Business Process Outsourcing
Technology driving customer experience and satisfaction.
Your clients came to you to facilitate part of their business operations that they can’t manage. They’re entrusting you with their customer service and support. They look to you to create value and delight their customers.
Your teams are therefore an extension of your client’s brand. And they likely have many highly-sought skills and specialized expertise that helps your business stand apart from the competition. Outsourcing operations spiked during the global COVID-19 pandemic– and it’s not slowing down. Whether it’s front-office or back-office operations, businesses have ongoing needs that are often best served by a BPO. And the global market trends support it.
The business process outsourcing (BPO) industry is experiencing rapid growth. Here’s a snapshot of what you can expect:
- Businesses rely on other businesses. The global 2021 market was valued at $251.1B USD and is forecasted to reach $492.45B by 2028 at a compound annual growth rate (CAGR) of 10.1%.1
- Emerging powerhouses. North America leads the market, but Asia-Pacific is one of the fastest-growing regions.2
- Top use-case and solution. The IT & telecommunications industry and customer service dominated the market in 2021, with both receiving more than one-third of revenue share.3
- Growing industries. Banking, financial services, insurance (BFSI) and manufacturing are experiencing fast growth on a global scale.4
- IT is a major player. IT outsourcing spending will be $519B USD in 2023, a 22% increase over 2019 numbers.6
By 2028, the global market is forecasted to reach
In 2023, IT outsourcing spending will be
Trends that Focus on CX and CSAT
The global state of business process outsourcing (BPO) is quickly progressing and seeking cloud-based technology to drive the customer experience (CX) and customer satisfaction (CSAT) of their clients and their clients’ customers.
Click through to see the new trends shaping the landscape:
Gain Your Industry Ground
The BPO industry is on the fast track. Below are some tips to help you set up your fiscal year goals and accelerate your growth and long-term success.
- Give callers your complete attention. Use AI functionality in your systems to route calls accurately, alleviate mundane tasks and automate work.
- Enact and deliver a cybersecurity plan to your teams. Ensure your teams are taking all preventative measures and training sessions to stay vigilant on cyberattack attempts.
- Maintain IT governance. Continue IT governance to ensure that your staff is following proper protocol, and reducing risks and data integrity concerns.
- Think about optimizing your tech stack. Consider how your client’s customers are interacting with you. Does your stack support data aggregation, unified communications and intelligent call routing?
- Garner feedback often. Ask your clients and their customers for feedback regularly. It’ll help improve the customer experience.
- Evaluate your service channels. Take a look at your current setup and assess if it’s efficient and scalable to support your customers. Be sure to include voice, chat, social media, video and other forms of communication in your evaluation process.
- Amplify transparency. Provide customers with their own telephony platform logins so they can proactively monitor metrics and review calls your teams are carrying out.
The AVOXI Platform Solution
Business process outsourcing trends are evolving. And to keep pace with the high-touch experiences your customers expect, an all-in-one cloud communications solution can help empower quality interactions for better customer service and satisfaction across the world– all from a centralized place. Use our platform to…
Simplify cloud communications.
Your clients place all of their trust in your care– your company is an extension of their brand. Seamlessly transform the customer experience with reliable global virtual numbers, customized IVR navigation and cloud PBX infrastructure with high privacy and compliance standards.
Intelligently route calls.
Ensure customers are routed to the right person every time to facilitate the highest quality services. Tailored IVR menus, skills-based routing, queue callback and failover routing can help your teams provide a high-touch experience and continuous support for your clients and their customers' needs.
Refocus, re-engage and surrender the silos.
Quickly and easily integrate with your CRM, helpdesk or chat tool to hyper-personalize the customer experience using feature-rich communications and automated workflows– all within a single platform.
Set goals and measure success.
Proactively monitor team performance, customer phone calls and trends with advanced analytics. Dive into the front and back end of your data to gauge the quality of the conversations, plus the audio quality itself, to reduce frustration among your callers. When call service is reliable, communication is more effective.
- “Global Business Process Outsourcing (BPO) Market to Generate Sales of $492.45 Billion By 2028 | Top 10 Players Generate 60% Market Revenue.” Globe Newswire, 19 Sept. 2022, https://www.globenewswire.com/en/news-release/2022/09/19/2518604/0/en/Global-Business-Process-Outsourcing-BPO-Market-to-Generate-Sales-of-492-45-Billion-By-2028-Top-10-Players-Generate-60-Market-Revenue.html. Accessed 20 Nov. 2022.
- “Business Process Outsourcing Market Size Is Projected to Reach USD 513 Billion by 2030, Growing at a CAGR of 8.5%.” Globe Newswire, 13 July 2022, https://www.globenewswire.com/news-release/2022/07/13/2479265/0/en/Business-Process-Outsourcing-Market-Size-is-projected-to-reach-USD-513-Billion-by-2030-growing-at-a-CAGR-of-8-5-Straits-Research.html. Accessed 20 Nov. 2022.
- Business Process Outsourcing Market Report, 2030, Grand View Research, https://www.grandviewresearch.com/industry-analysis/business-process-outsourcing-bpo-market.
- “Global, Middle East and UAE Industry Outlook.” Deloitte.
- Brooks, Chuck. “Alarming Cyber Statistics for Mid-Year 2022 That You Need to Know.” Forbes, Forbes Magazine, 12 Oct. 2022, https://www.forbes.com/sites/chuckbrooks/2022/06/03/alarming-cyber-statistics-for-mid-year-2022-that-you-need-to-know/.