Our world is evolving! Not as fast as we see in sci-fi movies but yes we have self-driving cars and robot waiters. Technology has surpassed the aspirations of even the biggest minds of the past, who laid the foundation of today’s tech-driven world. With smartphones in our hands, gadgets, and robots making our lives easier than ever, we can say that what a time to be alive!
One amongst the rapidly growing industries in our world is outsourcing for sure, by 2020 it is anticipated that this industry will become worth a whopping $84.7 Billion. A lot of credit for this growth that BPO companies are witnessing goes to the innovations that are changing the trends in the service industry rampantly.
Let’s take a look at some of the major trends that are transforming the BPO industry and helping businesses serve their customers better in 2019.
Artificial Intelligence Promotes Self-Service
Imagine how many customers a BPO company can serve by integrating artificial intelligence with the IVR. It will be an astounding number and it is a reality, considering the fact that even SMEs are striving to make their presence felt, globally.
Today, as many as 58% small and medium enterprises are operating at a global level with a growing number of customers who seek support and services. In this case, integrating the proficiency of machine learning and AI with the interactive voice response is quite remunerative.
A BPO company that invests in this technology can reduce its human workforce requirement but still profit from the diligent support that IVR can offer. The automated process will serve customers better and will also reduce the overall operational cost.
Process Automation Drives BPOs to Growth
Robotic process automation (RPA) is now emerging as a lethal weapon in countering competition in the call center outsourcing industry. A BPO company that opts for the same is destined to succeed, considering that process automation is the key to thrive in today’s tech-driven business world.
RPA enables call centers with a highly productive workflow whilst diligently addressing the flaws that can possibly hamper productivity. Apart from this, it can also save cost on operations like data entry and insurance claim processing that earlier required trained professionals at the contact center’s end.
Today, such processes are automated and far more productive than ever. The wave of automation has ushered the BPO industry towards the path of unobstructed growth. A renowned BPO company that has resorted to opting for process automation is bound to reap a multitude of benefits.
However, automation and as aforementioned AI integration in IVR can soon lead to a decline in the jobs generated by this industry. In outsourcing capitals like India, employment shrinkage is anticipated to be as much as 14% by 2021.
Cloud Computing – Scalable & Cost-Effective
SMEs have a smaller budget when compared to multinationals, which is why they are incapable of investing in technological infrastructure and state-of-the-art office spaces. Today, most of them are adopting virtual systems and storage AKA cloud computing to deal with the lack of physical data centers and the associated financial implications.
Cloud computing has immensely helped organizations in dealing with the shortage of capital investment when it comes to deploying workforce, technological infrastructure, and office spaces. Outsourced cloud computing is both scalable and cost-effective whilst also being capable of enhancing the overall operational competency of businesses.
Social Media Becomes a Major Touchpoint
Generation Y and Z, who together form the consumer base for most commercial organizations across the globe, love to stay online. They spend a major portion of their time online and connecting with them via social media platforms is a necessity.
A few days back, I had to get in touch with Uber for a major discrepancy regarding a ride. I didn’t have to call them and wait on queue to get in touch with a live agent. I just went on to chat with an agent via the customer support handle on Twitter, which I must say is quite active.
Agents answer the chats diligently and process issues and answer queries without much delay. This naturally is just one example of how businesses are evolving when it comes to customer support; there are many more and a BPO company that has opted for social media integration in its customer support is surely on the path to success.
These and many more trends, the innovations in the technology world and digitization has led BPO companies to more productive and streamlined operations. These trends are rapidly changing the way businesses interacted with the customers.
Apart from this, automation and social media engagement have massively helped businesses in the call center outsourcing industry economize whilst serving customers better. The service standards have improved massively due to these changes.
By 2020, many other trends will emerge but 2019 has been a year of BPO evolution, majorly impacting the operations of not just BPOs but also businesses across diverse verticals.