The global business process outsourcing sector is continuously expanding due to the driving forces of new technologies, global competition, and innovation. There is no denying fact that BPO (Business Process Outsourcing) trend is changing as per the client’s demand. Companies all over the globe are encouraged by the back-up of ground-breaking technologies which help overcome skill shortages and increased trade protectionism. In 2018, BPO consultants in USA continue to modernize their organization to efficiently enhance products and services, address market challenges, and manage talent scarcity. The 2018 new and emerging trends of will make up the future for the BPO business. The major impact of business process outsourcing USA will keep the impact on the significant areas such as finance, automation, quick deals; cloud computing, service providers role and healthcare and so on.
Trends in Business Process Outsourcing Solutions
Improvement, fresh & innovative technologies, and global competition are the continuous driving forces behind growth and development in the global business process outsourcing sector. Between 2012 and 2016, the BPO industry in the Global Platform developed at an annual growth rate of 4.4% to reach total incomes of $140.3 billion in 2016. The global platform for Business Process Outsourcing (BPO) is expected to reach US$220 Billion by 2020.
· Increased Concentration in Security- BPO Consultants in USA projected that more and more companies are going to concentrate on addressing the security issues in 2018. In the current era, security threats are getting a buzz topic in outsourcing on account of the progress of the Internet of Things & telematics. Industry insiders reveal that sophisticated and high-tech security systems will now become an industry standard. This awareness is going to push companies and outsourcing ventures to keep on testing with security systems to deal with the problem of security threats. An outsourcing study by the leading Company recognized that 63-64% companies intend to focus more on setting up security standards or finding a concrete solution to address the security threats.
· Multi-tasking to overcome the shortage of skill - Business Process Outsourcing is no longer synonymous to call centers as it now offers effective solution and services such as HR, accounting, web design and coding. Due to this progression in services, the demand for highly skilled workforces has also increased. This rise in demand is mainly the result of the business need to lessen prices for monotonous services. This has forced Business Process Outsourcing industry to invest in less expensive alternatives like Artificial Intelligence and automation. To counter the threat of losing low skilled workers to technological advancements, business leaders and governments alike have started to educate their workforce to meet these demands.
· High Investments in Cloud-based Computing- One more trend that make waves in the global outsourcing sector in 2018 is high technology like cloud computing. 2018 will take on more companies adopting cloud-based technology for superb and reasonable solutions. Cloud-based technology helps companies delegate establishment, maintenance, and upgrading of IT infrastructure to third-party service suppliers. Now, cloud computing will allow BPO outsourcing firms to encourage workers to work from home. With these most-effective solutions simplifying real-time sharing of information, data, and software services, BPO consultants in USA can lessen costs and improve effectiveness by making the switch to cloud computing.
· Partnerships between BPOs and Startups– Slowly and steadily, we have seen a big surge in start-up companys growth. These emerging companies are usually under the heavy financial burden and often look and think out-of-the-box for cost-effective labor. As such, BPOs and startups have turn out to be mutually dependent and this mutually beneficial relationship will toughen in the upcoming years. The providers of Business Process Outsourcing Solutions provide startups with talent at lesser costs to complete tiresome tasks such as recruitment. As a result, the outsourced companies have more resources to improve the work quality, utilise the latest technologies and produce more returns.
· Flexible and Shorter Contracts- Business Process Outsourcing companies will no longer be assured of long and fixed contracts. Indeed, more and more companies are demanding shorter and flexible contracts options. With the corporate environment changing at a speedy pace, firms are relying on new and innovative strategies to boost profits and returns. In such situation, outsourcing companies too are viewing a transition to contracts with short duration time frames that seek agile services.
· High level of transparency- More transparency is required to maintain the trust between BPOs and dealers. Due to the extremely competitive Business Process Outsourcing environment, numerous organisations have adjusted their policies to prevent them from losing business to most reliable organisations. Extra access to information also results in improved partnerships between suppliers and clients, leads to better investment possibilities and innovation. To ensure there is high transparency about outsourced services, governments are also expected to come out with the high level of transparency policies for the outsourcing sector over the next few years.
Outsourcing will emerge as large and at the same time better with increasing number of companies opting to outsource back-office tasks. Due to this, a study illustrates that around 64-65% of companies intend to augment their outsourcing tasks in the coming year. Introduction of advanced technologies and changes in the business environment are expected to dominate the BPO industry in the upcoming years. While old and traditional strategies may no longer be effective, innovative companies relying on multipurpose and nimble strategies can experience more sustainable and speedy growth.