The business process outsourcing industry is regarded as one of the fastest growing industries in the world, supporting businesses across the world. The industry is driven by technology, competition and innovation. As per reports, the global market for business process outsourcing is projected to reach US$262.2 billion by 2022, driven by the cost benefits achieved by outsourcing back office administration; and the development and advances in technologies like automation, analytics, artificial intelligence, cloud services. Such growth is promising for both clients and service providers.
Along with growth of the global BPO industry is the anticipated rise of new trends, set to shape and change the industry for the better. According to Deloitte’s 2018 global outsourcing survey, disruptive outsourcing solutions are fundamentally transforming traditional outsourcing. Here are some 2019 emerging trends we see:
Adoption of disruptive outsourcing
Since disruptive outsourcing can deliver a competitive advantage by transforming the way organizations operate, and make them more efficient and effective. Service providers have already initiated discussions, conducted pilots, or have implemented at least some disruptive solutions.
Artificial Intelligence in focus
AI has been one of the most advanced innovations in recent times and will continue to develop further. BPOs will infuse AI in processes totally in the upcoming year, with humans working with technology as a team. Today, there are several organizations who are working on adding new cognitive features which include natural language processing and computer vision.
Cloud technology has made way
Cloud-based and digital solutions has enabled easy access to tools remotely and retrieve data whenever. Gartner projects that about $1 trillion in IT spending will be affected by the shift to cloud by 2020. As companies move to cloud outsourcing, there will be an increased need for public cloud platforms for data storage. Service providers will need to provide more online data centers and equipment.
Upcoming challenges with adopting disruptive solutions
The most common challenges with adopting disruptive solutions are data migration, security requirements, application optimization, organizational resistance, highly fragmented processes, and regulatory compliance.
Need for more skilled workforce
With artificial intelligence, machine learning, blockchain and cryptocurrency, there is an overwhelming insurgence of new technologies for businesses to leverage in order to stay competitive. Hence there is a demand for a more skilled workforce, making room for more chances to adapt easier to changes.
Shifting to a more customer centric process
Aside from the above concerns, focusing more on a client-centered approach is a trend. In fact, improving a client’s experience never goes out of the valuable approaches in business.
Focus more on value and less on cost
While most businesses outsource due to costs, they are increasingly focusing on the value of services provided by providers. The need to deliver solutions in time, will increase the need to provide better value to the clients, with transparency.
Business process outsourcing trends are constantly changing and will continue in the coming years as well. With technological developments progressing regularly, the outsourcing industry is getting bigger and more efficient in the years to come. VSynergize mainly focuses on providing quality services and great customer experience, we would be happy to guide and get you started within 48 hrs. Contact us today via email at email@example.com or call on 855-203-8196.