The modern BPO faces new challenges that the industry has not had to deal with to date.
Traditionally BPOs flourished by offering increased flexibility and reduced costs to businesses that wished to outsource their business processes. The trade-off for businesses was the risk of a compromise in security or privacy. BPOs could chase lower labour rates around the world to deliver outsourcing at a more and more efficient cost.
In India labour prices up by 17% since 2009 according to Business Insider, so those days are broadly gone. This is driven by a number of factors, not least the significant reduction in labour arbitrage across the world. As new centres for BPOs grew, wealth flourished, pushing labour prices up. Furthermore infrastructure and property prices have remained high despite the global recession. BPOs are no longer able to differentiate on cost alone. They need to find other benefits.
This environment is further complicated by increasing competition within the BPO market and customers demanding more value from their outsourced relationships.
So where does a BPO look to add value, reduce labour cost, differentiate and stave off competition? Automation provides a significant opportunity. BPOs are always dependent on labour costs until labour is replaced with automation. New developments in automation enable ‘self-learning’ processes to improve over time, delivering a further value add to customers. This is particularly relevant for BPO that are tasked with continuous improvement targets – not least when renewals are being discussed.
To find out more about how Readsoft can help BPOs achieve real ongoing savings and benefits to customers through optimisation, contact us.
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