As an entrepreneur, keeping up with the latest trends in outsourcing will assist you in navigating the outsourcing ecosystem and adjusting to the new normal that has been established in the world after the global pandemic.
Changes in the outsourcing market over the past few years are reflected in the upcoming trends in 2023. It implies that in 2023 when outsourcing, organizations should seek providers with high-quality services, aim for great flexibility, and leverage current technology.
Statista has estimated that the BPO market is worth $0.33 trillion this 2023. The market is expected to grow at a Compound Annual Growth Rate of 6.69 percent between 2017 and 2027, reaching a value of US$0.45 trillion.
But the BPO industry is constantly developing, and more and more businesses are adopting outsourcing as a standard operating procedure.
The big question is, how will this year and beyond change the BPO industry, and what trends will be most significant?
1. More demand for Virtual Assistants
Today’s businesses are refocusing their attention on revenue and profit generation, and one way to do this is by improving their workflow management.
More and more businesses are turning to Virtual Assistants (VAs) in the administrative sector to handle the routine, repetitive work they used to do in-house. While these may seem like mundane tasks, they are crucial to the success of any business.
2. Emphasis on Social Media Management
Managing a company’s social media presence has become increasingly important. This is because companies have found social media to be the ideal platform for outlining their long-term business goals and objectives. This means that the demand for social media management services is constant.
Companies’ ability to provide timely and helpful responses to their customers’ social media inquiries has significantly improved thanks to outsourcing.
3. Cloud-based services, Automation, and Artificial Intelligence (AI)
Due to the effects of the pandemic, businesses were compelled to undergo a paradigm shift toward digitization. As a result, businesses have been able to improve their service to customers due to digital transformation.
The implementation of AI tools has also been boosted by this. Therefore, businesses can improve their operations and save time as a result.
There has been an uptick in the use of automation and cloud services by BPOs to aid their customers in becoming more productive.
By combining these three technologies, companies can devote more time and energy to what they do best.
4. Robotic Process Automation (RPA) Solutions
Robotic process automation, or RPA, is a type of software engineering that facilitates the creation, deployment, and management of robots that do routine operations.
Automation of business processes by robots is becoming increasingly popular as businesses see the financial benefits of outsourcing mundane, repetitive work to machines.
According to a report by Grand View Research published in 2022, the RPA market was worth $1.89 billion that year.
From 2022 to 2030, this industry’s revenue is expected to grow at a CAGR of 38.2 percent.
5. Importance of Customer Experience and Satisfaction
In 2023, customer experience will continue to be a competitive advantage for businesses as the primary brand differentiator.
Businesses may need to increase spending on customer assistance and social media coverage to give an improved user experience.
When businesses focus on improving the customer experience, they see benefits in terms of customer retention, customer happiness, relationship strength, and brand loyalty. It can be challenging to plan for and respond to fluctuations in call traffic from customers.
In turn, this expands the options for sending customer service overseas.
A total of $21.72 billion is projected to be added to the call center outsourcing industry between 2022 and 2026, as per findings of the Global Call Center Outsourcing Market research. The research also predicted a 3.96 percentage point increase in the CAG rate between 2022 and 2026.
The quality of the service provided to customers can be significantly enhanced by outsourcing services like customer support while at the same time reducing operational expenses.
6. More Focus on Cost Reduction
According to a recent poll conducted by Deloitte, the majority of businesses report that lowering expenses is their primary motivation for using outsourcing services.
Although clients demanded flexibility, scalability, and technology enablement from their outsourcing providers, the biggest draw was the promise of lower operational expenses.
Even as the global economy begins to recover from the epidemic and recessions of 2022, this pattern may continue through next year.
7. Omnichannel Communication
Currently, customers want a more tailored and consistent brand experience across all of their social media platforms. Because of this, omnichannel interactions are the rule rather than the exception.
To provide a better experience for their customers across all channels, businesses need to implement omnichannel strategies.
In outsourcing, omnichannel communication is also a hot topic that will only grow in popularity over the next several years.
Conclusion:
Following the pandemic, multiple progressive trends and shifts in outsourcing have emerged.
Understanding these trends will help you make informed strategic decisions about your company in 2023. You can better manage internal stakeholders and deal with business uncertainty when you have a better understanding of the latest outsourcing trend.
You can use the above-mentioned top outsourcing trends as a basis for developing, aligning, and implementing a long-term strategy for successful outsourcing.
ADDMORE Outsourcing is also here to help you with our custom, bespoke solutions that optimize your operations and scale your growth. Schedule a free consult with us now to learn more about our cutting-edge and efficient BPO solutions by booking a meeting with us. Learn more about outsourcing trends at www.addmoreoutsourcing.com.