Last updated on August 29, 2017
A few decades ago revolution within the business industries and crisis management for the business strategies hinged the outsourcing process. The ghastly atmosphere of losing high-end business functionality and sky-high cost arbitrage became a major concern. Operational and process efficiencies became more valuable to the business industry with advent BPO services which is a perfect solution that is almost considered as a breakthrough.
According to a survey conducted by Nelson Hall myriad European, organisations up to 74% consider BPO services as a mandatory part of the international marketing models. At least 44% of the UK and European countries like France, Spain and so on are relying on or implementing BPO strategies in support of a flexible cost structure and on the other hand, 32% are doing so to improve dexterity.
The key aspects of an outsourcing process are quality, savings, and productivity, but in addition to these characteristics specialisation, process re-engineering and technology-enabled boards have taken place. Before the goals were to achieve operational goals but presently, a more matured model through multi-tenancy platforms, non-linear growth, and outcome-based profit models. Multi-dimensional services inclusive of data analytics, real-time processing, consulting, business transformation and optimisation are being offered globally by the vendors specialising in BPO services. There are various types of end-to-end business process outsourcing services. A few out of many are listed and briefly explained below.
- Platform-based services-integration of back-office and transaction processing services
Platform-based business process outsourcing processes allow dealers a linear growth for a large-scale efficiency payoffs and pay-per use revenue models. Developing a new platform is already a strategic plan for numerous software companies which are acquiring companies with proprietary measures on a large scale. Although acquiring companies with minimum investments cannot be eliminated for customisation and backward amalgamation, but it can be an option for organisations that do not want to shape their own platforms from scratch.
- Verticalisation: Vertical methodology to service delivery
BPO industries offering verticalisations are an outstanding evident of improved maturity in the market. This model has been designed to give away vertical-specific solutions to address the clientele unique market requirements. Verticalisation needs providers to retain deep domain information and understanding of the customer’s or client’s business. It is crucial for BPO companies to determine an obligation in order to deliver a truly strategic alliance to their clients.
- Regulatory pressures
Search for a larger talent park and steady upsurge in wages in the present marketplace are moving towards a better and efficient global delivery model. The burden of keeping up with the regulatory pressure from the US and other European countries are including nearshoring their services to destinations like Latin America, Central and East Europe or other low-cost American nations. The international delivery model is set to propagate as large organisations look for sustainability in a subtle socio-political environment.
- Analytical-data driven insights
To increase marketing efficiency of an organisation, companies put their faith on data-driven insights which is presented through a strong analytics capability. Moreover, data-analytics are also used to enhance customer satisfaction and promote their growth targets. Data analytic proficiencies will contribute a strong foot-hold for the BPO providers in the market.
- Diverse operating models
The present competitive market environment is driving vendors providing excellent BPO services to enrich their ability to capitalise their revenue from existing customers and slow-growth mature markets while discovering new growth prospective in the markets. The new emerging BPO models are moving forward with the changed dimension. Some of the curves are insourcing, domestic outsourcing, offshore outsourcing, nearshoring, captives, right-shoring, re-shoring, build operate transfer and joint venture.
Right play of technology to encounter potential growth in the BPO companies will survive any kind of technological breakthrough or industrial outrage. Advance maturity in the analytics and process solutions will constantly operate within myriad BPO companies to dramatically escalate businesses from a humble beginning of cost arbitrage and labour force to a Goliath industry.
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