We can consider the latest technologies to be the key reason for the paradigm shift in the BPO sector. The BPO industry is growing exponentially, touching new horizons because of the trending technologies that streamline workflows while reducing costs.
It is expected that in the coming years the BPO will be altered by verticalization, standardization, the demand of buyers for analytics, process to be the service, modification in the process ownership, and more. Technology has allowed BPO to have better control over data, making it one of the most secure sectors in the industry. This article will provide a quick walkthrough of how trending technologies impact the BPO landscape.
Why Do Companies Need BPO Operations and Services?
Often, we want to outsource some of our business operations and processes so that our business can maintain its core operations. In those situations, we must leverage the power of BPO operations. Modern BPOs come with the latest tools and technologies. Here are some benefits businesses can get from outsourcing business operations to BPO firms.
- Businesses can better focus on their core operations and provide value propositions.
- Businesses do not have to keep and train separate employees or maintain infrastructure, reducing the overall cost.
- Since business transfer some operations to third-party BPO firms, risk management becomes easy.
- Since third-party BPO firms are experts in their respective fields of operations, it brings efficiency and quality to the processes.
Without further ado, let’s understand how technology impacts the BPO industry.
Technologies Impacting the BPO Landscape
Here are some trending technological advancements that have joined forces with BPO.
With the arrival of cloud computing, every industry is witnessing a disrupting transformation in the way traditional on-premises services used to work. The BPO industry is also experiencing that. According to some reports, cloud-based services account for 78 percent of the total BPO industry revenue. Data storage, resource sharing, and cloud-hosted services have made BPO’s operational ecosystem easy to access. Outsourcing various business processes has become cost-effective with the advent of the pay-as-you-go cloud model.
It is a cloud-based voice communication and data exchange technology that has the potential to handle six different types of communication through one medium. These are telephony or voice-based, video calling, instant messaging, voice mails, unified messaging, and communication-enabled business processes. Many BPO firms have started leveraging the Unified Communication as a Service (UCaaS) operation to enjoy different communication channels from a unified technology. It also eliminates the necessity for a maintenance team or hiring IT specialists for troubleshooting. Such cloud-based technology significantly reduces downtime.
Artificial Intelligence (AI)
AI has set a massive footprint irrespective of any industry. The BPO sector is no different. Through AI, outsourcing agencies have started reducing outsourcing costs. AI also uses predictive calculations to deliver efficient services. Automating various call center services, like intelligent chatbots, skill-based call routing to the appropriate customer care agents, and voice recognition systems, are some remarkable gifts of artificial intelligence and machine learning algorithms. Apart from these plethoras of use cases, AI also helps in efficient decision-making by extracting data from massive datasets & enables BPO operations to cater to efficient business processes.
Big Data Analytics
Almost all companies have understood the need for efficient data management and analysis. BPO services often deal with lots of business data. To drive business processes efficiently & productively, companies can augment operational efficiencies through big data analytics. Proper analysis of business data can lead to sensible business decisions & enhance customer experiences constantly. In BPO operations, the use of business analytics is growing significantly.
Growth Of social media And Messaging Platforms
Over the past few years, messenger and video calling software development services have gained momentum, giving rise to the latest and some of the best communication tools & platforms. With the advancement of social media and messaging platforms’ growth, the ways of reaching customers by a brand have increased significantly. It also impacted BPO firms as they can easily communicate with the target customers through various channels, mediums, or platforms. Modern BPO systems can use private communication channels, instant messengers, video calling apps, and other cloud-based VoIP Calling services, making overall communication cost-effective.
BPO firms got vastly impacted by the trending technologies that have been updated over the past decade. Thus, outsourcing our business processes is a reasonable decision to focus on the core business operations. Also, when choosing a BPO firm or service, we must consider whether the service providers use modern technologies and tools or not. BPO companies should adapt to the latest technology to lead the industry.
Undoubtedly the BPO industry globally has witnessed many innovative and creative business solutions. We cannot deny the fact that willingness and flexibility to adapt the technological changes can broaden the horizon of the BPO industry.