How will developments in the outsourcing market, impact this year’s growth?
BPO Growth Trends
Is Business Process Outsourcing on the rise, or on its way out?
The new data coming in on the predicted future of BPO shows massive growth.
With the understanding of the internet’s impact on global business, early adopters capitalized on new BPO opportunities, while most businesses continue to operate on the old “do it yourself” model. Companies that were providing early outsourced services, have had time to evolve and perfect their systems. BPO is now more lucrative, across more industries. For many businesses this is the year to catch the wave, starting with answering some initial questions that lead many into BPO services.
What is the global potential for growth?
I think the more relevant questions are:
Why is the global potential for business growth not being utilized?
Why hasn’t thirty years of online connectivity, connected us better?
There are lots of big waves, where are all the surfers?
It’s time to start asking your business some critical questions:
Why are we not asking businesses that are more knowledgeable than we are?
Why do we continue to operate in the closed environment of our own business?
It may sound trite, but using the same old business methodologies will produce the same old results.
Not taking advantage of a swelling opportunity is like a surfer that never paddles to catch a wave.
Be willing to be ready, to give it your full effort, and know how to ride it when it breaks.
The success formula in business is simple; make more than you spend. Outsourcing is one of the easiest, and therefore, most used methods to lower cost. If that lower cost solution also provides flexibility, added security, and greater profit opportunities, where is the downside? The answer is usually the same; fear and resistance to change, new technology, implementation hurdles and the required commitment to process improvement. Change means change, and we humans are not wired for it. Unfortunately for us, the business world continues to change daily!
The global potential has always been there and is already being capitalized on by companies that have taken the time to undergo the metamorphosis. Companies that have learned where they need help changing and have invested in strategic partnerships that allow them to change faster are seeing the results.
The waves will never be the same, learn from the experienced surfers, it’s going to require strategic help, constant focus, and some practice to learn how to get up, and stay up. The growth potential is limited by human perception. Companies that are fearless enough to take on the challenges of strategic partnerships are going to be the global market influencers. Much like the early adopters of the internet, companies utilizing business process outsourcing will be in the lead for a long time to come.
Business Process Outsourcing Analytics
Analytics are showing more insight into this year’s models,
and the most impactful factors to be considered in 2019.
Where is the biggest growth going to happen?
In a word, “Knowledge”. What you don’t know will hurt you.
It’s like the Dunning–Kruger effect; businesses need to learn enough,
to understand what they were not previously able to comprehend.
This starts with the most basic of outsourced services, consulting.
Knowledge-Based Process Outsourcing or KBPO services are on the rise.
Consulting has long provided business with information to
assist them with growth. This has grown into analytic consulting and other intelligent data modeling consulting services.
So why do many companies stop there? If I can hire someone to tell me how to do it better, why can’t I just hire someone that can do it the best? The answer many companies are discovering is that process outsourcing is the next logical step.
Small business operational success often depends on the quality of the outsourcing provider being used. A good BPO service provider is one that has experience in what they do and understands the businesses they are servicing.
A BPO provider’s success depends on their capabilities to understand specific customer needs in their business arena, and their abilities to execute them efficiently from an operational standpoint. From my experience, there are too many companies that do not truly understand what they are unaware of. If they would be humble enough to get knowledgeable consultative services, they could learn where in their organization they would benefit from BPO services.
Just jump in!
BPO is one of the few places in business that you can customize
growth while enjoying the flexibility of scaling back if your market shifts.
Rapid changes in global regulations and the specific adaptations allowed raises questions that most businesses can’t answer. This is one of the biggest driving factors in KBPO & BPO growth. Businesses seeking expertise from older experienced providers has increased dramatically in the last year. How fast your businesses will profit from the obvious benefits that Business Process Outsourcing provides, is yet to be seen. It’s time to catch some waves.
Get a free consultation on how your company can access the future of business.
The author has consulted for more than two decades on business development, user experience, and sales management training.
He currently serves as director of account management & business development for a leading compliance service & software company.