Nov 14, 2014

Five technology trends and priorities for business process management

Technology and efficiency are not only top priorities for any industry, but major contributors that are foundational for success in any business. With all the noise in this space, here is my view on the top technology priorities for service providers with the single objective of creating value for their clients.

Outsourcing today is standing at the cusp of change, and service providers need to look at smarter ways of growing than just providing services at low cost. They will now have to be more competitive and services will just be an add-on. As labor arbitrage losses its edge, technology will become necessarily the strategic differentiator and a major game-changer for the BPO’s.

Top 5 ‘Sunrise-Technologies’ every BPO must have:

  1. Robotic Process Automation – RA is generating a lot of buzz and will have a direct impact on business and the global economy. It has the potential to bring more technologically–advanced solutions that will create tremendous value in terms of operating cost, savings and better quality of bottom line for both BPOs and their clients.
  2. Big Data & Predictive Analytics – These will become key differentiators for business in years to come. As they will add sophistication and intelligence to business in real-time in two huge ways...
    • Big Data is a collection of data chunks which are extremely large, complex and difficult to process. And experts say that this volume of data will grow at exponential rates in the next 5 years.
    • Predictive Analytics on the other hand encompasses a variety of statistical tools and techniques that can identify meaningful patterns of Big Data to forecast future business probabilities.
  3. Cloud– Cloud computing has changed how professionals look at technology and business. With Cloud computing companies can add scalability and capacity to their processes and Infrastructure. Cloud is leveraged to keep the cost low.
  4. Social Media– Social Media will prove to be a big game-changer for the BPO industry as it offers incredible opportunities to build and manage a company’s e-brand reputation. Today companies have become more conscious of tracking social media conversations to understand customer perceptions and preferences. At the same time customers have also changed their mode of interaction from telephony and email to social media platforms
  5. Mobility- Enterprise mobility will also be a major trigger in transforming the shape of the IT - BPO Industry. Heavy usage of digital devices globally has made companies adapt to the ever evolving mobile trends. The aim is to have advanced technologies define new and improved user experience through mobility.

With the BPO industry at a crossroads, ‘Technology’ will be the transformational leader in deciding the pace at which services will be offered to the customers.

That means BPOs will have to focus more on delivering business outcomes based on values and not just focus on cost reduction. RA, SMAC (Social, Mobility, Analytics, and Cloud) and domain specialization are said to be ‘Next-Gen Technology Wave.' It is a wave the BPO Industry cannot afford to miss!

Author: Sandeep Parikh - Vice President, Technology Operations