Written by Scott Craig|Posted on April 18, 2023
Can you call it the ‘’secret’’ to success if it’s an industry valued at $260 billion? It seems unlikely, yet, according to a recent Forbes feature, the business process outsourcing (BPO) industry is slipping under the radar of the business world, while at the same time making hundreds of millions of dollars. In fact, BPO may be the key to business success in the future, especially when it comes to information-based business models–and in today’s connected world, that counts for a lot of them.
BPOs are the latest evolution of outsourcing, with the key feature being the perpetual outsourcing of complete business functions.
Almost any type of process can be outsourced in this way. Some examples of popular BPOs include:
BPOs offer an opportunity for companies to adopt a lean, decentralized, efficient model that can help them grow during an economically difficult time. For example, instead of scouting, hiring, and onboarding all the different roles for an in-house development team, a company can simply contact a software development BPO that has a ready-made staff of experienced specialists that are already proven to work as a team. This allows the company to upscale quickly while saving money on HR and office space.
Using a BPO doesn’t mean that you should wash your hands of the operation completely. A reputable partner will offer a platform to monitor progress and communicate with your outsourced team.
There is plenty of demand for all these services, and BPO companies have been rising to meet the needs of clients all over the world. The scope and availability of BPO services are only growing, and the BPO market is forecast to double to $492 billion over the next five years. If it can be truly said to be a sleeper industry, the BPO sector is a sleeping giant, set to become even more important in the near future.
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