High-growth and highly competitive industry is witnessing its own sets of challenges. These outsourcing trends in 2022 will help you stay in the game.
Outsourcing Trends in 2022
The global BPO market size for the year 2021 was estimated at USD 245.91 billion. In 2022, it is forecasted to reach USD 261.9 billion.
The Business Process Outsourcing industry, popularly known as BPO, is constantly evolving, upgrading, and accommodating to the situation that we face in the present times.
These organisations are now dealing with the global shifts that are due to factors concerning the environment, political and economic power.
This high-growth and highly competitive industry is witnessing its own sets of challenges. It is essential for companies to face these challenges and adapt to the dynamics of the industry to hold their chunk of share.
The utmost priority of business owners is to be at pace with the changing trends of the industry in order to upgrade themselves accordingly. It helps them to manage the resources and maximise the organisational output competitiveness and skillfulness.
Let’s look at some of the most popular developments in the year 2022
Remote work as a top priority
Around 58.6 % of the total US workforce shifted to online mode during the pandemic. This was the first time when the business owners and the employees realised that business shifting to an online mode was a boon.
Our working habits have shifted dramatically, especially after the pandemic. Businesses have been compelled to reduce costs, reorganise, and quickly alter to remote employment as there was a shortage of capital. As more businesses learn the advantages of remote working, it is likely to continue and become even more popular in 2022 and in years to come. Workers tend to be more efficient, and the bearing cost reduces. Many companies such as Google, TCS, and Deloitte are providing remote job opportunities to people from various places around the world.
According to Global Workplace Analytics, the number of remote employees has increased by a whopping 159% since 2009.
According to the reports of Statista (2022), around 15-16% have mentioned that their companies’ teams worked remotely before the pandemic. But in late 2020, around 34% mentioned that they expect to work remotely permanently. By June 2021, 42% of respondents expected to work in a hybrid model permanently
Global Future trends of remote working 2020-2021
Source : Statista
With technical improvements and cloud infrastructures, businesses can now effortlessly implement their operation whenever and wherever making outsourcing a viable choice for organisations wishing to expand abroad.
Higher demand for making and bonding global teams
COVID-19 has affected the global market as a whole. There is an ever-growing need for worldwide teams now when the entire business has moved into the global sphere. Microsoft Teams and Zoom meetings have replaced physical meetings. During the peak of the pandemic, governments barred their borders, posing a challenge for corporations. As a result, they had to be flexible. Enterprises all over the world were forced to expatriate in order to meet the needs of all of their consumers and keep the business running. This approach is predicted to play a larger role in 2022, as a globally located staff are recognised to provide more assistance and functional knowledge.
Strategic partnerships and their benefits
Outsourcing has more advantages for the company. It is in the operators’ best interests if they realise this as soon as possible. Smart operators should initiate and identify the value of outsourcing, which can provide a realistic solution to many corporate difficulties. Outsourcing partners can now participate in decision-making while providing support for quasi-business operations. In addition to their standard services, BPOs are set to take over aspects of numerous remote company operations, such as risk assessment and strategy development.
Increased focus on cybersecurity
Protecting data as part of cyber security has grown increasingly crucial in recent years as a result of advanced cyberattacks. Remote working has made businesses more vulnerable. BPO firms that handle important private information that is envisaged to have good data security to increase customer trust for the betterment of the business. This is especially true in present circumstances when COVID 19 had caused a 600% increase in cybercrime. Robust cybersecurity is now required to protect a firm’s programs and data, thus preventing web and technology crimes such as data theft and phishing schemes. End-to-end encryption of business and consumer information is required from the log-in phase through the storage of data backups. Many outsourcing businesses have already started to implement multiple levels of protection, such as factor authentication. Outsourcing partners can readily participate in decision-making while providing support for non-core company operations. Outsourcing service providers can now supplement various areas of corporate operations, such as risk assessment and strategy planning, amongst others, in addition to their usual services.
Industry specialisation makes a comeback.
Industry specialisation makes a comeback with many organisations showing greater interest in recruiting specialists from the relevant field. For instance when a new applications venture into the market, there might be problems keeping updated about them. It is just about time that many businesses come to a realisation that hiring experts in IT and commerce are beneficial to their companies.
These IT professionals who work from a outsourced base may provide 24/7 support with expert knowledge, and apply a wide range of solution-solving methods. They have crept into developing countries for efficiency, availability and cheap labour.
Evolve, Adapt and Bang!
BPO is ever evolving as it is finding solutions to the difficulties of the modern-day. Thus, various outsourcing advancements are continuing to emerge, reflecting worldwide movements.
It is important to stay up to date on the newest changes so that you may gain deeper insights into managing your resources and being competitive in the years to come. Gear up with these new trends of 2022. Contact us to know how we can help you stay ahead of the pack!