Important BPO Trends, Facts & Figures You Need to Know
Important BPO Trends, Facts & Figures You Need to Know
When it comes to business process outsourcing, there are several significant BPO trends, facts & figures, you need to know to utilize BPO properly. If you are currently considering BPO for your business, being aware of what is going on in the industry is invaluable.
Rely Services is an industry-leading BPO company. At Rely Services, we give our clients the tools to achieve business success. So, we have compiled some of the most crucial information about BPO below, which will help you decide to hire a BPO company.
What Are the Current Trends in the BPO Industry?
BPO is among the fastest-growing industries, which means there are always new trends emerging. Knowing what is trending in BPO can help you make the most of BPO services. Below, we have listed the recent trends in business process outsourcing:
Almost every industry can take advantage of BPO to increase efficiency. Currently, banking and finance institutions enlist BPO with increased frequency for customer service and help desk positions.
Automation and artificial intelligence are an incredible asset for BPO. Automation and synthetic intelligence yield increased efficiency at an even lower cost, which is excellent news.
One of BPO’s most attractive offerings is cost-efficiency. In the past, many companies choose to use BPO to reduce costs without reducing operations. This motivation continues to outweigh others, as 59% of companies use BPO primarily to cut costs.
BPO can take over several different processes and jobs, ranging from customer service to accounting and everything in between. IT has been a leading sector of BPO since outsourcing began, and it is still the most outsourced department today.
Cloud-based technology is booming, as it optimizes storage, especially for big data. However, relying on cloud infrastructure also increases data security and privacy risks. Because of this, companies must be meticulous about protecting their data when utilizing these cloud-based technology platforms.
As BPO involves bringing a third-party into your business’s sensitive information, many companies in the past were afraid to outsource because of the privacy concerns. Consequently, companies increase the number of protective measures in their contracts and agreements with their BPO partners.
As you can see, these important BPO trends speak to how and why businesses outsource today. With these trends in mind, you can comprehensively assess how BPO meets your organization’s specific needs.
BPO Facts & Figures from Experienced BPO Users
Countless statistics demonstrate BPO’s considerable impact. Listed below are some noteworthy BPO facts & figures you should know if you are currently considering utilizing BPO for your organization.
First, we will start with some facts & figures from organizations that have worked with BPO companies. These statistics reflect the business’s overall experience with, assessment of, and feelings about business process outsourcing:
- 78% of organizations view their relationship with their BPO company as positive (Statista).
- 80% of businesses crave more structure in their work with their BPO partner (Deloitte).
- 57% of companies turn to business process outsourcing to focus on core matters, operations, and functions (Statista).
- About 54% of all companies use at least one third-party support team to connect with customers (Fortunately).
- The share of businesses currently using the business process outsourcing industry for their information technology needs stands at 74% (Statista).
The facts & figures from organizations that have used BPO in the past serve as customer reviews to provide insight into whether BPO might be a good fit for your organization. Taking these statistics into account can assist you in creating a strong BPO partnership.
What Are the Most Common Focus Industries In BPO?
Business process outsourcing can be utilized by just about any industry looking for help executing operations at a relatively low cost. One of the great things about outsourcing is thatBPO companies are equipped with skilled professionals and technology in several different industries and areas of expertise.
It is helpful to know which departments, jobs, and sectors other companies choose more frequently than others. Below are some of the important BPO trends, facts & figures you need to know that address how corporations use BPO in terms of common areas of focus:
Information technology is one of the fastest-growing and most complicated sectors of business. Since outsourcing began, IT has been the most outsourced field of business. Right now, 74% of companies utilizing BPO are doing so for IT processes.
Handling payroll processes accurately and efficiently is essential to the success of your business. Companies that use BPO for payroll processes save 18% more than organizations that manage payroll in-house.
Digital marketing can make or break your business. With digital marketing, your business can increase your reach, establish a brand, generate more leads, and ultimately increase profits. 34% of establishments that work with a BPO partner have enlisted them for digital marketing purposes.
This software solution hosts apps on cloud infrastructure and can be accessed globally via the internet. This complex process should be handled by experts, which is why 65% of organizations that use BPO for application hosting claim that they are planning to increase their investments in the next year.
Human resources and customer services are commonly outsourced to enhanceuser experience. Over 40% of banking and financial institution help desk positions are outsourced today.Additionally,24% of companies believe that using BPO for HR and customer service gives them the time to focus on core operations.
With the business regulations of today, businesses spend a remarkable amount of time and moneyin accounting processes. As a result, accounting is the second most outsourced focus area, with 37% of companies turning to BPO to handle their accounting processes.
While you can enlist a BPO company to help with any of your business’s needs, these statistics represent how others enlist the help of a BPO company to make their business more successful.
Considering hiring a BPO company for your business but unsure of where to focus their efforts? Learning from what other organizations choose to outsource with BPO can offer guidance in your decision.
About Us – Rely Services
Rely Services has been a leading global BPO company for over twenty years. With extensive experience in the BPO industry, we know the most critical BPO trends, facts & figures you need to know to take advantage of everything that BPO offers.
At Rely Services, we strive to help our clients succeed, advance, and grow with the business solutions that we provide. Our passion, dedication, and performance stand out from the rest. If you would like to learn more about BPO trends, facts & figures, Contact Us today!