BPO service providers need to be more accountable and transparent in pricing, practices, and contracts. The BPO industry is also very competitive. Companies need to be more transparent in order to earn the trust of their customers. These policies not only promote good relationships between the parties but also promote innovation through the better provision of information.
Artificial intelligence is rapidly permeating various industries. Therefore, companies need to outsource their business processes. In short, artificial intelligence is transforming the industry by exploring big data and cloud computing. Therefore, BPO is one of the biggest blows as it is closely related to both the former and the latter. In addition, it acts as a hub for different types of companies that outsource business processes. A central location in the BPO industry also paves the way for meeting the growing expectations of our customers. So, it’s safe to say that with AI intervention, a thriving BPO industry will survive…
When all is said and done Vizva Consultancy Services is the place to reach for trending BPO services at your disposal. We deliver our services globally and securely to match your expectations. With ultra-modern technologies and tech-savvy employees, we can help grow your business to a new level.