The BPO industry has come a long way since it first started in the late 1990s. It has evolved tremendously and grown by leaps and bounds spurred on by innovation and new technologies.
According to Statista.com, the global market size of outsourced services was valued at 88.9 billion U.S. dollars in 2017, increasing with 12 billion dollars from the year before, with the revenue of the global BPO industry at USD24.6 billion.
Based on the figures, the BPO industry does not show any signs of letting up.
With its steady growth, comes the onslaught of new trends for BPO companies that promises to shape and drive the industry to be better.
Emerging BPO trends
1) Usage of new technology
BPO companies are quickly taking to social media, software automation and using cloud technology as a means to increase efficiency while reducing operational costs.
Nearly every household have at least one social media account; Browsing social media, according to statistics, is the third most popular online activity.
With almost all interaction done through social media accounts, BPO companies are now investing in tools and capabilities that offer a wide range of social media management services.
They are also incorporating robotic process automation (RPA) for functions like data entry as it is cost-efficient and gets the work done faster.
Most BPO companies are also adopting cloud technology. Not all companies can afford to have state of the art infrastructure and facilities, so they are taking advantage of virtual storage and systems to counter this insufficiency.
2) Data Security
We hear news of data breach that has alarmed global population. Major incidents like with Facebook and the recent one with Google where the CEO’s from both companies were summoned for questioning at the US Senate.
BPO companies will be prioritizing data security to prevent such incidents from happening.
Threat intelligence, advanced security automation, security analytics will be at the forefront of things.
3) Emphasis on Multiple and Higher skills
The past years BPO companies have been functioning mostly as call centers. However now that automation and chatbots are becoming mainstream, the demand for specialized skills such as accounting, web design, human resources, coding are increasing.
Companies are now investing in training and development to impart new skills to their staff.
4) Startups partnering with BPO companies
Startups are faced with the challenge to succeed by leveraging technology – in spite of budget constraints.
As such, companies are warming up to the idea of outsourcing for cheap labor and fulfilling office tasks such as HR and payroll. Outsourcing allows them to save on costs.
What’s Next for Business Process Outsourcing Companies?
Executive Boutique offers a full suite of services such as customer service call center, technical support, business processing functions such as telemarketing, lead generation, data mining, e-filing, contract processing.
We make use of next-generation cloud-based solutions that can be seamlessly integrated into your operations. Our team of dedicated agents is ever ready to perform a wide range of office tasks to support your business operations.
Contact us today for more information and to get your free non-obligatory quote.