Whether you’re a big believer in strategic outsourcing, or are just considering it for the first time, you probably have your eye on the BPO industry. What does the future of outsourcing look like? Are there any outsourcing trends of which you should be aware? There’s no doubt the industry is constantly changing and we’re always on top of where it is and where it’s headed. Here are our predictions about what this year will hold, so you can keep in mind how it might impact your business.
More Strategic Use of Technology
There have been multiple waves of technology over the past few years, each bringing its own nuances. The Software-as-a-Service (SaaS) movement transitioned into the Everything-as-a-Service (XaaS) movement. These movements have executives spending time scrambling to update and expand their tech stacks based on the latest trends.
But now, we’re in a period of evaluation. The hype and excitement around technology has calmed down, and business leaders are currently focused on figuring out what’s truly necessary, rather than just what’s trendy. They’re taking a step back and and looking at how they can be more strategic with their systems.
For example, it’s not enough to just harvest data anymore; businesses need to be able to translate that data into relevant information that helps them better understand buyer behavior and the customer journey. Continuously gathering and making sense of this data is imperative, as consumers have shifted in how they shop, watch television, bank, etc.
Furthermore, certain industries will be expected to increase their sophistication and offerings with technology. Fintech, for example, is on the rise and expected to continue growing fast. Customers in this industry will expect more and more digital, state of the art solutions. Companies must constantly appraise new tech and consider what will meet their business needs and customer demand.
Increasing Compliance Requirements
GDPR was a big disruption to companies in Europe, and those doing business with them. But even though so many organizations worked hard to reach compliance, there will continue to be more regulations and governing bodies created as data and technology keep growing. We expect that regulatory, compliance, and data privacy adherence is going to be paramount in the coming year and beyond.
Considering the continual surge in IoT and platform-related businesses, consumer data is everywhere. Regulations are an important measure of protecting this sensitive information and ensuring the digital economy continues safely.
More Need – And Better Ability – to Predict Buyer Behavior
As companies move more and more to self-service options and AI, they need to improve methods for identifying when customer intervention is necessary. Many technology solutions are becoming advanced in identifying customer sentiment and predicting buyer behavior.
This will be increasingly important, so organizations can proactively offer human assistance and touchpoints when appropriate, depending on a customer’s journey and needs.
The BPO industry is an exciting one to be a part of, and we love helping our clients navigate the changes this year is sure to bring. Give us a call to learn more about how we can help you do the same, so you can keep your operations – and revenue – optimized.