The outsourcing industry has an affluent history. 2 decades ago, the outsourcing industry was a prodigy, in 2021, it continues to be an industry with limitlessgrowth potential. The industry has had its share of ups and downs but it has fared all. Today, BPO players are enabling Fintech, E-commerce, IT, and even traditional banks with customized and industry specific solution.
Up until 2020, the outsourcing industry was growing with a CAGR of 8%. By the end of the Q1, 2021, the industry started to descend. With countries like the US, UK and Europe engulfed with COVID, multiple processes at Fortune 500 companies were impacted. With India offering robust outsourcing services at an affordable price, it came to the rescue and helped global organizations sustain their waning processes.
Be it call center outsourcing, e-commerce product management or repetitive processes like payroll management, outsourcing in India took the pain of handling them all. With every passing day, the BPOs catered to the growing needs of organizations and established a status quo, that is tough to beat.
Top Benefits of Outsourcing During COVID-19
Well, experts believe that COVID-19 is likely to sustain its impact on businesses and people for a decade, at least. A great deal of businesses has adapted to the new normal and are catering to their audience through Internet-based channels.
Industries like IT, Retail, and SaaS had an easy time transitioning to the Internet channels but banks, manufacturing, and B2B players continue to fight the challenges of going fully digital. With affordable and state-of-the-art outsourcing services, global businesses can smoothen their offline to online transition.
Some of the other benefits of outsourcing during COVID-19 includes
Risk Management: The role of BPO in e-commerce is growing steadily. Similarly, Fintech is leveraging outsourcing for KYC management, aggregator enterprises are relying on outsourcing for onboarding new partners and over the top platforms are in touch with outsourcing organizations for data management services.
In 2021, outsourcing organizations have mastered the art of catering quality support to businesses with agents working remotely. Successful implementation of remote working in India has empowered the global businesses with the power to go in the direction of their goals undeterred from the impact of COVID-19.
With new compliances, effective data management policies, and surveillance tools being implemented, outsourcing is helped organizations manage risk better. The remote working model is now a year old, the industry has aced all major challenges.
Omnichannel Support: When COVID-induced lockdown was implemented in the US, Singapore, and Europe, customers suffered a lot. While many of them were unable to track their orders, some had trouble getting in touch with the businesses. It is only after a month or two that companies were able to provide the requisite support. With outsourcing, organizations can invest in multi-channel support, which includes live chat, email, and support over call. Together these channels can be leveraged to offer an omnichannel experience, which tops the chart and is loved by every customer.
Since the world is going through a pandemic, outsourcing to gain omnichannel expertise will businesses lesser than it would have cost a few years ago.
Emergency Response System: It’s been a year, a lot of countries have overcome the challenge posed by COVID, while some continue to fight it rigorously. With the unique combination of remote working and outsourcing, organizations can have agents working from countries, which are least affected and catering to countries where the situation is bad or going worse.
An emergency response system that runs 24X7 will stop customers from churning and also help in building a network that can ensure the delivery of essential information or services.
A Competitive Advantage: Considerable number of businesses are looking at COVID-19 as an opportunity to accelerate their growth. With outsourcing pricing at an all-time low and with quality resources working safely from the comfort of their home, businesses can gain momentum and leave their contemporaries behind.
For traditional businesses that are still stuck in offline mode, a reduced number of daily orders serves with an opportunity to go fully digital. With outsourcing services, organizations can digitalize their existing data and leverage data management services to discover hidden customer patterns and upsell with a better recommendation.
For affluent industries like FMCG, Banking, and Insurance, COVID-19 turned into an opportunity. The global stock market has witnessed a huge inflow of capital from millennials, similarly insurance organizations have registered the highest number of customer acquisition. With affordable outsourcing services, these industries can create an incomparable digital presence that caters to quality customer experience and also beats their competition in style.