February 10, 2023
The Future of Business Process Outsourcing and How it Could Impact Your Business
Business process outsourcing (BPO) is a growing industry, and it’s expected to continue to grow. The Philippines is quickly becoming the global hub for BPO. The Philippines’ competitive advantage lies in its low-cost operating environment, with more than 90% of its workforce comprised English-speaking professionals.
This post will discuss how BPOs work, new trends and technologies impacting this industry, and how they can help your business.
How BPOs Work
Business process outsourcing allows companies to outsource specific processes to third-party service providers. The goal of BPO is to improve operational efficiency, reduce costs and improve the quality of products or services provided by the company.Â
Here are just some of the many benefits of outsourcing:
- It increases productivity.Â
- It builds a solid internal team for your business.Â
- It allows me to focus on what I do best: marketing, sales, and product development.Â
- It allows me to offer excellent service at a lower cost than if I did it in-house.Â
- It frees up resources for more creative endeavors that drive our business forward.
The latest trends in BPO
Technology is constantly changing the way we do business. Technology companies are looking for ways to disrupt the BPO industry as the world moves towards a more digital economy. Here are some of the latest trends in BPO:
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- Artificial intelligence (AI) is used to automate customer service and provide better customer experiences.
- Big data analytics allow companies to track customer behaviors and predict what they want or need next.
- The Internet of Things (IoT) allows businesses to automate operations and gather data from multiple sources in real time.
- Robotics is making its way into customer service centers as well—robots can handle simple tasks like answering phone calls or responding to emails, freeing up human workers for more complicated tasks.
What does this mean for your company?
This year, BPO technology will be used by companies across all industries to improve efficiency, save money, and increase productivity.
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Here are some ways technology helps businesses this 2023:
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- Automate repetitive tasks that take up time and money.
- Improve customer service by allowing customers to self-serve through digital channels such as chatbots or IVR systems.
- Reduce costs by eliminating employees who perform repetitive tasks.
- Increase revenue by allowing companies to provide more services.
The Philippines is the global hub for BPO
The Philippines is quickly becoming the global hub for business processing outsourcing, especially the BPO in Davao City. The country has a large English-speaking population, and its economy is growing faster than any other Asian nation.
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The Philippines’ GDP is expected to grow by 6% in 2019 – making it one of the fastest-growing economies in Asia. Additionally, its GDP per capita increased by more than 20% between 2016 and 2018. These factors, combined with its large English-speaking and educated workforce, make it an ideal location for BPO companies looking to expand their operations globally.Â
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The same is true for those who want to relocate from other countries, such as India or China, where costs have become prohibitively high over time due to high inflation rates caused by rapid economic growth coupled with limited supply chain capacity at home. This drives up prices due to demand exceeding supply levels available locally within these countries borders.
Why are Filipinos so successful in BPOs?
Filipinos working in the Philippines customer service outsourcing, particularly in BPO Davao, are very hard-working. They have a strong work ethic and are very approachable. In addition, they have a solid loyalty to their employer – they value your relationship with them. They will ensure that you are always happy by doing everything necessary for your business.
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This makes it easier for employers because they don’t have to worry about their employees leaving or not doing their job correctly. After all, Filipinos strive to do better every day to prove themselves worthy of being part of your company’s team.
Deciding on the right BPO company for your business
When you’re looking to outsource your business processes to BPO companies in the Philippines, it cannot be easy to know where to start. Here are some key factors that will help you choose the right BPO call center Philippines:
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- How much experience do they have in your industry?
- Does their software meet your needs and expectations?
- Are they flexible enough to adapt their services as needed by your company over time or at least within a reasonable time?
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There are a few things to consider when choosing a BPO company, including:
- The size of their team: Larger teams have more resources available, but it’s also likely that they’ll be less personal than smaller companies.
- Their track record: If they’ve been trusted and have plenty of clients, that’s a good sign!
- How much they charge: This will vary based on the level of service you’re looking for, but it’s essential to stay within budget even if you’re excited about what’s being offered.
Choosing a BPO company for your business can be challenging, especially if you’re unfamiliar with the industry. You might think it’s just like hiring any other vendor – you’ll need to vet the company and ensure it has a good reputation, then sign on the dotted line.
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However, BPO differs from most other types of businesses because it involves much more than just buying goods or services. What makes a BPO company great isn’t necessarily its ability to perform well — it’s its ability to help you grow as a company.
Conclusion
The future of business process outsourcing is bright, and it’s poised to continue growing as a sector. Businesses can take advantage of this trend by considering BPO as an operation option. It’s important to remember that outsourcing is only suitable for some companies, and some industries may not be able to outsource at all due to the nature of their work. Nevertheless, anyone who thinks they might benefit from this arrangement should consider exploring it further before deciding against it altogether.
About SPLACE
Splace is a business process outsourcing company composed of highly trained, top-rated, experienced, talented, and dedicated Filipino professionals whose mission is to bridge the gap between global companies and their need for exceptional Filipino talent.
If you are interested in Splace’s Business Process Outsourcing Solutions,
email: ceo@splacebpo.com or call us at +1 503 488-3540.
