The future for Business process Management (BPM) industry
The introduction of digital technology has brought a profound transformation in business processes. Business process management (BPM) concentrates on enhancing your company’s workflow. It helps to make business operations more effective and efficient. BPOs, which have gone through such a striking transition, took the plunge and quite honestly, frantically shifted to the work-from-home model. The desperate need for survival overshadowed everything else. Sacrifices have been made by brands on the kind of service that was provided to their end-customers, given the scarcity of manpower and remote technical infrastructure. But with improvements in operational strategies and remote contingencies, this stage is largely over for the bigger players in the BPM industry.
What is BPM (Business process management)?
BPM, or Business Process Management, is a methodology that organizations use to identify, model, analyze, and improve business processes. It’s a powerful tool that can help companies achieve greater efficiency, reduce costs, and improve overall performance. But what does the future hold for BPM?
As technology continues to evolve, the future of BPM is looking bright. Advancements in artificial intelligence, machine learning, and automation are poised to transform the BPM industry. In the coming years, we can expect to see more companies adopting BPM practices, and more tools becoming available to help organizations manage their processes more effectively.
One exciting development in the future of BPM is the increasing use of predictive analytics. This involves using data analysis to predict future outcomes and make more informed decisions. Another trend is the growing use of robotic process automation, which can automate repetitive tasks and free up employees to focus on more strategic work.
Overall, the future of BPM is a promising one. As more companies adopt BPM practices, the industry is expected to grow significantly. And with new technologies emerging all the time, the possibilities for BPM are endless. Whether you’re in healthcare, retail, technology, or any other industry, there’s no doubt that BPM will continue to be an important tool for improving efficiency and driving success.
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Fast forward to the stage, we are in — Making it a Success
As per a Statista study, 64% of Enterprises and 53% of providers said local broadband infrastructure is their biggest challenge for work from home.
The focus was always to enhance Productivity and Security, and deliver Quality of Service to avoid penalties & earn rewards. More and more outsourcing companies and their clients are trying to find the right Work From Home platforms to solve these three challenges. There are only a handful of solutions on the market that meet this demand.
For instance, here at Maxicus, we managed to move over 600 agents to work remotely for our clients with Leap. This WFH, Virtual Call Center tool has enabled our agents to work as seamlessly as they did at our delivery centers. With regular monitoring and quality checks for data security, our clients have experienced no hiccups in their outsourced business processes.
Companies traditionally always wanted their outsourcing partner’s office at a stone’s throw from their HQ. That is now changing. Businesses are now strategizing to create a Distributed Workforce Structure and set up their outsourcing centers remotely and in Tier-2 or Tier-3 cities to de-risk and plan contingencies.
But, to make it a success, everything from hiring to onboarding to training and operations management needs to be digitally transformed.
While bigger players in the BPM industry had to work on immediate short term footing to keep the lights on for their enterprise clients, new business models began sprouting.
A typical work from home delivery model can save up to 20% support cost for companies. For a size of 1000 Service Reps, it could mean an easy $2 mn savings per annum. There’s tremendous potential. Other benefits are increased happiness quotient for employees, reduced employee turnover, increased productivity (eventually), access to the large, untapped talent pool, and environmental protection.
The focus on cloud technology empowers the future of the BPM industry to be more transparent and utilize it in the growth of a customer-centric business. They can customize their products or services according to the customers‘ behavior and requirements.
Some advice, if you’re looking for an outsourcing partner
The times are new. Challenges are bigger and Solutions must be better. Here is a checklist to help you find the right outsourcing partner for you. A partner who:
- Is equipped with the right digital platforms for Hiring, Learning Management, Knowledge Management, and Workforce Management
- Has the capability to hire the right people with the required infrastructure that can be game-changing for your customer experience
- Has dedicated teams of trainers to build client-specific training curriculums for continuous agent development
- Has decentralized operations with multi-location presence, especially Tier-2 cities
- Has an innovative mindset to build solutions for specific business pain points
- Is agile enough to try out new business models with you
- Has a diverse industry experience
The Silver lining on the Dark Cloud
A recent survey conducted across 29 countries where 1250 executives took part, said that 45% of organizations will outsource more than insourcing in the next 18 months, with 57% citing security risks as a key challenge of managing IT in-house. And with 70–80% of the workforce working from home in a $38 bn Indian market alone, the size of the opportunity is huge.
Business process management has changed the way traditional business and IT departments work together, for the better. The future of the BPM industry will be to focus on operational efficiency and customer experience with better returns. Even with newer tech and hyper-automation bringing BPM to new fronts, these are going to be the formative years of newer, more sustainable BPM business models worldwide.