Business Process Outsourcing is a crucial component of many major business domains across the world. This industry has made headlines worldwide and in the US on issues likes in-country job security, service quality standards and pricing.
Despite hiccups, outsourcing continues to grow steadily and is now a core part of business cycling cost reduction policies businesses globally. Moreover, the industry standards for outsourcing destinations like India and the Philippines have evolved to meet emerging challenges in the market. This makes the outsourcing sector a key player in most major first-world economies including the US, Canada, UK, Australia and several others.
A Fast-Growing Market
Watch us explain India’s BPO industry’s future in this video. Also, follow us on YouTube!
At present, the global BPO Industry is poised towards a rapid growth phase thanks to the rise of the COVID-driven remote work economy. According to Statista, the Indian BPO market is estimated to grow to US$10.41bn by 2028 at an average growth rate of 10.96%.
Further, global business data hubs and think tanks like McKinsey continue to provide insights into this industry. Their majority focus in the BPO services market remains on how this industry is evolving in tandem with cloud-based technologies.
McKinsey explains the use of cloud-based technologies has changed many aspects of BPO service portfolios like client interaction scripts, data security, digital contract trade value etc. It also explains the impact of digital transformation, end-to-end customer experience management and sharing accountability and innovation.
In this market, getting the right BPO services can mean a major difference in revenue outcomes, client satisfaction and overall industry growth for every business. Here’s an insight into the biggest elements of successful BPO solutions for the North American and UK market.
How Can Your Business Achieve Customer Experience Success and Save Money?
Analytics-based Productivity Development
Market analytics have transformed the way business process outsourcing works in India and around the world. We have gone from using standard scripting for global markets to using data-driven insights to address emerging local markets. The future success of BPO solutions hinges upon understanding how to address present needs and also anticipate upcoming ones.
The best in the business for BPOs offer a tailored roadmap to clients based on comprehensive research and market oversight. This enables clients to enter into trade contracts with a complete understanding of how they stand to benefit from opting for offshore client experience management services.
Another major advantage involves creating dedicated and niche offerings within the BPO services portfolio. This is particularly important for crucial domains where CX holds a lot of significance like healthcare and financial services. Currently, essential services in the UK like the NHS are actively looking to reduce overhead costs without lowering CX standards and healthcare info accessibility. Analytics-based BPO services management might provide ideal solutions to businesses and institutions alike.
Process Localization Training
Process localization training has transformed how well outsourcing works for global businesses. This is a relatively recent addition to the global BPO market and emerged as a result of a growing need for offshore teams with native-level language proficiencies. BPO businesses in the Philippines have surged forward thanks to their rapid uptake of process localization and language training. Now, this trend is also becoming a central part of the Indian BPO industry.
Integrating process localization enhances the client company’s online reputation management and overall brand development. By offering native-level custom service representatives, companies can bolster their consumer retention levels and yearly turnovers. Further, this increases the shared accountability and innovation aspect of offshore hiring and works to solidify the market share of both companies and offshore partners for the long haul.
Process Localization Training positively impacts all aspects of contact centre and offshore teams. This includes client caller satisfaction, quality of service, call abandon rate, average handling rates and other key factors. As per this blog by Hubspot, the biggest BPO performance metrics include case volume management and average call transfer rate. Increasing process localization training will help optimize these metrics and deliver better customer experience standards to clients.
Synchronized Team Management
Using offshore teams enables businesses to not just cut costs but also acquire potentially talented professionals from other nations. The key to making the most of offshore teams is to synchronize their working process for the best possible performance. Using time-centric and specific analytics data, standard BPO solutions transform into curated service offerings.
The biggest benefit here is constant coverage from business hours to out-of-office hours to offer 24×7 customer service options. More importantly, using OOH processes as a separate part of the BPO services portfolio offers cost-reduction options and unique consumer data insights.
This is particularly important for delivering comprehensive CX standards and enabling branding-level ORM-supporting activities. In addition, synchronized offshore teams help optimize the success of case transfers between them and on-site teams. In case of core site team expansion, clients can leverage offshore teams to reduce overall costs. Check out this Forbes article on managing offshore teams effectively.
Customer Data Security Optimization
In 2023, data security issues are a major concern for businesses investing in offshore contact centres. With global businesses conforming to GDPR standards, the call of the hour is to create a robust safety standard that clients and consumers can rely on by default. According to Forbes, technology services outsourcing will experience an annual revenue growth rate of 8.26% from 2022 to 2027, totalling an overall market volume of $587.30 billion by 2027. Therefore, understanding how consumer data is handled must be a core part of all remote business processing considerations.
Watch us explain how GDPR compliance is changing outsourcing in India and the world. Follow us on Youtube!
Consumer data security optimization not only covers the entire call management and QA process but also the policy-based legal compliance. Companies should opt for BPOs offering company-controlled servers for the benefit of accountability and transparent processing. In addition, dedicated BPOs and contact centres also offer the benefit of specialized on-site IT infrastructure and ironclad data security contracts.
Remote contact centers also offer KPO data processing and analytics options for niche-specific insights. This process potentially offers better optimization without compromising consumer data by eliminating 3rd party transfers and regular online data transfers. The only issue here remains of ensuring offshore teams can be trusted with their GDPR compliance protocols. That is why companies offering inherent GDPR compliance and direct client-side accessibility are the most popular outsourcing options since they reduce working cycle costs while retaining excellent customer experience standards.
Planned Tech Upgrading
Aside from enabling businesses to create smart overhead cost management systems, offshore contact centres also offer specialized expertise. They enable onshore business teams to uptake technologies that will help generate the best working process outcomes with offshore teams. Using offshore contact centres to create a tech upgrade mapping creates a reliable phygital standard for CX management.
Tech upgrading and related expenses are also offset by relaying case volumes and optimizing the entire process. Companies can relegate non-essential CX processes to offshore teams and deter overhead tech upgrade costs. They also advantage from potentially sharing costs with offshore contact centre partners if they so choose.
Now, with the growth of AI-based customer services, companies can reduce contact centre team costs even further. The secret lies in choosing an offshore client service partner who understands the particular technical, economic and cultural nuance of the target market. Check this important talk on AI’s impact on customer service by Bloomberg Technology for more details.
Does Your Business Need Intelligent Offshore Contact Centre Partners?
Processing outsourcing and offshoring is a lifesaver and cost-reduction mantra that works for companies globally. Finding the right team with the right level of technical service standards, experience and cultural training is all-important here.
DBSL offers some of the best remote contact centre options to companies worldwide. We have a particularly strong foothold in the UK and North American markets thanks to a combination of tailored CX management processes, client-centric technology use and region-specific training. We can help you get the perfect balance between managing costs and getting the best offshore assistance teams for both internal and external processes.