Business

BPO Industry Trends to Watch Out for

Talking about Customer Service Outsourcing, the trends are dynamic and keep changing with time. So, if you are looking to go for a BPO to outsource your Support Services, it is very important to be aware of what that industry holds at the present moment.

The need for customer service has become instrumental, especially with the help of eCommerce call center outsourcing. And since this sector has become the talk of the town, it is only right to expect great developments in terms of technologies and trends.

So here, we will talk more about the developments trends in the BPO industry.

Present Trends in the BPO Industry

The BPO industry is surely one of the fastest emerging and growing industries. With the growth of the BPO sector at a rapid pace, there are always new trends and technological developments popping up.

Knowing everything about what’s trending in the BPO sector can help you get the most out of it in terms of multiple service portfolios. So, take a look at the recent trends in BPO that you should know about.

  • Automation & Artificial Intelligence

Artificial intelligence and automation are a boon for the BPO sector. Artificial intelligence can help industries get more efficiency at a reduced cost. This is possible with the outsourcing of services and operations. Especially talking about eCommerce call center outsourcing, these industries do not prefer in-house due to the workload of the operations.

  • BFSI

Almost every business can help the BPO sector to enhance its efficiency. For example, at the moment, banking and financial firms consider BPO for its capabilities to improve their CX..

  • Cost-cutting Motives

Cost-efficiency is one of the most appealing advantages of the BPO sector. As a result, businesses choose to outsource to BPO companies to make use of the cost-effectiveness without affecting the operations. So, whether the organization is large or small, cost-cutting has always been an important motive.

  • Security of Data

Since the BPO is like a third-party penetrating a business and all of this confidential and sensitive data, it is quite natural that businesses are skeptical about them. However, with a reliable BPO partner, this aspect becomes easy to streamline, and the data security is always in part with other compliances.

  • IT Processes

BPO companies can take up various processes, as well as virtual assistance. This may be customer service and support, accounting, collection, marketing, lead generation, and many more.

However, the IT sector has been one of the most popular clients for the BPO company ever since its inception. Therefore, industry knowledge, product knowledge, etc., are part of the expectations.

These notable BPO trends indicate why businesses consider outsourcing telecom process or anything else relevant. Knowing this will ensure that you know the industry trends and be in sync with them.

Most Popular Industries in BPO 

Industries looking to execute business operations on a low budget, or startup firms, find the BPO sector to be the most value for money. One of the most significant aspects of telecom or eCommerce call center outsourcing is that the service providing BPOs has skilled staff and modern technology infrastructure.

Now, having discussed that, let’s look at the sectors that make use of BPO and call center outsourcing.

  1. IT

The Information Technology sector is among the fast-expanding yet highly scalable and most complex business sectors. So, given that IT is a highly scalable industry, the services of BPO have been instrumental.

  1. Payroll

Dealing with the payroll and accounting processes efficiently and without errors is crucial to ensure the success of your business. Businesses contracting BPO to manage the payroll processes expect to save around 18% more than the firms that prefer managing payroll as an in-house operation.

  1. Digital Marketing

No business can thrive without the presence of digital marketing. With proper digital marketing techniques and strategies, your business can boost client base, set up a brand name and recognition, churn out more leads, and increase the overall revenue. This is why brands consider hiring BPO companies to streamline their digital marketing process.

  1. App Hosting

App hosting can be a complex procedure, but the potential is high. This is true because smartphone users are growing at a staggering rate. In mind, almost every brand, be it eCommerce, or healthcare has an app for the smartphone interface.

BPO companies extend app development, hosting, and maintenance services to offer 360-degree assistance.

  1. Human Resource & Customer Service

Human resources and customer service can enhance the user experience with proper outsourcing operations. Especially in medium-sized enterprises, outsourcing human resources, including hiring, benefits, payroll, etc., is a common trend. The same goes with customer service, which often comes in answering services.

  1. Accounting

With the way the business sector is currently running, every corporation invests a good amount of time. Keeping this in mind, accounting does fall among the popular focus areas for BPO services. Roughly speaking, over 30% of all organizations outsource their accounting processes to ensure error-free and smooth payroll and bookkeeping

Core Benefits of BPO 

  1. Focus on In-house Operations

Working on a business means more than just marketing and selling services and products. Outsourcing your secondary operations to a BPO company gives you the leverage to focus on the core operations of the company, whether it is about products or services.

Improving the product and service quality will have a direct and positive impact on your customer preference, loyalty, and retention.

  1. You Get Assistance from Industry Experts

The BPO industry has been around for a very long time now. So, it is only expected that the kind of services that it offers will be streamlined and in sync with some of the latest technological developments. Apart from the aspect of expert service and agents, the BPOs and call centers in Canada or any other country use multiple tools to ensure that their quality is uncompromised.

Some of the tools that BPO companies use to enhance their service offerings are KPI, analytics, artificial intelligence, knowledge base, training modules, etc. With the help of these, your business will thrive in the best possible way.

  1. You Will Save on Your Finances

This is one aspect of the BPO sector that you might have heard about time and again. However, being cost-effective is not the only notion to be discussed here. To begin with, offering services at an affordable rate will surely help you save your capital finances.

However, another aspect to consider here is the fact that you will save a lot of time and resources by freeing up the secondary processes. And, any entrepreneur would know for a fact that time and resources are extremely crucial and can make or break an organization.

  1. Maintain Your Business’ Performance by Going Global

With the BPO sector, it becomes possible for you to consider a global reach, not only the customer base expansion but off-shoring too. You might consider multiple reasons why on-shoring should not be an option for you, and so, under such situations, hiring a BPO company from some other country will do a world of good to your business as well as the international ties.

Finishing Up

While eCommerce call center outsourcing is the talk of the town, considering its growing popularity, it is not the only sector that enjoys the advantages of the BPO. The healthcare industry, for example, is the latest to join the trend of benefitting from the BPO sector.

So, since nothing is static in the BPO industry, not even the client base, it wouldn’t be wrong to say that the trends are dynamic and something that should be followed, especially if you want your business to grow and flourish in the best way it possibly can.

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