For managing their non-core procedures, reducing costs, and improving customer experiences, companies from various industries and sectors are deciding to opt for business process outsourcing (BPO).
This method of conducting business, where a company hires an outside service provider to carry out a vital task or a secondary but time and resource-consuming activity, has gained enormous popularity, especially over the past few years.
The size of the global BPO market was valued at US$251.1 billion in 2021 and by 2028, it is anticipated that this will reach US$492.45 billion.
BPOs are resilient and booming in the face of the COVID-19
The BPO sector was essential in guaranteeing that people could trade online and that businesses could continue operating as usual when the planet was under lockdown.
BPOs were quick to update their frameworks and make sure companies could continue to operate when COVID struck, ensuring customers’ claims were handled promptly, e-commerce activities carried on without a hitch, and support was given on time.
The widespread implementation of technology is responsible for the fundamental shift in the concept of BPO and its evolution and will carry on playing an important role in determining the evolution of the industry.
Here are the five trends that might have a significant impact on the BPO sector in 2023 and beyond:
1. More people are seeking virtual assistants
To concentrate on generating profits, organizations have decided to focus on improving their workflow management.
Numerous small and start-up businesses are seeking administrative help such as the services of virtual assistants.
In the modern world, businesses hire administrative specialists to handle their routine operations (scheduling appointments, conducting phone calls, booking flights) – a vital component of any organization.
2. Adopting modern techs such as Artificial intelligence (AI) and Robotic process automation (RPA)
Businesses were forced to adopt digital change after the pandemic hit. This move allowed them to improve their customer service after things returned to normal.
The use of AI technology has also increased, allowing organizations to handle repetitive operations, thus freeing up BPO personnel to concentrate on more difficult but equally important projects.
RPA along with cloud technologies can help outsourcing companies deliver even better outcomes for their clients while also assisting them in increasing the productivity of workflows.
Modern technology helps BPOs to constantly refine their technical skills to maintain competitive pricing and provide top-notch services.
3. The increasing complexity of omnichannel communication management
These days, customers communicate with companies via websites, chats, social media, and messengers.
Omnichannel communication means ensuring a smooth customer experience via different communication channels with the goal of establishing a lasting relationship with the client and, as a result, increasing client loyalty.
For instance, to improve efficiency on social media and to ensure a quick response to the messages and demands of their clients, companies hire experts to manage their social media accounts.
4. A better understanding of data-driven analytics
Data-driven analytics offer insights that benefit companies, allowing them to reach their sales objectives and empowering them to make wise choices in line with their corporate objectives.
Data-driven analytics relates to both the data itself and, in some cases, the instruments used to collect it. Using a “data-driven” method means employing strategic decisions in accordance with the data analysis.
In the near future, organizations are expected to buy more contact center services in order to use enhanced data-driven analytics.
5. BPOs’ popularity among start-ups and smaller businesses will continue to increase
It is not only big players that take advantage of BPOs. Start-ups are really worth focusing on considering the fact that they are increasingly turning to BPO firms to carry out some of their daily tasks.
An increasing number of small companies are already outsourcing auxiliary tasks such as payroll and social media content administration. By choosing a BPO to handle these tasks, they can then concentrate entirely on the development and administration of their main tasks, thus saving money and increasing efficiency.
BPOs are essential for helping large and small firms, as well as start-ups, to make wise choices and implement the best practices that are important for achieving success.
The five trends mentioned here are those that businesses need to look out for as they can offer a roadmap for a fruitful outsourcing path.
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