The global outsourcing stats have experienced rapid growth since the early years of its inception. The outsourcing industry has upscaled the market standards and quality of work immensely. With ups and downs in the world economy, Business process outsourcing industries have managed to survive the hit and acted as a savior for numerous businesses. The pandemic outbreak has hit the market in endless ways, starting from the rise in inflation, shortage of human resources, and impact on revenues and employment. Studies from the Statista report stated that the outsourcing industry has raised the bar to US$0.33tn in 2022 and is anticipated to get numbers close to US$0.45tn by 2027.
Unlike in the old days, business process outsourcing services are opted for by all-scale businesses, be they small or large. Companies are embracing the paradigm shift toward the new world of business process outsourcing service providers. As we advance, let’s read about some prominent trends shaping the BPO industry.
1. Automation to be the middle ground
Post-COVID and with the staffing shortage, there has been an increase in the talent gap, and the lack of quality driving resources has forced most companies to revisit their overall business strategies. The outbreak catalyzed the automation industry to raise market standards. Regardless of the functioning department, automation has eased the process, and investors continue investing in automation to achieve faster results, increased productivity, and overall business growth. Automation has proved to be a master step toward customer satisfaction and client retention. Studies have monitored a 15.5% increase in productivity, eventually increasing the marketing cost by 12%. The sales automation process has exponentially added to the closure rate. Golab expansion is anticipated to be more than 13 billion U.S. dollars by 2030.
2. Data Analytics for faster integration
Data Analytics has been in the industry for a while; however, after the outbreak, analytics has outgrown the business standards. The top BPO service providers believe that running large-scale transactions involves much wealth and critical insight into client businesses. The future of the BPO industry holds the expertise to optimize clients’ businesses and unleash their limitless potential. Big data solutions and predictive analytics are significant differentiators in outsourced service offerings that help stay ahead with a competitive advantage.
The analytical solutions empower businesses to act on entire data fields to drive magnificent improvements in their operational areas. Analysis of tasks offers clients comprehensive solutions to the loopholes in business operations, eventually adding up working capital management, increased productivity, and growth of the entire client life cycle from acquisition to retention.
3. Data Security is a significant concern addressed well
A world that confides in a digital space acts as a boon and bane for businesses worldwide. Considering digital connectivity, data security has been a significant challenge and a master of hindrance in technical adaptation. Data threats, information breaches, cyber-attack, and malware deployments are rapidly spreading across the network, thus the need for data security solutions. With the rise in companies opting for business process outsourcing services worldwide, it adds up to paramount importance for BPO service providers to offer top-notch quality data security services.
4. Increased demand for virtual assistants
A team of virtual assistants is essential and mission-critical for overall growth. Virtual assistants are an excellent resource alternative to cut costs for more prominent organizations. They are now acquiring VAs with exceptional work ethics to delegate their monotonous workloads. Outsourced virtual assistants can contribute significantly to business optimization, making them a great alternative to an in-house staff without additional operational costs and office space.
The VAs are also trained and skilled for knowledge-based jobs with licenses to take care of back-office bookkeeping and accounting tasks. These intelligent assistants have hands-on experience with handling books of accounts through online tools such as Quickbooks and Xero or other legal back-office tasks.
5. Geographical expansion will continue
Offshoring opportunities have given all businesses an advantage to enhance their productivity. The expansion in targeted geographies and multiple delivery centers, along with the support of outsourcing of internet and cloud telephony partners, has taken another leap of faith toward the higher aim. The modern-day service is more client-centric, and the industry’s nature is shifting toward delivery quality; geographic expansion is the need of the hour. Having experienced centers and delivery operators on offshore locations allows around-the-clock availability and operations 24X7 for all clients and added acceleration to the regular back-office tasks that can be outsourced.
6. New business requirements will emerge
With all the steps taken in the correct direction, overall business growth will never be questioned, and with growing businesses, new requirements are evident. Similar to online reputation management and AI data automation deployment, many more core responsibilities feather the hat with an evolving industry. With a confident and reliable BPO service provider, the range of verticals that can be outsourced has expanded beyond the standardized and tightly-managed processes.
Outsourcing enables the window to optimize business growth have had extended support to back-office tasks that also prefer to operate with full-time employees over freelancers or contractors. This practice retains the flexibility of working capacity without affecting the deliverables and grows another emerging trend of the BPO sector in 2023.
To a start-up, SMB, or enterprise, every business affected by the pandemic outbreak or global economic crisis planning to take a step towards outsourcing in 2023, you need to pull up your socks and familiarize yourself with the industry trends anticipated for 2023 and how they can boost your business game. These BPO trends play a crucial role for businesses to build a future-ready and agile company by making informed decisions and becoming a go-to solution for companies to speed up the process relevant to their success. These trends will be the factors companies need to look out for and guide a successful outsourcing journey. For BPO companies, these will help them navigate through challenges and eventually align their business goals and objectives.