The word is frowning with the leaping edge of technology at an agile motion. The emergence of technology has set the standards at some another level, which is impossible to get gratified from a single in-house team.
The organization tends to adopt BPO services along with call center services to cater to the customer in the best possible way. In the modern scenario, customer satisfaction is the prime obligation, that each organization practice to achieve, in a most affirmative manner.
According to Clutch, ‘More than 52% of small businesses are outsourcing their resources to business process outsourcing services’.
Are BPO services really effective to revolutionize the change in the business sector? Let’s have a detailed look!
What is BPO Services?
BPO services, also known as Business Process Outsourcing is the contractual service that is usually hired by the organizations to move their insights and business in a progressive way.
Generally, the lack of expertise in the domain and numbers of employees arouse the call to adopt services and resources from the third-party vendor.
As per the Entrepreneur, ‘It is believed that almost 300,000 of working positions are outsourced every year’.
BPO services usually deal with outsourcing non-technical resources such as Human Resource, VoIP Business Services, Email Servicing, Call Center Services, Back Office Solutions, Administrative Services and many more.
What Are the Possible Reasons to Outsource Business?
The BPO segment is on fire in terms of demand and services. But what let the organizations take the dedicated decision?
The research by Deloitte gives the following stats, that marks the BPO services as one of the prominent reason to adopt in the structure of the organization’s business practice:
• 59% of organizations outsource to control their cost inputs.
• 57% of organizations outsource to focus on their core operations.
• 47% of organizations outsource to solve the issue of office capacity and space.
• 31% of organizations outsource to cater improved services to its customers.
• 28% of organizations outsource to hunt the talent pool.
• 17% of organizations outsource to have real-time experience for the business environment.
• 17% of organizations outsource to gear up transformation at an organizational level.
Why Call Center Services is One of the Most Relished Subset of BPO in the Business Sector?
According to the reports of Clutch’s Small Business BPO Survey 2019, ‘24% of organization chooses to outsource its department of customer services to professionals from the field’.
The purpose to choose other domains as well falls only if the customer is interested in your product. The formulation to attract the customer and retain them for a longer period can be encapsulated by addressing the inquiries raised by the organization, on a timely basis with satisfactory resolutions.
Handling call center services via the efforts of the in-house team may lead you to an enigmatic situation at a certain point in time. It could be a distraction from core competencies to lack of office space, resource and call center executives.
Thus, in that situation outsourcing the call center to host countries like the US, India, and UAE may cost a profitable business by revolutionizing the experience of the business sector for the brand and the consumer, as well.
Cost Benefits Analysis of the BPO industry
As the organization tends to progress with outsourcing services, it gave rise to the development of the BPO industry. The success rate of BPO vendor and client’s company go hand in hand.
Where the organizations adopt the BPO services to clear the clouds of high cost by the cost-saving attempts. To which, the BPO industry is generating an excellent structure of revenue.
Also, the organization can save upto 65%-75% of the incurred cost, by availing the services from the BPO company.
As per the resources of Statista, ‘The revenue generation of the BPO industry has crossed USD 23.6 billion in the year 2018. Also, the hike in reach for the global market estimates the amount of USD 262.2 billion until the year 2022, with a hike in market size of customer service experience to USD 82.6 billion in the year 2020 form USD 75.1 billion in the year 2018’.
Advantages of BPO Services in Business Sector
Although, there are numerous dedicated researches revolving around the benefits of BPO services in the business sector. Still, when the organization plan to adopt the third-party resource, it keenly focusses on the associated set of benefits, that can be extracted from the service, in order to escalate the height of the business.
As per the Deloitte’s Global Outsourcing Survey, ‘78% of companies falling in the category of business sectors, globally are happy and satisfied with the performance of their BPO partner’.
Let’s have a generic view over the set of advantages for outsourcing the business to the BPO companies:
Outsourcing the resources and functionality to the BPO vendor helps in saving the input costs upto the major extent.
It helps in saving the amount, that can be progressed in other activities. Also, outsourcing the part of business helps in saving the fees for training the new employee along with the installation of new hardware and software for the project such as following calls over the internet via the VoIP solutions for business.
If we talk specifically, about call center outsourcing, one can save upto 72% of the cost, employed for the project from the efficient owners of BPO companies in UAE, India, UK, US, trailing their huge success rate.
• Higher Speed of Delivery
Speed is considered as one of the most lucrative benefits associated with outsourcing the business. the team of BPO company is comprised of skilled professionals, expertise in their domain.
Thus, depending on BPO employees can save the wastage of time for the training purposes. Their skillset and proficiency bolster in wrapping up the task at a faster rate, with a high quality of precision.
• Multi-Lingual Support Round the Clock
If the organization wants to gleam at a pandemic platform, nothing is better than enjoying the services from the BPO industry.
The team of BPO is hired based on the geographical location. Therefore, it is helpful in addressing the concern of its customers in its local language along with 24-hour service, with the best-crafted result. It also helps in adding a tag of professionalism among the troop of its customers.
• Higher Flexibility
Outsourcing the resources to BPO enables in enjoying flexible service. The organization can set back on rest, without having any sort of tension for updating the new modes of software and tools.
Also, the organization is updated with the latest mode of technology and services. It helps in adapting the work environment much more flexibly.
Famous Business Sectors Served by BPO Companies
We already had a vast discussion over the advantages, trends and other subsidiaries of BPO companies and its role in revolutionizing the business structure.
Here are the famous business domains that fall under the category of business, and often served with the assiduous working of BPO industry:
• Call Center Services: Inbound and Outbound call center services, Technical and Customer support.
• Retail: Ordering, Supply Management, Refund.
• E-Commerce: Offers, Orders, Return, Exchange, Refund.
• Banking: Statements, Card Blocking/Unblocking.
• Education: Fees, Admission, Verification.
• Healthcare: Appointment, Claims.
What is the Future of BPO Services in the Business Sector?
BPO services are no sooner going to witness dusk of offset in the businesses. It is speculated from various resources that BPO industry will mark the growth with an increase of 19% in the year 2020 from 12.3% in the year 2014, in the graph of BPO Sector Annual Growth Projection.
Also, as per the reports of Oxford Business Group, ‘the BPO industry will reach the level of revenue of about $250 billion by the year 2020, by becoming the great sources of job opportunities and an enhanced source of business development’.
As a concluding statement, we can say that Yes, the BPO services have revolutionized the business services. The invasion of BPO industries to the cores of business bolsters in regaining the actual values by following the smart practices.
Acquiring the third-party services in the shell of business, let you explore more of it and claim the position for being successful in the market, in the category of both; services and revenue generation.