Business process outsourcing, for quite a long time, has helped businesses to cut down their costs of essential business tasks and thereby improve profitability. Corporate had till now regarded BPOs as some external service providers who would perform important operational tasks which are not a part of their core value proposition. However, BPOs are now gradually evolving with the latest technologies at their aide. Disruptive technologies like Big Data, website analytics, Mobile Technology, Artificial Intelligence, and Machine learning have a great contribution to the evolution of the BPO landscape. The disruption of the BPO industry has proved that businesses who have the leverage of technology surely has a competitive edge over others in today’s business ecosphere
Here are a few ways in which modern technology is disrupting the BPO industry:
1. Automation in BPO systems - As businesses have evolved, so has the customers, every average customer today is technologically more informed and wants an immediate solution for their problems. However, legacy systems have the flaw of longer queue time. In a competitive market, if a customer is not happy with services he will immediately move to competitors. The fear of losing customers due to impatience and dislike about services is the primary catalyst that triggered the launch of automated systems. With the launch of the automated systems, customer queries and problems were resolved at a minimum ensuring businesses save their operational time and provide optimum customer experience. Robotic process automation is the latest trend in the BPO industry which is not only helping them in cost savings but also attaining quicker time-to-value.
2. Cloud Storage - Data storage had always been a challenge for the customer service sector. With the increasing number of customers handled every day, a humongous amount of data is collected, which made data management and data storage a difficult process. Cloud storage has however simplified the whole process, hence data retrieval and sharing have become a much easier process. Legacy systems also faced the problem of unnecessary space blockage with excessive data gathering, which additionally consumed more energy. Cloud storage solved these problems thereby reducing their infrastructural costs. Cloud storage technology is the next big thing in the BPO landscape that will help them to build industry-specific capabilities and solutions which will undoubtedly amplify their outsourcing abilities.
3. Multiple communication platforms - It was not long back that phone calls and emails were the only sources of communication between service providers and customers. The picture is not the same today; numerous effective channels of communication has evolved today like instant messengers, chatbots, mobile application, social media platforms, and video calls through which customers can easily connect with business and vice versa. Hence, these latest communication development has also contributed a lot to the advancement of the BPO industry.
4. Big data and analytics - These two technologies help businesses with a real-time business intelligence report. Business Intelligence data is an important aspect of every business that helps them in having a competitive advantage over others and render quality service to customers. Data metrics tools will evolve more in the future enabling businesses to devise more profitable business strategies which are expected to bring more disruptions in the world of Business Process Outsourcing.