Staying Ahead of the Curve with the Top 5 Outsourcing Trends for BPOs this 2023
The current outsourcing environment has seen unprecedented levels of change and growth, even during times of global turmoil. Organisations of all sizes have increasingly turned to outsourcing as a way to mitigate tasks, optimise productivity and address a range of challenges. By outsourcing certain functions, businesses can quickly adjust to disruptions such as pandemics, labor shortages and shifts in the global economy.
Today, outsourcing is an increasingly popular solution for businesses to remain competitive and ensure long-term success. To capitalise on it, it’s important for businesses to stay informed about the latest outsourcing trends for 2023.
1. Market Growth for Generative AI, Cloud Computing & RPA
The demand for cloud computing solutions has been steadily increasing in recent years as organisations are looking to leverage their powerful capabilities to improve their productivity and scalability. One of its primary benefits is that it streamlines the process and makes it more efficient. These services are flexible, expandable, and allow for easy sharing of information as all files are stored in a secure online space.
a. Generative AI and Chatbots
Generative AI is now augmenting higher quality output of work in a fraction of the time, speeding up the learning curve and having employees deliver results faster. Generative AI will do wonders for businesses and team members in the BPO space who embrace it. GoTeam has built AI into all our cloud-based software products to help our clients and team members obtain the edge in the fastest zone of change the world has seen.
Generative AI and Chatbots are revolutionizing the way that customer services are provided. By enabling customer service to be automated, BPO providers can reduce the amount of time spent on mundane tasks; thereby, allowing them to focus their efforts on more complex ones. In turn, productivity is increased, and costs are reduced while delivering better customer experiences.
The market for cloud computing solutions is experiencing significant growth due to the pandemic as well as advancements in technology. Studies from MarketsAndMarkets, Fortune, Business Insights and Grand View Research show that the market size is expected to be anywhere between $250-445 billion by 2026/8 and reach up to $947.3 billion (about $2,900 per person in the US) by 2030. This trend is likely to continue this 2023 as cloud solutions continually rise in popularity.
c. Robotic Process Automation (RPA)
Robotic Process Automation (RPA) is revolutionsing the way companies manage internal and external processes, as well as control robots. By leveraging artificial intelligence (AI), businesses are able to free up their human workers to focus on more complex tasks while RPA automates mundane, time-consuming ones. This leads to increased speed and efficiency, cost savings, and improved accuracy and scalability.
2. Long Term Partnerships for Strategic Growth
Partnerships have grown in significance to the outsourcing industry in recent years, as employers are now valuing skills over cost-cutting. To ensure successful collaboration, many outsourcing companies are building global teams and aiming for a long-term partnership with one provider that can meet all their requirements. This shift towards agile and responsive collaboration is expected to become even more valuable going forward.
3. Market Growth for BPOs
With organisations recognising the tangible advantages of outsourcing operations, many businesses are benefiting from increased flexibility and adaptability, reduced operating costs and a greater ability to focus on core competencies.
The latest report by Grand View Research in April 2022 found that the global BPO market had already reached $245.9 billion (about $760 per person in the US) in 2021 and is expected to see a further rise of 9.1% from 2022 to 2030. This growth is being driven by companies looking to increase efficiency, agility, and productivity while decreasing operating costs.
4. A Safe and Robust Cyber Infrastructure
As digitization continues to grow, outsourced services are becoming more popular and require better cybersecurity measures to protect both clients and providers from potential risks. Data security is one of the foremost concerns for outsourcing, as companies entrust their data to a third-party provider.
Essential steps include multi-factor authentication and GDPR compliance, which helps prevent potential data breaches. By investing in robust cyber infrastructure and following the latest trends, companies can ensure that their data remains secure and productive.
5. Business Continuity Guarantee
By outsourcing, companies can anticipate and prepare for potential disasters that could otherwise have a severely negative impact on their technology infrastructure, data, and operations.
Outsourcing can also help connect remote workers securely from anywhere, increase personnel depth and expertise to reduce disruptions caused by turnover of key personnel, and ensure strict compliance with regulatory requirements.
As the years go by, it is predicted that outsourcing will continually be an effective approach to handling business operations. Thus, only by understanding these trends can organisations make informed decisions that will enable them to remain competitive and maximize productivity. In the long run, this can help them stay ahead of the competition and achieve their business goals.
If you are thinking of partnering with an outsourcing service provider, GoTeam makes a remarkable choice. With headquarters located in Cebu City, Philippines, they have been living true to their mission of helping businesses scale and being a catalyst for their people to exceed since 2014.
GoTeam gives you the peace of mind that your offshore business is being run by locally based experts who are adept to a wide range of tasks that are not just limited to admin. Outsourcing to GoTeam gives you more dependability and better results, yet none of the hassles of setting up an offshore company yourself.
Discover what GoTeam can do to grow your business. Get your own remarkable team!