When it comes to Customer Service Outsourcing, multiple significant BPO trends keep on changing over time. And, if you are planning to choose BPO as a business to offer Customer Support Services, being aware of the current trends in BPO and what’s going on in the industry is priceless. However, knowledge about the most popular industries in BPO is a plus.

Octopus Tech is an industry-leading BPO firm. Here, we grant our clients the tools to attain business success. Thus, we have compiled some of the most crucial info about BPO about the latest trends as well as focus industries in BPO. This will surely make up your mind to hire a BPO partner for your Customer Support Services.

Current Trends In The BPO Sector

The BPO industry is among the fastest emerging industries. With the growth of the BPO industry at a fast pace, there’re always new trends popping up. Knowledge about what’s trending in BPO can help you get the most out of BPO for Customer Support Services. Here’s the list of recent trends in BPO.

Banking & Finance

Almost every corporation can take leverage of BPO to boost efficiency. Currently, banking and finance firms enlist BPO with the enhanced number for help desk positions.

Automation & AI

Automation and AI is an astounding boon for BPO. AI industries yield high efficiency at lower cost by outsourcing their services. Due to the high workload, these industries prefer Customer Service Outsourcing.

Cost-Cutting Motives

One of BPO’s most appealing benefits is cost-efficiency. In the past, many businesses choose to use BPO to minimize their costs without affecting operations. This trend continues to dominate others, as 59% of businesses use BPO mainly to cut costs.

IT Processes

BPO can take over various distinct processes as well as jobs, varying from Customer Service Outsourcing to accounting, collection, and more. IT has been a popular sector of BPO since the beginning, and it is still the most outsourced agency today.

Data Security

As BPO accompanies a third party into your business’s private and sensitive info, many firms in the past were afraid to outsource Customer Support Services due to privacy concerns. Therefore, companies raise the count of protective measures in their contracts with BPO partners.

As you can see, these vital BPO trends point to how and why businesses outsource their Customer Support Services today. Looking at these trends, you can thoroughly determine how BPO meets your business needs.

The Most Prevailing Industries In BPO

Any industry that wants to execute some business operations on a relatively low budget can choose. A phenomenal thing about Customer Service Outsourcing is that BPO firms are armed with skilled staff as well as up-to-date technology. Here’re some most popular sectors that are utilizing BPO for their Customer Support Services.

1. IT

IT is one of the fastest-expanding and most complex sectors of business. It’s been the most outsourced area of business for a decade. Currently, 74% of firms utilizing BPO are from the IT sector.

2. Payroll

Dealing with payroll processes precisely and efficiently is crucial for the success of your business. Companies that use BPO for payroll processes save nearly 18% more than firms that manage payroll in-house.

3. Digital Marketing

No business can withstand without digital marketing. With proper digital marketing, your business can increase your client base, set up a brand, generate more leads, and boosts the overall revenue. So, companies care about hiring BPO partners for digital marketing purposes.

4. App Hosting

This software solution hosts apps on the cloud so that they can be accessed across the globe through the internet. This complex procedure should be managed by experts. Thus, 65% of firms that use BPO for app hosting claim that they are preparing to raise their investments by the next year.

5. HR & Customer Service Outsourcing

HR and Customer Support Services are commonly outsourced to enhance UX. Over 40% of banking, as well as financial firms’ HR positions, are outsourced today. Moreover, 24% of firms believe that using BPO for HR as well as customer support gives them the time to focus more on the core operations of their business.

6. Accounting

With the current business trends today, companies invest a good amount of time as well as money in accounting processes. Thus, accounting is the second most popular focus area utilizing BPO. Today, nearly 37% of firms are hiring BPO partners to handle their accounting processes.

You can hire Octopus Tech, a leading BPO firm if you want to outsource your Customer Support Services. We can help your business grow with our skilled workforce and latest technology.