What Is Business Process Outsourcing?
Business Process Outsourcing (BPO) is when a company or organization assigns a specific task, or tasks, to an external third-party provider.
The functions selected for BPO are often essential to running the company but aren’t unique to the company’s market; this work typically involves standard services like payroll, accounting, and other aspects of HR. These tasks don’t usually differ from company to company, so there is value in hiring a third-party partner specializing in handling them smartly and efficiently.
Companies and organizations choose to engage with BPO mainly for two critical areas of work: back-office functions, referring to processes that do not involve the client, such as accounting, IT, payroll, and HR; and front-office operations, those processes that do interact with clients such as sales, customer services, and marketing.
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Being aware of current business trends is essential to keeping ahead in your industry, for both companies looking for BPO providers and the BPO providers themselves.
Here are 7 key trends you can expect to see in 2022:
1. Rise in Remote Work
The pandemic has made working from home a more frequent reality across many industries. A survey conducted by Upwork in 2021 found that over 50% of the American workforce was working remotely (source).
With employee health and safety being paramount, it is not surprising to see companies turning to full or hybrid remote work schedules to continue operating.
There are also other indirect benefits of remote work, such as reduced operating costs and greater ease in global expansion.
BPO services providers can put you ahead of the competition in integrating the systems required to run a hybrid office.
2. Higher Demand for Cybersecurity
Cyberattacks have increased in staggering numbers with the expansion of technology and the increased reliance on it–particularly in light of the pandemic and the move towards online work.
A report in 2021 found that cyberattacks had increased 600% since the start of the pandemic, with attacks varying such as malicious software, phishing, data breaches, and more (source).
Now more than ever, companies are looking for services that can provide robust and impenetrable security to protect their files, data, and client information.
3. More Progressive Web Apps (PWAs)
Progressive Web Apps function as both web and phone apps. These innovative solutions eliminate the need for users to download the application on their phones, which can sometimes be a time-consuming process.
With PWAs, both the company and the client can communicate comfortably and efficiently through the application. The interest and demand for such this technology are projected to grow with an ever-expanding market value (source).