Bhupender Singh,CEO of global BPO Intelenet® Global Services, says that outsourcing can help firms to globally evolve
Global Industry Analysts, Inc., reports that Business Process Outsourcing (BPO) is expected to reach $262.2 billion by 2022. The growing competitiveness of global markets, and the resultant pressure for businesses to run efficiently, is catalysing the need for BPO services.
According to ISG research, organisations in Europe, the Middle East and Africa (EMEA) spent €6.3bn on IT outsourcing during the first six months of 2017. Traditional outsourcing deals account for a high percentage of total spend, with any increase boosting the market.
The research from ISG further reveals that contracts worth more than €4m in the second quarter of this year saw the second highest level of traditional outsourcing deals signed in a three month period, reaching 188. The value of these contracts increased 5% to €2bn. Consequently, an increasing amount of businesses are turning to traditional BPOs in order to digitally transform and globally expand.
Bhupender Singh, CEO of global BPO Intelenet® Global Services, comments: “Traditional outsourcing allows companies to establish around-the-clock business operations to meet the ever growing customer demand. It can be challenging for organisations to become truly global, but outsourcing firms can lend a helping hand by offering globally accessible solutions to clients on a 24-hour basis.
“If a UK firm wishes to enter the Philippine market, for example, it is wise to partner with an expert BPO. This removes the need for lengthy recruitment processes and costly training programmes for specialist staff, who would be required to meet the unique needs of the Philippine market.
Bhupender further comments: “Organisations must keep up with the fast pace of technological innovation in order to remain strong market competitors. Staying on top of new developments is imperative for business success, but firms must remain savvy by prioritising value and cost. One way to do this is to offload the cost of new technology investment to BPOs, allowing organisations to benefit from innovations such as automation and artificial intelligence in the most efficient way”.