Business Process Outsourcing also is known as BPO is a third party service provider that helps with the secondary activities of an organization. It is also known as ITES (Information Technology Enabled Services), as this service provides more than just customer call services, which includes chatbots and emails.
As statistics suggest, India, China, and the Philippines are a few countries that have contributed the most in the BPO industry. According to the National Industry Association in 2017, the Indian BPO industry generated US$30 billion in revenue when compared with other countries. In 2016, the Philippines BPO Industry generated $22.9 billion in revenue and in 2015 Chinese BPO and IT outsourcing services produced $130.9 billion revenue respectively, figures that establish the cut-throat competition inherent in the Global outsourcing market.
How has technology changed the current state of the BPO industry?
With the evolution of technology, the BPO industry has also advanced. Cloud storage, Big Data, Automated systems and various platforms have helped in tackling market challenges including managing various products and services. Since BPO provides a front-end and a back-end customer service, any sort of enhancement or default is reported directly by the BPO industry to the organization that manufactures the product, thus, helping in updating the product or services and lending it a version the customer can be satisfied with.
Technological factors affecting the BPO industry:
Cloud storage is a platform where all the data related to a company or a product is stored, making the process of retrieving and sharing of data easier. Besides, cloud computing also helps in increasing the outsourcing benefits as it has the capability to create a solution with the uploaded data, making the BPO Service a cost-effective and competitive business provider.
Big Data helps in creating tools and strategies which a BPO service provider can use whereas Business Intelligence helps in analyzing the data provided and makes the decision-making process easier. Quite naturally, the BPO industry uses both Business intelligence and Big data, given the volatile market trends, so there are standard benchmarks to measure potential projects or products against.
Over the years, customer satisfaction level has increased; it has become more specific these days. Automated system helps in clearing customer query within seconds; the chatbots and the queries in the Q&A section are one of the most innovative in this regards. It is a cost-effective method when it comes to maintaining customer relations. When the customer's query is not solved, the automated system redirects it to the operator for further details, thus enhancing customer experience.
With a change in the form of communication, BPO service providers are introducing customer service in messengers, apps and other social networking platforms which also includes video calls. Earlier there were limited platforms like telephonic service or mail/e-mail. With the change in the communication platform, the customers can reach out to the services 24/7 via any platform they use.
Although the above-mentioned technological tools have helped in changing the current state of BPO industry, it is also said that the future of a BPO service provider seems to lean towards more of a robotic process than just calls – a technological upgradation that will aid in solving queries faster and boost productivity at low costs.
Having said that, there are a host of other factors that will be essential in charting the success of BPO firms in 2019. Here’s a list of a few that are integral for BPOs operating in this day and age:
One of the most basic yet important factors, transparency helps in maintaining strong relationships between both the client and the BPO employee. Transparency also provides assurance towards quality work and skills provided by the BPO.
Between client and BPO: Transparency between the client and BPO refers to the commitment towards the client, along with protecting the information and market/product details shared by the client. A BPO service provider might have contracts with multiple businesses, and therefore, it is very important to form and maintain different sets of teams so that no information may be leaked by the service provider.
Between client and employee: Transparency between BPO and an employee is paramount in creating trust and loyalty towards the service provider and is a great tool to ensure employee retention in the firm.
Customer Interaction Channels:
BPO service providers nowadays are focusing more on social media networking tools as customers spend most of their waking hours on social networking websites, either for work or for leisure. Service providers are now rerouting their strategy from calls to messengers, apps, social media platforms and many more to diversify channels off, and personalize customer interaction.
This has resulted in enhanced and productive customer interaction since the BPO firm can get detailed information from a customer which can be useful while producing a beta version of the product. With big data and business intelligence programmed specifically for the service providers, it is easier to interact with potential customers and encourage them to buy products and services through social networking websites.
Along with changes in technology, there is a change in the market trend which needs to be monitored, captured and optimized at the right time. Topping these trends are numerous automated tools and analytics which are being developed or improved while the service provider is working on other platforms.
The market is an evolving platform where new strategies and technology are developed every minute. Being proactive, and updated with what is new is therefore essential for BPOs seeking lucrative projects and clients in a hyper-competitive market.
Reducing Employee Attrition:
It is prudent to hire employees who have a basic knowledge about the industry as it is easier to train them than training employees who may be completely unfamiliar with the industry and/or client. Employees are the first touch points interacting with customers, which is why being aware about the company and the brands available under the company is important. Hiring the right candidate, honing their skills and strengths via trainings, providing rewards and benefits over and above regular compensation and creating employee friendly policies can go a long way in reducing the employee attrition rate.
2019 is the start of a new era where BPO service providers are now coming up with diverse tools and platforms, keeping in mind precise customer needs and wants. With new outsourcing destinations coming up, the competition is expected to be fiercer ever before. If you are a BPO firm boggled by the competition and the logistics of running the business, having a platform like Transmon can radically enhance the way you tackle the present-day volatile and technologically-charged market landscape.
From keeping you plugged into all available data through the customer journey, sampling customer interactions on voice, email and chat against key business objectives and via usage of multiple scoring methods, to advanced analytics that pave the way for scaling up your processes, Transmon can be your one-stop data storehouse to ensure QA, user engagement, audits and more – making the bulk of running a BPO look more seamless and geared for success.