What Are the Key Business Process Outsourcing Trends for 2020? With business process outsourcing solutions, you get the performance you demand without retaining full-time staff. Here are some BPO trends for 2020.
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From rising start-ups to massive companies, businesses of all sizes outsource various processes, and the demand continues to grow. As new and innovative services are introduced, businesses seek advantages to get ahead of the competition. By hiring reliable business process outsourcing solutions, you get the high-quality performance you demand without the need to keep full-time staff on board for jobs that are only part-time. Businesses are also leveraging progressive technology including cloud computing and digital automation. Here are some BPO trends that can be expected in 2020.
Process automation: New technology that has developed during the last few years along with robotic technique automation (RPA) has started affecting the BPO industry. The customer support enterprise relies completely on websites and IVR or Interactive Voice Response for transferring a name to the right consultant. According to experts, 40% of jobs in the US may be automated by the 2030s. The use of AI (Artificial Intelligence) and ML (Machine Learning) to automate business process is on the rise. However, this may raise a question about the human workforce being out of jobs. So, businesses should find the right balance by assigning menial tasks to computer bots and placing the more nonrepeatable roles in the hands of humans.
Data will become more important: Businesses will start relying more on quality data derived from meticulous data analysis. Data related to customer journey, competitors, and social media analytics will enable businesses to predict customer behaviour and thereby offer better support.
Start-ups will become BPO customers: Start-ups face a lot of issues in the competitive world and a lot of stress to prevail under time constraints with limited assets. So, start-ups are expected to rely more on BPO services to save cost and improve productivity.
Offering an omnichannel experience: Customers rely on multiple devices to interact with businesses. So, businesses are now focusing on providing an omnichannel experience to ensure better customer satisfaction and customer retention.
Better transparency: At present, apart from large multinational companies, smaller businesses also use BPO services, and this has forced the BPO providers to increase transparency and be open about their pricing, contracts and policies. Transparency is vital to maintain trust between BPOs and vendors. Moreover, this will also help build better
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partnerships between clients and suppliers that is essential for better investment options and business innovation.
Continued growth: The currently popular outsourcing locations like India, Philippines, and Malaysia will continue to flourish in 2020, while facing some challenges. Other outsourcing destinations are also likely to become popular.
Multi-tasking will become significant: While earlier, BPO was associated mostly with call centers, now business functions such as accounting, human resources, coding, web design and so on are all being outsourced. There could even be a skill shortage in the BPO industry because of increasing levels of skilled work necessary.
Social media as customer support channel: Facebook alone has about 2.32 billion monthly users. Likewise, the user base of each of the social media is on the rise. So, BPO providers are expected to be active on social media channels more to attract new customers and also listen to the customers.
Cloud computing: With all the advanced technologies, businesses are able to capture and generate huge volumes of data from customers. With cloud computing, you can rent your provider’s IT infrastructure on a pay-per-usage basis to accommodate your server, storage, or networking needs without investing huge sums of money in developing and owning the technology in-house.
Customized service: Today, everyone has unique needs and a one-fits-all approach is no longer relevant. So, providing customized solutions will help you overcome challenges that are specific to your business or industry, while still allowing you to gain cost savings and operational efficiency.
Improved skills: To offer the best service to their clients, BPO services are expected to upgrade their skills through intense training. For instance, social media support staff are expected to possess knowledge and experience not only in customer service but also in social media marketing tools, data analysis, and perhaps social media content development.
According to an article by Business Wire, SpendEdge has been monitoring the global business process outsourcing services market and the market is poised to experience spend growth of more than USD 70 billion between 2018-2023 growing at a CAGR of over 7% during the
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forecast period. In the US,the demand for vertical BPOs is growing significantly owing to the requirements from the healthcare and airline industries. In Europe, automotive and telecommunication industries are among the major end-user segments of the business process outsourcing services market. Major Europe-based companies are reducing their number of employees to offset the rise in OPEX that results predominantly from the rise in wages, which will help the region sustain their market share. Business process outsourcing solutions ranging from back-office support to customer experience enhancement must be chosen carefully considering the organization’s specific requirements. With the growing importance of customer experience, the role of BPOs will also become more significant. By leveraging data analytics, journey mapping and benchmarking, business process outsourcing company can help understand customers better and customize services to ensure a better customer experience.
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