BPO used to be primarily considered a cost-control strategy with very immediate goals. These days, a lot of businesses want their BPO vendors to offer more than just cost management.
Almost every business in every area is aware of the global market challenges, whether it be due to the pandemic and health-related slowdowns or shutdowns, labor issues, or the ensuing supply chain problems.
It is not surprising that many businesses have realized the need for business process outsourcing partnerships to remain flexible and turn around in a changing market. Organizations must remain adaptable and competitive in the face of globalization. The previous several years have made this more obvious than ever before.
The size of the worldwide BPO industry is anticipated to be $246 billion in 2021 and to increase to $436 billion by 2028.
The report by Forbes Insights, in association with Infosys, it clearly shows that CEOs’ views on BPO are shifting. While BPO is still viewed to minimize costs, top executives are more inclined than ever to consider factors other than just the bottom-line savings.
A PERFECT PARTNERSHIP
The success of the BPO-client relationship is entirely dependent on expectations, as is frequently the case in relationships involving outsourced company operations.
Businesses that want more operational flexibility should work with the appropriate partners.
Today’s BPOs can provide a higher level of service from highly trained and technologically-capable agents by automating common operations inside customer service, IT support, and financial procedures.
They are executive powerhouses with specialized knowledge, skills, and experience that give businesses a productive approach to remaining flexible and competitive.
Nearly half of the executives who said that their outsourcing provider exceeded expectations explained it by saying that they were “more of a partner than expected” with the provider.
SKILLED PERSONNEL
Modern BPOs are often regarded as ideal employers based only on their qualities, they have highly qualified employees on staff who can manage complex situations.
They provide cutting-edge solutions, including chatbots and artificial intelligence, to undertake numerous low-effort activities. To speed assistance, reduce user effort, and enhance customer experiences, they even equip employees with immersive technology like virtual reality, which gives “see-what-I-see” service.
BPOs are essential in building and maintaining a successful connection between you and the customer.
In the twenty-first century, a potential BPO’s worth is determined by how well they handle a wide range of client difficulties, not by how cheap its customer support agents are.
Not to mention 24/7 operation and support. Not being able to react to a potential issue at 4 a.m. or on a Christmas day, for example, can make you lose some potential clients.
Today’s customers are accustomed to 24/7 service.
BPOs are much more than just phone banks. These businesses are fully specialized in providing client engagement services.
SCALABLE SKILLSET
Businesses are overworked and hardly able to function during peak season, and during long downtimes, they may have severe worries about capacity utilization and fevered business growth.
Businesses may ensure they function at peak performance without bleeding money, regardless of seasonal or cyclical swings, by transforming the fixed costs of certain workers and abilities into the variable costs of an outsourcing service.
You don’t have to wait to hire, onboard, train, and evaluate employee performance if a specific project requires the recruitment of personnel with new skill sets. Simply find the ideal BPO partner to provide a comprehensive solution.
Outsourcing enables businesses to take advantage of a global talent pool and workforce to add value for their clients and shareholders.
VALUE OF BPO
In addition to cost reductions, outsourcing services have become much more complex and specialized over time. BPOs provide organizations with value in the form of qualified staff, cutting-edge equipment, industry-standard infrastructure, 24/7 accessibility, compliance with data privacy and security laws, open-ended scalability, and a guarantee of business continuity—all of which are difficult to put a number on.
More than seven in ten executives believe that BPO will play a big role in supporting business modeling and helping the growth of a company in the period of the next three years. According to the report released by Gartner, the $154.5 billion business process outsourcing market is forecast to grow at a five-year CAGR of 3.5% in U.S. dollars (3.9% in constant currency) through 2023. The market will be driven by robotic process automation, digital services, and artificial intelligence.
