In times of need, business process outsourcing (BPO) companies can provide great value for your business regardless of the type of industry. In 2019, the global outsourcing market was estimated at a value of $92.5 billion, and it continues to show significant growth over the years.
Looking at it on a wider scale, the United States is recorded to have the highest amount of revenue share in this group, where much of its services are outsourced to call centres in the Philippines.
Despite the COVID-19 pandemic, outsourcing services continue to grow in popularity as it has become a favoured solution for other industries still adapting to the new norm. This is apparent with the heavy reliance on services specialising in artificial intelligence and cybersecurity programs. With this surge, the market is now projected to value over $435 billion by 2028.
As the needs of different industries continue to shift, modern-day technologies and processes are further developed to meet these demands. Because of this, keeping up with the latest trends in outsourcing has become a necessity for BPOs to improve their services and grow in the market.
12 Outsourcing Trends for 2022
Outsourcing services can provide any enterprise with the right skills and expertise to get a task done more efficiently. However, because of the high demand that BPO companies face, it has become one of the most competitive markets today. Here are a few outsourcing trends to keep in mind that can help you stay ahead of your competitors.
1. Greater preference for remote working
The global workforce experienced a surge in remote work arrangements due to the effects of the pandemic. While it was established to keep workers safe, over 70% of employees now prefer to keep this option even after the global health crisis has settled.
2. Shift to cloud-based technology
The market for cloud services will continue to get bigger as more telecommunications companies become reliant on virtual networking. In fact, 70% of organisations are already utilising cloud services and are planning to expand their investment in the future.
3. Stricter cybersecurity protocols
Cybercrimes are not a new concept to all businesses across the board. However, these attacks have significantly increased by 600% since the start of the pandemic. Due to this alarming spike, stronger cybersecurity services now serve as a top priority for businesses entering the new year.
4. More integration of AI solutions
Deploying AI solutions can create more efficient operations while maintaining control over your network at a lower cost. This can be most beneficial to improving your customer services, where 40% of customers prefer quick solutions to their problems. Depending on your needs, there are also different approaches to integrating the right program for your business.
5. Increased staff upskilling efforts
Technology continues to evolve constantly, but not all businesses can keep up or understand these updates immediately. With this, specialisation in the latest tools is steadily growing in demand.
To rise above other third-party providers, most BPO companies organise regular training to upskill their workers, benefiting the brand name while improving businesses’ workflow and strategies altogether.
6. Implementation of Progressive Web Apps
Progressive Web Apps (PWAs) provide a more convenient solution to meet customer demands by eliminating the need to download an app on your device to access necessary resources. As interest in technology keeps on climbing, the market for this improvement in user experience is estimated to hit $10.77 billion by 2027.
7. Growing preference for nearshoring
Some businesses may find offshoring risky despite its advantages, especially with current travel restrictions due to COVID-19. Enter nearshoring, an alternative that can provide virtually the same benefits to your business. This form of doing business eliminates the need to worry about handling major timezone and cultural differences.
8. Reliance on automation
As early as 2021, BPO companies have already started to adopt robotic process automation (RPA) to boost workflow efficiency. These programs work by allowing a robot to perform specific tasks, which can free human workers and give 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.
9. Growth for social media services
Adopting social media platforms as part of your business strategy allows you to establish better customer relationships. In fact, the global social media penetration rate reached an average of 49% during 2020, showing the importance of these platforms in running a business, including outsourcing.
10. Utilisation of omnichannel solutions
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 not only improves the customer experience but also allows you to boost your relationships with your customers across all possible channels.
11. Highlight in building global teams
More companies are welcoming 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 against other groups in the market.
12. More strategic partnerships
Outsourcing partners now play a key role in the decision-making process of most businesses, as these enterprises continue to gain the support they need for their smaller functions. This boost in collaboration with outsourcing companies highlights the growing availability of services they can handle in daily operations, such as risk assessment and business planning.
Things to Consider When Looking for an Outsourced Partner
Now that you know the different trends to look forward to this new year, you need to learn how to look for the best outsourcing partner suited for 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.
Location
Depending on your needs, your outsourcing partner’s location can either 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.
Pricing
Outsourcing specific business functions help reduce your operating costs while improving the quality of your products and services—but 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.
Expertise
Your chosen outsourcing partner should be able to provide you with the necessary skills and knowledge that deliver results according to your standards. Similarly, it should also provide your in-house team with a better understanding of how you can improve your strategies to actively keep up with changing trends and demands.
Compliance
Choosing the right outsourcing partner based on available skillsets and expertise is a good way to determine if they fit your criteria. But, you also need to keep in mind that these providers should show a clean track record that complies with local and global regulations.
So, if your business deals with sensitive and personal information daily, it is a must that you narrow down your choices to HIPAA-certified companies, like Select VoiceCom.
Culture
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.
Infrastructure
Many outsourcing providers perform their operations overseas to build their 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 that uses updated networks and systems that can handle heavy data work accurately without delay.
Communication
Many BPO organisations provide services that grant you 24/7 access to communicate with appointed contacts regarding your concerns and questions. This can play a crucial role in improving your customer service channels while establishing trust between all related parties.
Team size
Thanks to modern developments in technology, small businesses have the opportunity to grow quicker than they could before. As such, your team may quickly become overwhelmed with the increasing demands and shifts in operations that naturally come with these changes.
Before you hire an outsourcing partner, determine what tasks you want to delegate and how big of an expansion you aim to cover.
Project scopes
Businesses in industries such as ecommerce typically need to handle multiple marketing channels to maintain the growth and loyalty customers place in them. But, this can grow more challenging as your operations expand and you no longer have enough people to handle different projects at once. With that, it is not uncommon to rely on outsourcing providers to take a couple of tasks off your plate.
Growth with Partnered Solutions
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 familiarise yourself with the industry and learn how you can spot the best people for the job.
Partnering with the right outsourcing partner like Select VoiceCom can make all the difference for your company. To learn more about Australia’s most trusted call centre in the Philippines and how we can help scale your business, get in touch with our team of experts today!