When your company faces challenges, business process outsourcing (BPO) companies can offer valuable support, no matter your industry. According to Statista, the global outsourcing market is expected to reach $0.49 trillion by 2029, with expected compound annual growth rate (CAGR 2024-2029) of 4.67% during the forecast period. Look at it on a wider scale, most revenue will be generated in the United States, where much of its services are outsourced to call centers in the Philippines.
Despite the challenges posed by the COVID-19 pandemic, outsourcing services are more popular than ever. Businesses across various industries increasingly turn to outsourcing to adapt to the new normal. This trend is especially noticeable in the growing demand for artificial intelligence and cybersecurity services.
As industries evolve, so do their needs. Modern technologies and processes are continually being developed to meet these changing demands. For BPO companies, staying up-to-date with the latest outsourcing trends is essential to enhance their services and succeed in this expanding market.
Outsourcing services can equip businesses with the necessary skills and expertise to complete tasks more efficiently. However, due to the high demand for these services, the BPO industry has become incredibly competitive. To stay ahead of the competition, here are a few key outsourcing trends to keep in mind:
The global workforce saw a massive shift to remote work due to the pandemic. Initially, this was done to ensure employee safety, but now, 65% of employees prefer to work remote all the time even after the health crisis has subsided.
The market for cloud services is set to keep growing as more telecommunications companies rely on virtual networking. According to Exploding Topics, 89% of companies use a multi-cloud approach, and 97% of IT leaders still intend to expand their cloud systems further.
Cybercrimes are a persistent threat to businesses of all sizes. Since the start of the pandemic, these attacks have surged dramatically by 600%. This alarming increase has made cybersecurity services a top priority for businesses as they enter the new year.
Deploying AI solutions can create more efficient operations while maintaining control over your network at a lower cost. This can be most beneficial for improving customer services, as 40% of customers prefer quick solutions to their problems. Depending on your needs, there are different approaches to integrating the right program for your business.
Technology evolves rapidly, leaving many businesses struggling to keep up with and understand the latest updates. As a result, there is a growing demand for expertise in cutting-edge tools and technologies. To distinguish themselves from other third-party providers, many BPO companies prioritize ongoing training to upskill their workforce continuously. This not only enhances their brand reputation but also improves overall business workflows and strategies.
Progressive Web Apps (PWAs) offer a convenient solution to meet customer demands by allowing users to access essential resources without the need to download an app onto their device. As interest in technology continues to rise, the market for these user experience enhancements is projected to reach $10.77 billion by 2027.
Some businesses may find offshoring risky due to the travel restrictions from COVID-19. Nearshoring is an alternative that offers similar benefits without the challenges of dealing with major timezone and cultural differences.
As early as 2021, BPO companies have already adopted robotic process automation (RPA) to boost workflow efficiency. These programs allow a robot to perform specific tasks, freeing human workers and giving them more time to focus on core business responsibilities. A few of the most common RPA tasks include invoice processing, hiring and onboarding, and inventory management.
Adopting social media platforms as part of your business strategy allows you to establish better customer relationships. These platforms reach a wider audience, and the social media usage is higher than ever. According to Smart Insights, the number of social media users globally grew from 4.72 billion in January 2023 to 5.04 billion in January 2024. These numbers only show the importance of social media platforms in running a business, including outsourcing.
Omnichannel strategies have been among the top outsourcing trends since 2021, and they continue to show great value for multiple industries. Having omnichannel tools in place improves the customer experience and allows you to boost your relationships with your customers across all possible channels.
More companies welcome the idea of creating teams from different parts of the world to increase brand awareness and grow the talent pool. It is also another alternative to solving recruitment challenges brought upon by the pandemic, allowing your company to remain competitive in the market.
Most businesses now rely on outsourcing partners to help with smaller tasks. This collaboration highlights the range of services outsourcing companies offer, including risk assessment and business planning, to support daily operations.
Now that you know the different trends this year, you need to learn how to look for the best outsourcing partner suited to your needs. Doing so will help you grow your business more efficiently and allow you to compete against other brands in the industry. Below is a list of things you should consider before hiring your outsourced team.
Depending on your needs, your outsourcing partner’s location can be an advantage or disadvantage to your business. If you want to continue operations beyond local working hours, outsourcing to another country with a different timezone can keep your productivity active. However, some companies prefer to outsource teams in closer locations to maintain better communication.
Outsourcing specific business functions can help reduce operating costs while improving the quality of your products and services. However, this does not necessarily mean you need to focus on getting the lowest prices available. To get the best value for your money, carefully consider what you will gain from your potential partner and determine its cost efficiency on long- and short-term scales.
Your chosen outsourcing partner should be able to provide you with the necessary skills and knowledge to deliver results according to your standards. Similarly, it should also provide your in-house team with a better understanding of how you can actively improve your strategies to keep up with changing trends and demands.
Choosing the right outsourcing partner based on available skillsets and expertise is a good way to determine if they fit your criteria. You should also remember to check if these providers have a clean track record that complies with local and global regulations. If your business deals with sensitive and personal information daily, you must narrow your choices to HIPAA-certified companies, like Select VoiceCom.
Each company’s workplace culture can be different and unique to its circumstances. When choosing a potential outsourcing partner, it is vital to see if your values align to prevent any major conflicts in how you do business together. Doing so can also develop trust between parties more easily and build a stronger relationship.
Many outsourcing providers operate overseas to build expertise and infrastructure on a particular service. Unfortunately, not every BPO company can provide suitable foundations for large and foreign businesses. As such, you should choose a partner with updated networks and systems that can handle heavy data work accurately and without delay.
Many BPO organizations offer services that provide round-the-clock access to designated contacts for addressing concerns and inquiries. This can significantly improve your customer service channels and establish trust between all parties involved.
Modern technological advancements allow small businesses to grow faster than ever before. However, this rapid growth can overwhelm your team with increasing demands and operational changes. Before hiring an outsourcing partner, you need to identify the tasks you want to delegate and the scale of expansion you aim to achieve. This strategic planning ensures that you effectively manage growth and maintain smooth operations.
In industries like e-commerce, businesses often need to manage multiple marketing channels to sustain growth and customer loyalty. However, as operations expand, handling various projects simultaneously with limited staff becomes increasingly difficult. Consequently, many businesses turn to outsourcing providers to offload some tasks and maintain efficiency.
Outsourcing services can offer many benefits for your business, which can be both cost-efficient and suitable for your needs. While the BPO industry continues to grow on a global scale, not all service providers will be equal in capabilities. You need to familiarize yourself with the industry and learn how you can spot the best people for the job.
Partnering with the right outsourcing partner like Select Voice Com can make all the difference for your company. To learn more about the most trusted call center partner in the Philippines and how we can help scale your business, get in touch with our team of experts today!