BPO Industry Focuses On Strong Profitable Growth In Time To Come

It is no secret that India is considered as the most favored outsourcing market worldwide owing to its capabilities of providing superior customer support services, effectively analyzing business data and preparing intelligence reports. As per the latest stats released by Nasscom, the country has successfully retained its position as the leading BPO hub among the emerging and new players, such as Eastern Europe, Philippines, Latin American, and South Africa.

Even though the emerging call center regions mainly focus on voice-based jobs, the call center in India has adapted to the new back-office services like finance and accountancy, data analytics, and various other domain-specific tasks. The study further states that the nation continues to hold 36% of the global market share in the offshoring work. 

Indian Call Centers Focusing On Innovation & Transformation 

Innovation is extensively recognized as one of the key drivers for fostering economic growth. The industry experts believe that the nations which highly rate the propensity to innovate are the fastest to prosper. On this ground, the third-party service providers located in the Indian offshoring locations have pioneered to adopt technological innovations in order to re-engineer their existing processes. This has further enabled them to serve their clients in a better way.  

Many organizations, especially the product-led businesses, have completed a series of enormously visible innovations, which have highly revolutionized the way people use products and services. With these rapidly changing business requirements, the service vendors are working to reach new customer geographies and segments. Many BPO providers are also practicing process innovations in order to enhance and improve the quality of their offerings, capacity utilization, and internal productivities to improve their profitability. Following are the main innovation objectives that have been recently driving various BPO models: 

Rising Competition:

Global competitiveness has progressively increased over the last decade as the industry has seen the emergence of many new players located in locations like the Philippines and China. The competition is equally coming from aggressively localized MNCs focused on lowering their operational costs. This has obligated Indian call center service providers to innovate their services to retain their current market position. 

 

Changing Customer Behavior:

The customers are now demanding value-added services by transforming the traditional services like helpdesk support, appointment scheduling, order taking services, etc. as a result, the service vendors are increasingly adopting innovative delivery models to meet user requirements as well as to lower their cost structures, without compromising on their revenues. 

Sustaining Profitability:

 the global economic recession, the IT industry witnessed a considerable decline in its market share. In order to revive this, the industry channelized its efforts in innovating new growth avenues in line with improving their capacity utilization.

Thus, the above factors are driving the BPO industry to a new path, where the segment will retain its competitive position by remodeling its entire functions in the years to come.