Divij, MD & CEO, ICCS, 0
Digital Disruption of the BPO Segment
At present, the BPO industry is considered to be one of the tech-savvy sectors. BPO service providers have now become an integral part of businesses offering innovative solutions. However, there is still considerable scope for the market to improve.
As per Grand View Research's report, the global BPO market size was valued at $232.32 billion in 2020 and is projected to grow at a CAGR of 8.5 percent by 2028. Tech advancements such as RPA, AI, ML, social media, and Big Data Analytics will push the market’s growth due to their growing demand. Furthermore, according to Gartner's reports, by 2023, 75 percent of customer management BPOs will adopt AI, automation, and cloud services because they reduce operational costs and offer a competitive advantage. Thus, it would be appropriate to say that the future of the BPO sector seems progressive and is dependent on its flexibility and adaptability towards the new emerging technologies.
Have a glimpse at some ways through BPOs can harness the power of technology to grow-
Business Automation
The modern customers demand high-end experiences and are attracted to businesses that are tech-based and efficient as well as swift in operations. They want their needs to be fulfilled in a quick turnaround time. This growing dislike for waiting time has led to the automation of business processes. As per a former report by Nelson Hall, automation will significantly fuel the growth of the BPO market and it will be valued at $600 billion by the end of 2022.
With an automated system, queries are resolved instantly yet effectively. This allows businesses to boost their efficiency and focus on complex issues. Robotic Process Automation uses software to resolve queries with minimum human intervention. Hence, it becomes imperative for BPO companies to adapt to the automation mode which will lead to significant cost saving, increased time efficiency, reduced errors, and will also conserve a lot of energy.
Cloud Computing
With the age of digitization, the need for storing and transferring a huge amount of data over the internet has become a necessity. BPOs have an extensive database of their various clients which continuously needs to be communicated. With the emergence of cloud platforms, storage of data, its transfer, and retrieval has become fast and convenient. Businesses move their data to cloud platforms which reduces the need to store data unlike traditional methods on various hardware and software. This further eliminates the requirement for large spaces and maintenance thereby reducing the operational and infrastructure costs. Incorporating cloud computing can thus help BPOs manage huge amounts of data at lower costs.
Artificial Intelligence & Machine Learning
Apart from quick service, customers are also looking for customized services. The technologies of Artificial Intelligence and Machine Learning are utilized to gather data and provide customized as well as prompt services to the customers thereby increasing the effectiveness. Chatbots for instance use these new-age technologies and provide round-the-clock effective solutions to the customers. BPOs need to leverage these technologies to provide high-end services to their customers and eventually increase return on their investment.
Diverse Platforms
Passe are the days when communication happened only via traditional methods. Today, there are various modes of communication available such as messenger, mobile apps, social media platforms, and many more. These channels help in instant and effective interactions. Technology is playing a crucial role in providing hassle-free communication and optimizing these channels. The new-age communication channels increase service deliverability and promote easy as well as faster communication. BPOs have realized the importance of these mediums and are now utilizing them to connect with their customers and provide them the necessary support.
Summing Up!
BPO is considered to be a highly tech-savvy industry and an ever-evolving market. Technology has now pushed many of the BPOs providing end to end solutions to mark their presence across industries. They are collaborating human resources with technology to optimize the workflow of businesses. It is anticipated that with technological advancements, this problem will also soon be handled. BPOs in an attempt to continuously scale up the business process will be keen to embrace new-age technologies in the times to come.
With the age of digitization, the need for storing and transferring a huge amount of data over the internet has become a necessity. BPOs have an extensive database of their various clients which continuously needs to be communicated. With the emergence of cloud platforms, storage of data, its transfer, and retrieval has become fast and convenient. Businesses move their data to cloud platforms which reduces the need to store data unlike traditional methods on various hardware and software. This further eliminates the requirement for large spaces and maintenance thereby reducing the operational and infrastructure costs. Incorporating cloud computing can thus help BPOs manage huge amounts of data at lower costs.
Technology has now pushed many of the BPOs providing end to end solutions to mark their presence across industries. They are collaborating human resources with technology to optimize the workflow of businesses
Artificial Intelligence & Machine Learning
Apart from quick service, customers are also looking for customized services. The technologies of Artificial Intelligence and Machine Learning are utilized to gather data and provide customized as well as prompt services to the customers thereby increasing the effectiveness. Chatbots for instance use these new-age technologies and provide round-the-clock effective solutions to the customers. BPOs need to leverage these technologies to provide high-end services to their customers and eventually increase return on their investment.
Diverse Platforms
Passe are the days when communication happened only via traditional methods. Today, there are various modes of communication available such as messenger, mobile apps, social media platforms, and many more. These channels help in instant and effective interactions. Technology is playing a crucial role in providing hassle-free communication and optimizing these channels. The new-age communication channels increase service deliverability and promote easy as well as faster communication. BPOs have realized the importance of these mediums and are now utilizing them to connect with their customers and provide them the necessary support.
Summing Up!
BPO is considered to be a highly tech-savvy industry and an ever-evolving market. Technology has now pushed many of the BPOs providing end to end solutions to mark their presence across industries. They are collaborating human resources with technology to optimize the workflow of businesses. It is anticipated that with technological advancements, this problem will also soon be handled. BPOs in an attempt to continuously scale up the business process will be keen to embrace new-age technologies in the times to come.