14 Jun TRENDS TO FOLLOW IN BPO INDUSTRY THIS YEAR
Based on innovation, new technologies and competition, the BPO industry established rapidly from where it started more than 25 years ago. It was considered to be one of the fastest growing industries in the world, supporting most companies worldwide in one way or another.
The companies that are outsourcing their businesses from quite a time are expecting in the coming years to look for service providers that will add value to their business instead of those service providers that only provide services at a lower cost. Resultantly, in the emerging era of the artificial intelligence, the companies outsourcing their business will work with service providers who will be offering innovative services, are equipped with the latest infrastructure and have vast knowledge of BPO industry.
Increasing the competitiveness of global markets and the resulting pressure on businesses to operate efficiently and cost-effectively enable us to accelerate the growth of BPO services. With the promising growth of the BPO industry globally, new trends are expected to develop and transform the business sector better. Following are the trends which need to be adopted by the service providers in order to continue working with the offshore companies providing business.
USAGE OF CLOUD STORAGE
The cloud storage makes the storage process more organized while providing fast and easy data retrieval and sharing. Moreover, when transferring the data to cloud storage, companies can eliminate the need of unwanted space and storage while reducing the huge energy consumption.
INVESTMENT IN ROBOTIC PROCESS AUTOMATION
Artificial Intelligence and Machine Learning has become a new trend in BPO Industry, especially in the management sector, offering high value inventions with fast processing time and significant cost savings. Virtual agents can work with many customers; at the same time these automated systems will be able to handle larger volumes with fewer agents.
These emerging technologies are improving efficiency; these advanced technologies require some capital investment to be balanced against the expected return.
Unless the company is a big business and fully established with a reserve capital, the companies have a conservative approach towards the technology investment over the next 2 to 4 years. However, video chat and chat bots are an easy development for most of the companies and are helping a great deal in answering the repeated questions and in providing the customer support 24/7.
IMPROVING THE PARTNERSHIP
The companies that outsource their business offshore choose such service providers with whom they can strengthen their bond and business rather than discontinuing its BPO partnership with the service provider. When the investment is made in partnership, both sides must be focused on improving relations.
Management Communication, Cost Control, Technology Improvement and Productivity Improvement are consistent issues in most corporate sectors, including BPO industry. BPO providers are strategy partners who must have good management, equipment, communication, latest technologies and personnel that match or exceed the companies own resources.
CORPORATE VISION ALIGNMENT
Mainly, the reason for outsourcing the business is the cost reduction. However, outsourcing is a cost-effective way to achieve financial targets. The companies outsourcing the business are now equally focused on additional results.
It is important for the companies outsourcing their business and the service providers to have a shared vision. BPO partners need to coordinate with your business vision, integrate with your culture and make management communication a top priority. Without strategic coordination it is not possible for the BPO partners to reach the long-term relation.
IMPROVING THE CUSTOMER SERVICE
Customers are the backbone of your business. By constantly improving the experience of the customers will not only help to attract the new customers but also to retain customers in the long run and brings stability to your business.
Once you will get the key to keep your customers happy by helping the customers with latest innovations to solve their issues, it will be much easier for the BPO partners to communicate and it will also strengthen the bond between the BPO partners and will bring a positive impact in the BPO industry.
SECURITY OF DATA
As the outsourcing of the businesses to the offshore companies is spreading on large scales, data security risks have increased. Therefore, companies have continued to maintain security precautions and protect their businesses from external threats.
It takes a huge amount of time, expertise and capital to keep corporate sector and customer records in a secured cyber environment that is constantly being targeted by fraudulent activities. BPO partners with latest technologies and secured data security systems have a market advantage in protecting customer data and integrity.
The trends in BPO industry are changing constantly, and these changes will emerge more in the following years. As new technological trends develop on regular basis, the outsourcing industry will surely expand and become more efficient in the coming years. Companies are mainly focusing on providing high quality services and excellent customer experience, rather than just mainly concentrating on the reduction of cost of the services provided.