The Top BPO Trends in 2021
Among the few industries that continued to thrive during the pandemic is Business Outsource Processing. While multinational companies tried to cut down on costs by eliminating unnecessary spending, they continued to invest in outsourcing.
This continued growth is a testament to how companies perceive the value provided by the BPO sector.
As BPO companies continue to grow, advance, and evolve, we still see several challenges these companies need to adapt to so that they can maintain their success. Even though we are almost through with the first quarter of the year, people still wonder what the year 2021 holds for this beloved industry.
In addition to the services they provide, BPO companies employ millions of people worldwide. Governments also earn significant amounts of money through the taxes they pay. Simply put, everyone benefits from this industry. Let’s take a look at the BPO trends for 2021.
Social Media Management
Social media has been around for more than a decade, yet businesses are only starting to realize its full power. It stands out among the most influential and profitable business tools right now.
Social media provides valuable customer data and insight, things that can help companies understand how consumers engage with brands.
A few years ago, social media platforms were handled by volunteers who had no training in social media marketing. Today, developing a distinct and engaging presence on social media is a huge undertaking that requires hiring social media experts. BPO firms have recognized this need, and they now offer social media management. The service provides companies a more cost-efficient way to use social media.
SMM is a new area for BPO, and it is a growing revenue source in 2021. Some of the services BPO companies can offer include social media monitoring, consumer insights, interactive voice response, live chatting, community management, social media posting and scheduling, online review management, and more.
BPO companies that can provide social media management this year will have a distinct advantage over those who do not.
Startup companies will be the new BPO customers
Time was when only large corporations could afford to hire BPO firms. These days, startup companies also use BPO services to help them operate their business.
BPO companies can provide help to new businesses by taking care of the repetitive tasks that nobody wants to do. It allows founders to focus on the more important parts of the business.
The partnership between startups and BPO companies is mutually beneficial, as startups can save time and money, expand their network, and consult different perspectives. BPO companies will also be able to generate a new stream of revenue.
BPO provides new businesses an economical way to operate without wasting time, resources, and energy.
More cloud investing
Cloud computing relates to utilizing the internet for computing capabilities, like networking, databases, servers, storage, etc. Cloud infrastructure lets businesses perform crucial tasks like data management and communication fully online.
It also lets BPO firms maximize efficiency, security, speed, and accessibility. It led to companies increasing their cloud computing spendings in previous years. Analysts expect the increase in investments to continue in 2021.
The move to remote work became essential during the lockdown and wil probably continue throughout 2021 and beyond.
Continued growth in India, the Philippines, and Malaysia
Growing resources in both tech and talent along with cost-efficent solutions continue to expand BPO in international markets. The National Association of Software and Service Companies (NASSCOM) said that 40% of India’s BPO workforce will enhance their skills as BPO grows in the next five years.
Meanwhile, in the Philippines, observers predict that BPO services will cover 15% of the overall outsourcing market by 2022. We also expect Malaysia to sustain growth in the BPO industry, as it possesses a remarkably stable business climate, especially compared to China and India.
Enhanced tools and omnichannel communication
Another top trend for BPO in 2021 is better communication tools. That includes omnichannel communication. Omnichannel communication technology provides unified communication across all channels.
The use of omnichannel communications benefits both consumers and employees. That is because they have a unique and smooth communication experience. BPO firms can turn to omnichannel communication for their company’s work as well as provide the same to consumers and clients to develop an enhanced user experience.
Developing skills for BPO employees
BPO employees are advancing their skills, which is just as it should be. These professionals need to be trained and be adept at performing various business processes to succeed in the industry. BPO employees who can adequately and efficiently pick up new skills will stand out in the hiring and promotion processes.
The top BPO skills that will be in demand this 2021 include:
- Big data analytics
- Robotic Process Automation
- Artificial Intelligence
- Machine Learning
- Accounting and Bookkeeping
Importance of transparency in BPO relations
Consumers and businesses seek transparency from every purchase, negotiation, and partnership, and the BPO sector will follow suit.
Transparency is one of the primary BPO trends for 2021 regarding pricing, policies, and contracts. BPO firms must be clear with their clients to obtain their trust and ensure satisfaction.
As outsourcing means bringing in a third-party into your business’s essential matters, businesses only wish to work with BPO firms that they can trust. One of the best methods to gain trust is to be transparent right from the start. BPO companies with a reputation and track-record for honest dealings will be most successful in 2021.
Conclusion
The main trend we can expect to happen in 2021 for BPO is continued growth. BPO service providers will all have to learn to adapt to all these changes and not rest on their laurels, lest they suffer the fate of those that failed to evolve in recent years.