How Digitalization Is Transforming the Outsourcing Industry Business process outsourcing services are now provided using advanced technology that helps to streamline processes and improve efficiency.
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Business leaders have to face a number of challenges in the present day digital world when striving to keep up with the increased demands of customers. That is the main reason to adopt digitalized solutions for various business purposes. Nowadays most modern businesses implement digital transformation solutions to drive radical changes that are necessary for adapting to new market rules. Amidst globalization, increased competition, and increased demand for security against cyber attacks, businesses are more into outsourcing some of their processes to meet customer demands and to stay competitive. Outsourcing also helps organizations re-energize their in-house workers. That is why business process outsourcing services have become increasingly significant today. For companies that find it hard to hire experienced staff, outsourcing can be a valuable and viable option that can stimulate productivity and facilitate growth. A large number of business enterprises have derived the benefits of outsourcing which has helped them to completely transform their business model to be successful operationally and financially while offering exemplary services to their customers. Previously, the BPO sector was limited to providing solutions towards cost reduction and profit optimization. But over the years, technology has played a very significant role in changing the concept of BPO. The business process outsourcing (BPO) industry is undergoing a significant transformation and outsourcing is becoming more competitive. Several technologies like cloud computing, social media networks and website analytics are the reasons behind this transformation. Here are the new outsourcing trends that are gaining ground. •
Automated Services: Every business today expects to be technologically advanced and efficient. With robotic process automation along with AI, the BPO sector has been able to offer high value creations and stay competitive. For instance, automated systems are being used to answer customer queries almost immediately. It saves a lot of time as well as costs. BPO service providers can dedicate their entire time enhancing their service quality while automated systems can focus on the rest of the operations. Business process automation is the use of software, systems, and processes that require less human intervention than traditional processes. Automation is most prominently used where processes need to be standardized. Human intervention can be eliminated so that there’s
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less risk of error, or inefficiency due to an absence or other conditions. Outsourcing providers are increasingly using automated systems in order to optimize their resources. •
Cloud Computing: Cloud storage has made the entire process of storage extremely organized. Data retrieval and sharing have become easy and fast with cloud computing. The storage of data in the cloud eliminates the need for storage space within the organization. It also reduces the consumption of energy. Cloud computing is economical as well as cost-effective when it comes to infrastructural costs. The use of cloud computing in BPO due to improved platform concurrency increases service deliverability. Outsourcing organizations don’t have to worry about the management of hardware/software. Cloud hosting providers are now considered as strategic partners of high-performing BPO. The outsourced services are better delivered with the use of the cloud. The cloud platform promotes easy collaboration and communication between the outsourcing party and the virtual/remote team.
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Data Analytics (Big Data): For many industries, data analytics is one of the most adapted
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outsourcing companies use data analytics tools to manage a huge amount of data and deliver superior quality business solutions. It is very much relevant for BPO companies because of the volume of data they gather. By analyzing the data, they can generate strategic insights for their clients, also engage more customers and retain them with the right marketing strategies. The rise of disruptive technologies has completely transformed BPO-customer relationship now. Big data can be used by BPO companies to help their employees achieve key metrics by analyzing what the key service demands are and provide deliverables accordingly. Significance of the new trends in transforming the outsourcing industry Value Addition Outsourcing service providers are moving forward by offering innovative solutions through technology. By providing excellent service to the customer with the aid of the latest technology, they can maximize their profit. Business process outsourcing services are collaborating human processes and automation via technology. In short, they are adding a lot of value to the existing www.managedoutsource.com
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business model as well as ensuring future growth. The best-known and most common shift in the outsourcing reality is the shift from a cost reduction and performance optimization proposition to a cost plus performance plus value proposition, whereby value and performance can take many shapes. Now, the BPO sector has emerged as a value addition to any other industry. Transforming Process Previously, back office processes were outsourced mainly for cost reduction and time saving purposes. But today with the help of new trends in technology, outsourcing providers have changed a lot and have started to offer back office outsourcing solutions which can modernize their activities. The introduction of these technologies can ensure better transformation processing. By using automated services, BPO service providers are able to ensure high quality, customized solutions. And, the business does not have to pay its outsourcing service providers for more human resources. Data Security Data security is the primary concern of outsourcing service companies in the fast and growing technological world. Outsourcing service providers are responsible for the data entrusted to them by stakeholders including vendors, suppliers and the client companies. They ensure a secure environment with the help of advanced technology and that is making BPO one of the most secure industries when it comes to managing and controlling data. BPO partners are able to protect the vital assets of client businesses and they have the proven technology and secure systems to ensure the same. Digitalization has had a vital impact on the outsourcing industry. Outsourcing companies are slowly expanding their service line and developing a new way of service in response to the latest trends. And that’s why all other industries around the world rely on BPO to keep services running smoothly. Utilizing innovative technologies, outsourcing service providers offer predictable and standard processes that will give the companies an improved customer experience. After adding data analytics, cloud platforms, and mobility solutions to their business model BPO providers are stepping into the top technology-enabled industry list. Even though all these factors www.managedoutsource.com
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play a huge role in ensuring a competitive business model, the value and performance part has grown significantly. The way these are defined and measured is also changing. Now, business process outsourcing covers several possible functions with more value than many traditionally delivered.
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