Globally the business process outsourcing (BPO sector) was growing at the rate of 4 percent annually between 2012 & 2016 and from 2016 & onwards it has been rapidly progressing as the fastest moving industries across the world. Business process outsourcing supports most of the businesses across the world in one or many ways.
BPO is a core subset of outsourcing and involves 3rd party service providers for offering multiple business-related responsibilities & operations. India is also among the countries who are leading the offshore business services because of financial attractiveness, availability of manpower, skills.
As per the study, the BPO industry is expected to reach $260 billion by the end of 2022. BPO is all about speed, understanding concern, competitive rates & responsiveness to the clients.
Why need of BPO?
With reduced regulations & market growth, the BPO sector showcasing increased optimism, and with the innovations, BPO can address the marketing challenges, services/product enhancement, and talent shortages.
Here is what 2020 have for the BPO Sector:
More Emphases On The Process Automation
The use of RPA (robotic process automation) has already begun to impact the BPO. With the use of bots & AI (artificial intelligence) on an interface to finish the work as soon as possible even at the lowest price, RPA is growing. BPO sector needs to invest in the RPA to keep at a good pace with the outsourcers & RPA services. There may be chances that BPO will get replaced with the RPA.
Robotic process automation is slowly taking its position at a good level with a cost-saving, efficient, and speed approach for all the industries & other business processes.
This particular trend will be a dominating one in the coming years to bring more innovative solutions for existing clients.
Transparency Will Get Increased
With the arrival of small businesses, the transparency in the BPO sector is increasing and the same is required to maintain trust between vendors & BPO’s. In this competitive environment, a better partnership makes better investment options & business innovations between suppliers & clients.
In this trend, countries are now coming out with the transparent policies for BPO in upcoming years.
Coming Out From The Core Geographical Market
Indian BPO firms are surprisingly widening up their businesses from the core markets of the UK, US, other parts of Europe due to the financial crisis globally. An Indian BPO sector wants new opportunities with the new geographic market.
More Focus Will Be On The Social Media Marketing Tools
Before the 20th century, the service industry especially related to the customer was wholly dependent on sites & IVR (interactive voice response) to transfer a call effectively to the right customer service representative.
But now with the availability of social media accounts to a large number of people, consumer behavior has been shifted and it is a game-changer now. To get innovative with the coming trends, social media provides a tremendous wealth of customer data & feedback.
Instead of call center software, organizations are now investing in the real-time consumer engagement that can allow them to have an insight into the first-hand products & better turn problems into new solutions or products.
This will continue to grow in 2020 to get a better return with the new technologies and tools.
The global outsourcing industry is towards the positive growth with the startups playing a vital role in reshaping the BPO. Also, better transparency provides benefits to global outsourcing policies.