The global business process outsourcing management industry is not going away any time soon. The opportunities for growth in this area remain huge. The latest January 2019 report pegs its worldwide market value at $85.6. Another study says that growth will reach 7.75 percent by the year 2025. On the other hand, it faces challenges from disruptors like AI, big data, and volatile regional economies. As a business owner, it would be smart to be aware of these challenges and know how to respond to them. Or you may be a BPO manager who wants to remain on the cutting-edge disruptions. All of these are enough reasons for business process outsourcing management to stay relevant in the new millennium, starting 2020 and beyond.
These are just some of the tips to stay on top and outmatch industry competitors.
Tip #1: Continue to deliver excellent customer service
Excellent customer service remains the heart of business process outsourcing. The services that the BPO is giving can be a wide range from IT, web design, virtual administration, copywriting, to accounting. Businesses outsourcing these services expect nothing less than an excellent job. They want cost-effective and affordable, as usual. In a market that is being flooded with other players, doing a good job is par for the course. By delivering more outstanding work and going a dozen extra miles, business process outsourcing management can definitely stand out.
If your competitor can do the work in 72 hours, try to accomplish it in 48 hours. Add something extra to the package, like free content copies aside from the web design package. You can also offer after-sales service for six months when a competitor is just performing for three. All those value-added services will get your customer’s attention.
Tip #2: Be your customer’s business partner, not just a service provider
You can win the business process outsourcing war by continually adding value to what your client is doing. The days of separate silos with compartmentalized tasks are disappearing. Go beyond the mastery of the services you provide your client. Additionally, understand the totality of their company. Know how their organization, products, services, and the market as thoroughly as if they are your own. Take time to study the challenges your clients are facing; then recommend solutions that will work and help them reach their objectives.
They will surely keep you for the long-term because you have become their business partner in an informal but very important capacity.
Tip #3: Be a tech-savvy business process outsourcing management team
Embrace technology. Do not just adjust to these new devices, but learn to love them. These innovations that are coming down the pipeline will inevitably affect your client’s operations and profitability. You can also use them to improve your services without bloating your budget. All it takes is a bit of study to understand the advantages they bring, and how can you apply them to our client’s needs.
For example, how can these new chatbots engage your client’s own customers without having to build a more expensive infrastructure? How can you integrate your client’s services with smart appliances that are growing because of the Internet-of-Things? Can you teach your client to use its dormant social media as a powerful marketing tool? How about analytics and its contribution to their organization?
Are you prepared enough?
The BPO industry is at the forefront of an exciting new horizon. Opportunities await for those with an entrepreneurial bold spirit. It is true that a certain period of adjustment is needed to succeed. After reading this article, you might wonder as to the kind of changes you might have to do in your company. Would your resources be enough? Can you do outsourcing for the long-term? All these can be answered with a very positive “YES.” If you would like to be among the top players in the business process outsourcing management in this new era, call us today and connect with our outsourcing experts.