Emerging BPO and BPM Industry Trends in 2020
Emerging BPO and BPM Industry Trends in 2020
India has been named as one of the largest and top Business Process Management (BPM) and Business Process Outsourcing (BPO) destinations around the world. With such reputation, companies throughout the country are catering services to domestic and international customers facing the cut-throat competition in a market worth billions.
Harnessing the power of new technologies across different sectors and creating significant employment and entrepreneurial opportunities, the industry has the largest number of qualified technical graduates in the world. As the industry continues to evolve, the business processes and management also improve and become futuristic. The BPM fits into all today. This statement signifies that it is not restricted to only global organizations as it has become affordable and available to nearly everyone.
In 2019, companies in the BPM industry that have met the expectations of the companies to scale the business and allow growth have sustained. In the fast-paced business world we live in today, the BPO and BPM sectors are focusing their efforts on improving customer experience in the digital scenario. Flexibility is essential to ensure that the companies in the BPO and BPM industry can implement software and tools across the entire business to change workflows for maximum effectiveness.
- Bringing the Collaborative Workforce Together: To ensure effectiveness and efficiency both BPO and BPM brands are creating a workforce that is collaborative as a top priority in the industry today. The teams inclusive of the experts who have the ability to be anywhere and connect with the other teams in the business allow brands to reach globally to different markets and deliver services. The industry meets challenges with effective collaborative teams to automate processes including workflow, deliver tasks, and manage everything under the sun for contractors and freelancers.
- Analytics Tracking for Data-Driven Industry: Business Process Management as an industry works with a huge amount of data that is tracked and measured continuously. The BPM developers are focusing on ensuring that the businesses can get real-time data flowing in 24/7 and they can utilize those analytics to make fast business decisions, control costs, and optimize as needed. The real-time or easy and efficient solutions can help in identifying and preventing fraud and evaluate business risks, etc. Developing software for such issues will be focused in 2020 as a top priority in 2020.
- Mobile Accessibility: While smartphones are becoming a trending part of the digital transformation, there is no activity that cannot be tracked using a mobile today and hence in 2020 Smartphone aspect of business will be a major part of the focus area. To focus on customer experience, a high percentage of the customers today own a smartphone coming from various age groups and the number is expected to increase.
The BPM capabilities that are mobile in nature can help reach and cater to customers on the go. Adapting the mobile-based operations is also going to help the team access the data from anywhere around the world increasing the efficiency of the business.
- Going Global with Cloud: Today, with the availability of cloud services, every organisation has the capability of being a global organisation. In 2020, BPO services will use those same enterprise applications and share data but the providers will be located in different locations around the world. This will give a local organisation a global footprint and allow them to leverage opportunities and compete in that market. Operating a global scale, the local offices and location of employees don’t matter and employees can work from anywhere to offer the solutions in multiple languages, enhancing the customer experience and satisfaction.
- Updated Mindsets and Technology: As the customers are presenting new needs and enhanced digital experiences, the service providers should be able to leverage technology and new ways of working to deliver to these needs and should be equipped with artificial intelligence inside the organization along with updated mindsets for the same.
Availing outsourced services brands with comprehensive business processes at lower costs because of economies of scale, specialized processes, low-cost countries, along with tax saving. While a few years back, the businesses restricted BPO service providers to offer standard benefits of efficiency, better customer service and improved productivity, in 2020, they are expected to deliver something exceptional that will revolutionise the level at which operations takes place by leveraging opportunities with the technologies like robotics, AI and blockchain.
These approaches should be examined and implemented to ensure that it is in sync with the organisation goals and can be adopted into processes easily. One should be open-minded to adopt the new technologies and their efficient use in the organization and traditional methods are replaced.
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