Business process outsourcing a.k.a BPO refers to outsourcing work for each company type. A BPO company manages work and processes for a different firm from a different location.
Either with a new technology or an existing one, BPO’s strive to improve and reshape business processes for greater good and benefits. BPO companies in India are the most preferred outsourcing companies for most US & UK firms because of reasons like:
- Considered as a cost-cutting tool for many firms
- 24*7 Customer support provided
- Reduction in operational costs with high quality trained sources to provide solutions
- To use newer technology at a good price which helps to improve business processes etc.
- Mitigating business risks with outsourcing
- Superior competency and services
Moreover, All these reasons have contributed to the rise of the BPO industry. The industry which started around the mid 90’s period is now growing to unconditional boundaries.
Business process outsourcing statistics:
Let’s look at what statistics has to say. These facts and figures tell us how business process outsourcing companies have transformed business processes and why do business-owners highly rely on outsourcing.
- The Indian BPO industry has accomplished a 54% hike in revenue.
- Business owners of every industry are preferring to outsource services and the BPO industry is now reaching an annual rise at a 50% rate.
- More than 74,400 resources in India work for the BPO industry. This number is likely to increase year by year. Estimates say that the BPO industry will be hiring a whooping 1.1 million Indian resources.
- Indian firms handle 56% of the world entire outsourcing.
- 59% of the companies prefer outsourcing from BPO companies because of its cutting edge cost-cutting feature. It helps to reduce unnecessary and heft investments.
- 80% of business owners share positive relationships from their BPO partners. This leaves them confident and firm to outsource their work.
Most importantly, these facts speak for themselves. We are here with another piece of information that will tell you something more. Since the BPO industry is continuously rising and emerging to new heights, 2021 has bought in some new technological trends too. The adaptability rates of outsourcing tend to increase and so are the technological advancements. We will talk about 3 BPO trends that will rule 2021. Not only these trends will rule but also leave an impeccable mark on business owners who are outsourcing and the ones who are planning. These trends will reflect the covid pandemic impact on businesses. So let’s get into it.
Greater Agility with outsourcing:
The year 2020 wasn’t that good for businesses especially ones who had emerged recently. A greater reduction of the employee count resulted in smaller teams who handled many processes single-handedly. Moreover, The reduced workforce did have many tensions of handling various tasks and responsibilities, possibly for which they weren’t trained. Business enterprises were on the lookout for smarter resources which were cost-effective and trained. This is where the BPO industry was the most helpful. Now business could directly outsource their work to trained resources without the need of personally managing them at greater costs. Meanwhile, The more repetitive and specific skilled tasks were handed over to outsourcing and business entrepreneurs could work more easily with the smaller teams for more core tasks. As a result, businesses were equipped with more agility and resources.
Cloud telephony on the rise
Since everything and everyone went remote and started working from a virtual environment, cloud telephony provided great support. Cloud telephony is essentially using internet services to manage work. Storing and managing databases, Online communication, Smart internet calling, Virtual assistants etc are a few smart solutions offered by cloud telephony.In other words, Businesses will be able to carry out critical roles and responsibilities via cloud telephony while working virtually. Remote employees could use one single database to know everything from any location. Everything happens without the need to be physically present at an office space. Remote working is much simplified with smart cloud telephony tools that could handle communication and other tasks without much resources. This also allowed businesses to work with lesser staff as well.
Cloud telephony offered reduced cost, greater technology, increased security, enhanced flexibility and scalability. This trend of the cloud is here to exist for a long time which will also shape how organisations communicate within the company and to its customers. Moreover fostering a remote/virtual environment becomes far easier with cloud telephony.
An omnichannel experience with business process outsourcing
Providing an omnichannel experience to your customers is very important. Millennials now use a variety of channels to communicate. Channels like social media, voice, emails, chatbots, SMS etc are the most preferred channels. BPO service providers are morphing and revamping themselves into an omnichannel outsourcing service provider. One which could provide an extraordinary and seamless communication encounter to each customer who comes in. The shift from a single-channel focussed to designing an ecosystem of varied communication channels is to support and provide an exceptional customer experience. A customer is a must for any business and losing one is not an option for any business. Companies who offer an omnichannel experience to its customers are like to increase their annual revenue generation rate to 9.5% year after year. BPO Sector assists all companies to provide an omnichannel experience to their customers hassle-free with outsourcing.
Conclusion:
Outsourcing is a great way to manage roles and responsibilities with greater efficacy. Partnering with skilled manpower and advanced technology will favour you and your business in the longer run. The modern-day business needs to equip itself with technology that offers smart, worthy and timely solutions to its customers. Outsourcing makes everything easier. The completion is huge so as a business entrepreneur you should focus on working with the best. Moreover, working with the best will ensure success and greater revenue in the future. I other words, business process outsourcing will get more intelligent and better in the near future. Businesses could leverage smart solutions and technologies and benefit from each new technological advancement and innovation. Want to learn how we can help you achieve greater heights with the best of technology, then call us now.
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