Business process outsourcing has traditionally been viewed by the corporate sector as a means for businesses to cut down costs and improve profitability. However, in recent years, there has been a remarkable transformation, where BPOs emerged as a value proposition taking centre stage. Technologies such as cloud computing, website analytics, and social media networks have a big role to play in this transformation. Businesses that have a competitive edge in today's scenario are the ones that leverage on the power of technology.
Here are four different ways in which technology has changed the face of the BPO industry:
- Automated Systems: Customers in today's market expect businesses to be technologically advanced and efficient. The growing impatience and dislike for waiting time has triggered the development of automated systems. Queries are now answered within the shortest periods of time, thus allowing businesses to save time and also direct their focus towards more complex issues. Robotic process automation has emerged as new trend in BPM sector offering high value creation with significant cost savings and quicker time-to-value.
- Cloud Storage: The world of cloud has made the process of storage increasingly organized, while data retrieval and sharing has become quick and easy. Businesses stay competitive by moving data to cloud, thereby eliminating the need for unnecessary space and storage, while also reducing the huge consumption of energy. Cloud computing is both economical and cost-effective in terms of infrastructural costs. Cloud will be the biggest facilitator to Next Gen BPO service providers in building industry specific capabilities and solutions, doubling the outsourcing benefits.
- Power of Diverse Platforms: Gone are the days where phone calls and emails dominated the lines of communication between vendors, businesses, and customers. Today, increasingly effective communication channels, such as instant messengers, mobile apps, social networking platforms, and video calls have gained momentum. The latest advances in communication technology are rapidly embraced to facilitate easy and quick resolutions to queries.
- Big Data and analytics: Real time business intelligence is a vast and critical line of business that can clearly demarcate competition and enable organizations to retain or reach a desirable position. Data metrics and tools to assimilate and deliver related strategies will continue to emerge in the coming years, creating further ripples in the world of business process outsourcing.
The BPO industry in India has had a dream run well over a decade and it has witnessed innovation and huge growth opportunities. The future of this industry is dependent upon flexibility and the willingness to adapt to new growth and technology drivers.