Outsourcing BPO organizations have become incredibly popular for companies of various domains, including startups and Fortune 500 over the last two decades. BPO services, which once were dismissed as back-office operations, are now acting as a stronghold for companies.
BPO services have grown more than handling just the back-office functions, they now incorporate core operations like finance and accounting, logistics, IT support, Admin, and HR-based roles. Today, BPO services are synonyms with speed, responsiveness, understanding concerns of a client, and offer competitive rates. One of the best USPs of any BPO company is cost-effectiveness, letting organizations save millions while getting the same services in return. Furthermore, organizations have outsourced several functions and operations to a competent and worthy BPO company, thereby shaping the structure and construct of business process outsourcing (BPO) in the world.
With BPO outsourcing companies, leading the battalion of organization operations, technological innovations will be wired around it to improve the efficiency of the already existing process. This technology, in the form of products like software or equipment and services, will address market challenges, enhance product and services, and manage talent shortages, while keeping operating costs within the margin. All in all, these technology trends will make outsourcing BPO services easy and hassle-free, ensuring business satisfaction.
So, what are the top technological trends coming up in the domain of BPO outsourcing?
Omnichannel Approach For Customer/Client Retention:
Quality customer experience cannot only be delivered over the call, it has to include other channels as well. Since customer satisfaction is the key metric, there is increased pressure on enterprises to opt for an omnichannel approach. Moreover, customers prefer talking over chat more than spending time in connecting with an agent after passing the tedious IVR process.
Therefore, the omnichannel approach will lead to better customer satisfaction, and also increase customer retention. BPOs from around the world are integrating this requisite technology and training agents to offer similar experiences across all platforms or devices.
Emphasis On Process Automation:
Over the past few years, newer technologies are being developed with an emphasis on robotic process automation. RPA is going to have a huge impact on the BPO industry.
But, what is the robotic automation process (RPA)?
It is the use of bots and other AI-based tools on a user interface to complete work faster and at a cheaper rate. BPO outsourcing companies are investing more in RPA technologies owing to its low-cost processing and high returns. In scenarios, where a human agent cannot attend the customers, RPAs can effectively handle customers, listen to their queries, and humanely offer resolutions.
In the long run, RPA will save costs, improve speed, and streamline processes for better efficiency. It will make its way into all industries and all types of business processes. RPAs will not replace humans, but work along with them, rendering better and value services to customers.
Cloud-Based Communication Will Become Global:
Cloud is known for its infinite data storage potential and its anywhere accessibility.
Therefore, most firms opt for a cloud communication system to exchange information without engaging in a massive amount of data storage space. Through cloud communication, businesses can take advantage of cost reduction in their infrastructure and workforce. Cloud communications are the best way to enhance the visibility of information over the cloud, allowing users to access it from anywhere and anytime. Cloud communication is a cost-effective procedure for organizations, enhancing productivity and streamlining operations.
In the coming time, cloud-based services will become a mainstream need for several BPO outsourcing companies. Global companies will be dependent on hybrid cloud storage to keep data in the cloud and access it from anywhere and anytime in the world. BPOs help to analyze the data, and decipher customer expectations.
Multi-Tasking To Overcome Skill Storage:
There was a time when BPO services were only about customer handling, but now, the times have changed. The outdated notion has been replaced with core business functions like accounting, human resources, web design, coding, and other tasks. For the same reason, BPO organizations are investing in new technologies and updating their tedious tasks with innovative solutions. Improving existing functions is the only way the industry can sustain the growing demand. High competition in the outsourcing BPO industry results in lower costing alternatives such as AI and automation.
Therefore, investing in improving the standard of current employees is important to meet these increasing demands. When the employees become skilled, it prevents the loss of clients and complete dependence on technology.
Tailored Outsourcing Solutions:
With countries like India and the Philippines competing with each other, the BPO sector has stiffened. More and more companies are being set up to solve the increasing business needs of the consumers. The latest technology, out of box thinkers, and experienced agents is the need of enterprises these days. With the growth of sectors like E-commerce and the increasing customer base, outsourcing has become an imperative task for businesses. Therefore, companies will require a plethora of talented and trained professionals who can provide you with quality support and back-office supervision so that they can focus on the core competencies of the task.
For the same reason, tailored outsourcing will become the need of the hour. For that, companies need to possess an omnichannel presence, knowledge about the current technological trends, and a way of serving the customers.
Focus On Social Media Management Tools:
Before the advent of social media, BPO outsourcing was primarily dependent on websites and Interactive Voice Response (IVR) for transferring calls to representatives. However, with the increasing demand and the leveraging reputation of social media, companies have now started investing in social media management tools.
Social media has led to a shift in consumer behavior. Companies are now investing in real-time customer engagement to gain first-hand insights about the products and solutions, therefore, addressing future problems efficiently. For the same, BPO service providers are also investing in dedicated social media teams and tools
The Way Forward
The outlook for the global outsourcing industry in 2020 is highly positive. However, growing competitiveness in the outsourcing BPO companies market has pressurized the businesses to run operations cost-effectively and accelerate their functions. Moreover, the entire industry will benefit from increased transparency and rising needs.