Recent technologies and national competition are the most consistent motivating factors for growth in the global business process outsourcing industry. Records have it that from 2012 to 2016, the global business process outsourcing industry experienced growth at a compound annual growth rate of 4.4% to attain a sum of $140.3 billion revenues in 2016.

The business process industry witnesses a major challenge in respect to increased trade protection and skill shortages in the early months of 2017. While this condition has lingered over the last few months, the business process outsourcing industry is still indicating increased optimism on market growth and reduced regulations.

Expertise in outsourcing service nationwide is expected to use the most recent technologies to improve product and services, manage talent shortages and address market challenges-while assisting to minimize operating costs low.

What does the near future hold for Business Process Outsourcing Industry?

In this post, we will examine two trends on the state of the Business Process Outsourcing industry that we can look out for in the near future.

New Technologies

The business process outsourcing industry has been providing businesses with cost-effective solutions in the past years. However, emerging technologies such as social media, automation and cloud computing, are being used recently by business process outsourcing industry to lower costs and speed up growth. This trend will also continue in the near future.

Transparency

Over the years, to get information about policies and contracts was very difficult because only large multinational business process outsourcing companies were the active part of the industry. Most employees on the client side lack adequate knowledge about challenge areas, technology, and other processes. Neither was, the employees on the supplier side fully informed about their organizational structure, capabilities nor investment areas.

Recently the introduction of smaller businesses has made the business process outsourcing industry to increase transparency, and open up on their policies, contracts, and pricing. A high level of transparency is a must-have to maintain trust and confidence between vendors and business process outsourcing industries, so transparency will increase even more in 2018.