Outsourcing business processing is not a new concept. Since the beginning of time, companies have sought strategies to lower operating costs and increase efficiencies. This has effectively allowed them to compete with their competitors while still providing quality products and services to their customers and clients. This mentality hasn't changed much over the past century, but BPO has.
With third-party BPO providers, businesses can lower capital expenditures and boost productivity. In addition, BPO Services can make any company a competitive player in its market, partly because they are enabled by modern technology and supported by close partnerships with their clients.
As a result, the BPO market is growing rapidly. More companies are turning to BPO services for their call center needs, customer service needs, accounting services, and technical support.
"Organizations will spend $4.71 trillion on BPO services in the coming years."
Markets predict that the BPO market, also known as a business process as a service source, will grow rapidly in the next few years.
The research firm forecasts that all organizations will spend $4.71 trillion on BPO services by 2020, with a compound annual growth rate of 23.7 percent over the next five years. Comparatively, $1.62 billion was spent by companies in 2015 on BPO services.
Businesses will continue to use BPO, and 2020 brought unprecedented investments. This will have profound implications for the corporate world. So what will this mean for the corporate world?
Businesses can benefit from BPO in the following ways:
1. Providing excellent customer service and technical support will be required to stay competitive. It will be more common for businesses to use BPO services for technical support and assistance.
A.T. Kearney predicted that customers and sales will have accounted for 61% of IT budgets in 2020. The fact that 64% of IT budgets will go to BPO shows just how popular outsourcing of customer services and call centers is.
Clients can interact with third-party service providers. As a result, consumers receive excellent communications from BPO providers, solving their problems efficiently.
2. Enterprise IT will be more flexible, cost-efficient, and automated. However, those departments will still exist externally. Outsourcing IT help desks for enterprises and other IT processes is a growing trend.
Today's BPO allows organizations to quickly scale their IT departments to meet their internal development, tech support, and other requirements. This makes outsourcing a cost-effective business decision.
Outsourcing will eventually result in the automation of many IT tasks, improving agility and reducing costs. Harvey Koeppel, a TechTarget contributor, stated that outsourcing would eventually automate many IT tasks - including tech support.
3. Companies will be more focused on the core of their business.
Organizations will be able to only rely on their core offerings in 2020, with customer service and call centres being outsourced and tech support moving externally.
BPO providers will be trusted more with mission-critical tasks. This will give the average enterprise more revenue, time, and resources to focus on what they excel at. For example, a manufacturing company won't have to develop its software but can optimize the creation of its products.
4. Cloud services allow employees to access corporate data anywhere and anytime they wish. BPO services could use the same enterprise applications and shared data. This allows them to become an extension of an organization, even though their staff may be located in different countries. This will allow businesses to have a global presence and help them compete in new markets.
5. Today's businesses already have more data than they can analyze, thanks to customer relationship management systems and enterprise resource planning software. All
BPO providers use these technologies to interact with clients and employees.
This gives organizations an almost unlimited amount of information and insight. In addition, the Internet of Things will make it clear that data will drive corporate decision-making and possibly inspire companies to outsource additional competencies.
Conclusion:
Many businesses believed that BPO would provide the usual benefits of efficiency and better customer service five years ago. But in the next five years, these companies can expect BPO providers to shake up truly.
FiveS creates customized technology-driven solutions that are tailored to your business needs. We create a perfect mix of AI and human intelligence to ensure efficiency in your business processes so that you only have one thing to worry about.
If you're looking to streamline your business processes and work with a skilled partner in BPO services, get in touch today!
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