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How is Technology Impacting Business Process Outsourcing?
Business Process Outsourcing (BPO) continues to offer businesses with a solution to economize for a long time, however existing IT developments are wiggling up the industry, placing CIOs at the cutting edge of planning.
A unique storm is in progress as clients prefer to reduce the extra back office expenses as a result of persisted budget stress, and simultaneously outsourcing companies are attempting to establish additional services and the earnings that go with them.
Technologies like cloud computing, business analytics, social media marketing setups and process automation programs are increasingly being utilized within BPOs to allow them to lower expenses and become more powerful.
A newly released analysis demonstrated that high-performing business process outsourcing companies, the ones that provide business value, make use of technological innovation as a way to obtain originality and advantage, as opposed to merely offering the infrastructure of delivery. It established that 40% of high performers deem technology offered by the IT outsourcing company to be an essential part of the BPO partnership, in comparison to just 27% of the standard performers. An overall of 56% of high performers acknowledge that it is essential to have access to technology in a BPO partnership.
IT is turning to be an important part of the services in addition to the platform through which they are offered. Companies have already been contemplating an increase in the features for BPO, owing to the existing financial circumstances and due to the fact that the outsourcing companies are now able to render BPO solutions significantly better than a decade ago. Clients are likewise looking forward to vendors to provide high value, consequently, expect to see the service provider to perform closely with them on enhancements. Concurrently, it has become essential for clients to think about an alignment between IT and BP functioning.
Since outsourcing associations are similar to marriages, both partners have to get something out of it. By means of supplementary technology-based solutions, clients can get a lot more for their money, while service provider’s business models will be transformed, with significantly lesser dependence on furnishing human resources. This move by service providers to precisely what are referred to as non-linear growth models is an emerging trend, especially between offshore BPO service providers that have relied intensely in earlier times on offering low-priced labor.
The increasing scale of the BPO industry demands increased levels of automation via IT. The primary outsourcing service providers are able to see IT as a means to attain non-linear growth. Businesses which have customarily made money by offering employees at a reduced cost are transforming to these kinds of business models.
New business outsourcing solutions are escalating that incorporate human process work with alliance and automation by means of technology enablers together with automation systems. We’re additionally perceiving next-generation technological innovations such as cloud, social tools, as well as analytics a lot more systematically.
BPO facilitates companies in harnessing big data. Over the years, we’ve observed BPO going away from large scale transaction processing and shifting towards becoming a driver of distinct business value. For this reason, BPO nowadays is all about mining the large amount of transactional data, which is getting processed. BPO service providers and their clientele these days are sitting on a gold mine of information and it really is all about making use of the provider’s industry know-how and perception, analytics and ingenuity to assist a client in using that information so as to run its business more effectively and increase business value.
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