-
Business process outsourcing (BPO) provides businesses with essential internal services so that their own teams can focus on the core business model. Every business needs to handle office functions like financial services, data handling, and human resources; however, they can sometimes be handled externally without the requirement for internal hiring. BPO makes it possible to hire external professionals and entire outsourced departments to help run the internal processes of a business.
-
Among the greatest advantages of BPO is that each business gains access to cutting-edge business operations as their BPO service streamlines internal operations using their own experts, tools, and innovative solutions. 2024 is a promising year for BPO trends as recent technology transforms previously routine and repetitive tasks into a streamlined system of automation and data-driven improvements.
-
What does 2024 have in store for BPO and those who hire them? Let’s explore the roadmap of trends for the new year.
-
AI Automation vs Robotic Process Automation
AI is celebrated as the leading BPO trend, as intelligent programs capable of learning take over the most tedious and repetitive tasks. AI, machine learning, and RPA combined have formed a powerhouse of automation tools to streamline back-office operations in every department. AI has intuitive advantages, while RPA can flawlessly perform more robotic tasks with tireless dedication.
-
AI-Powered Automation
AI-powered automation for BPO tasks involves complex, multi-layer data management, trend analysis, and predictive fulfillment. BPO professionals can use AI and its machine learning capabilities to not only automate tasks but also identify new and better ways to complete tasks based on predictive data analysis.
-
Robotic Process Automation (RPA)
RPA, or robotic process automation, is an advanced way to automate complex yet identical tasks. Where AI can predict how to adapt task fulfillment, RPA will perform one task the exact same way every time, with flawless accuracy and boundless energy. This frees up BPO staff to handle the more dynamic tasks required for high-quality back-office management.
Diversification of BPO Services
BPO is no longer a monolithic offering. Instead, companies are seeking out specialized BPO services. These services diversify traditional BPO into different types of support that a business might need.
-
KPO - Knowledge Processing Outsourcing
-
Processing data and analyzing business knowledge to derive insights and ensure internally held information is aptly managed.
-
ITO - IT Outsourcing
-
IT support is an outsourced team of skilled technicians as an alternative to hiring an internal IT department.
-
HRO - HR Outsourcing
-
Outsourcing the handling of payroll, benefits, hiring, and training
-
F&A - Financial & Accounting Services
-
Outsourcing financial management and accounting services
-
LPO - Legal Process Outsourcing
-
Outsourcing legal advice, claims management, and compliance management
-
Digital Transformation Services
One advantage that many businesses seek in their BPO provider is digital transformation. They know that internal business operations should be kept at the cutting edge, using the latest and best technological tools to streamline their operations. However, digital transformation is challenging and requires expert guidance.
Working with a BPO who is already using the latest technology is a convenient shortcut to digital transformation and provides access to professionals who can upgrade the company’s data structures as part of their service.
-
Access to Advanced Solutions
BPOs maintain their edge in the business by keeping up with the latest business management technology. This includes integrated cloud platforms, AI automation, and advanced data analysis, among other tools and techniques, to enhance the efficiency of their services. Each BPO client gains access to the advances used by their business operations provider.
-
Sustainable Move From Paperwork
Sustainability is a growing trend in modern business and a fortunate side effect of advanced business management techniques. Document scanning and digital operations make it easier for a business to move away from physical paperwork, therefore achieving their sustainability goals when they partner with a BPO.
-
Remote Workforce Expansion
Since 2020, the need for business professionals to work in the office has decreased significantly. This has had a particularly profound impact on the BPO industry, as most of the tasks of data handling and operations can be performed through cloud-based platforms. Therefore, it is possible for some, if not all, BPO team members to work remotely.
This has provided three important advantages: off-site support, non-geographical hiring, and professional accessibility.
-
Off-Site Support
It is now very rarely necessary for BPOs to visit a client’s physical office to provide in-depth back-office support. Cloud platforms and data sharing make it possible to provide advanced business processing without requiring on-site office space.
-
Broader Talent Pools
BPOs can hire the best administrative talent in the business without worrying about geographical location or commuting distances. When employees can work from home, they can be hired from anywhere.
-
Professional Accessibility
Lastly, other location-based limitations, such as handicap accessibility or mixed personal obligations, are no longer a prohibiting factor. Employees who have already adapted their home office to the needs of their disability, for example, can provide skilled BPO services without needing to commute or adapt an employer’s workspace.
-
The Rise of Small Business BPO
Traditionally, BPO has provided support for large enterprises. However, in 2024, more small businesses than ever are seeking out BPO support. This is because the technological requirements of business have advanced, and small businesses need more support than ever before – at a reasonable price and with scalable capabilities.
Outsourcing is the most practical solution, as small businesses can arrange for just the right amount of back-office support in the form of IT, HR, legal, and data handling with access to whole teams of experts that they could not reasonably hire in-house.
-
Increased Focus on Customer and Employee Experience
Customer experience (CX) and employee experience (EX) are increasing in importance when it comes to BPO outcomes. BPO services are expected to not only handle operations but also facilitate a more intuitive and enjoyable experience for end-users. Fortunately, software supports this trend by integrating useful data insights, dashboards, and apps that make office operations more accessible and enjoyable for customers and employees who benefit from BPO services.
The Growing Compliance Landscape
Lastly, the growing compliance landscape with advanced data security and accountable data handling requirements has turned up the pressure on businesses for back-office operational standards. BPOs are more necessary than ever before to help businesses remain compliant with HIPAA, CCPA, GDPR, SOC, and so many more. If companies want to stay in business without regulatory violations, they need the expert data, security, and legal support that a BPO can provide.
Found this useful?