The 2021 Paradigm Shift Changing the BPO and BPS Business
When companies pivoted their workforce to work from home (WFH) to keep everyone safe during the COVID-19 outbreak, workflows changed. Businesses truly realized the value in being able to adapt processes and scale customer service capacity quickly. Blending live agent expertise with the scalability of automated self-service became critical for BPO and BPS customers, and made automation a key asset to incorporate into any portfolio.
Fitting modern automation and self-service solutions into BPO and BPS portfolios requires a new business model, however. The historical focus on selling seats must shift to selling comprehensive services and modern solutions. If modern BPOs don’t find a way to incorporate automation and self-service they will lose out on new opportunities and begin losing customers to businesses that can deliver the experiences the market wants. Luckily there’s a solution that outsourcers and services providers can count on.
Automation has been a threat to BPOs in the past, but today’s offerings have combined with the new business models to create a perfect storm of easily integrated solutions built around maintaining and increasing margins for BPOs. These new business models let BPOs charge for automation while letting live agents focus on complex, empathy-driven calls where their expertise is most beneficial and letting self-service handle the mundane calls that bog down agents and drive burnout.
“New business models let BPOs charge for automation and maintain and increase margins while letting live agents focus on complex, empathy-driven calls where their expertise is most beneficial and letting self-service handle the mundane calls that bog down agents and drive burnout.”
Modern BPO and BPS companies are leveraging today’s self-service to stay competitive in a crowded marketplace and drive customer loyalty. BPO leaders are shifting from selling seats to selling the comprehensive solutions that their customers demand. Innovative business models are creating a win/win for BPO providers and customers. The Zappix business model reduces the cost of resolving consumers’ calls and lets BPOs charge for self-service interactions. BPOs and BPS businesses are staying ahead of the competition by offering the most advanced, field-proven, self-service solutions like Zappix Visual IVR.
These innovative modern automation solutions reduce agent burnout by deflecting the tiresome, tedious interactions away from live agents and freeing them up to focus on more complex interactions, increasing agent engagement and reducing churn. Effective automation also reduces the amount of new hires needed during seasonal ramp ups, saving businesses money recruiting, training, and equipping new agents, while also letting BPOs sign larger customers and handle more calls.
“BPOs and BPS businesses are staying ahead of the competition by offering the most advanced, field-proven, self-service solutions.”
Combined with a transformative new business model, these solutions can provide everything BPOs want: more customers, new revenue sources AND more profits at higher margins. Digital, automated solutions are delivering brand new growth opportunities and opening the door to larger and faster scaling than ever before. This new business model is helping BPOs in every segment offer modern solutions while differentiating their offering and maintaining profitability. The best part for BPOs: this new technology and business strategy is most directly relevant to the most high-value business processes like F&A, purchasing, and customer service, where services providers can integrate digital technologies.
Win/Win for BPOs and BPSs
On top of keeping providers relevant in an increasingly competitive market, these automation solutions benefit every aspect of business. Solutions like Visual IVR reduce agent burnout, lower costs, and make compliance with important privacy legislation simple and straightforward in the face of the shift to work from home.
- Reduce Burnout: Self-service automation handles the tiresome, repetitive, low-skill tasks that cause agent burnout and lets them focus on the high-empathy calls where their skills and expertise are most valuable.
- Lower Costs: Automated Visual IVR experiences deflect calls away from live agents and by increasing call containment rates and lets BPOs handle higher volumes at lower cost since bots can handle more calls at one time.
- Simple, Secure Compliance: Automated Zappix solutions like the Payment Bot complete highly-regulated interactions safely and securely with no risk of human error to make compliance fast and easy.
With business models reducing the cost of resolving consumers’ calls and letting BPOs charge for self-service interactions, the industry is starting to join the rapid shift to automation. Business leaders can sell more than seats now. The added benefits to employee experience, lower costs, and other phases of business have made self-service a promising option for BPO and BPS companies of every size. Effective automation diversifies offerings and makes BPO portfolios more valuable to clients and prospects. These cutting edge solutions keep businesses ahead of the competition by offering the most advanced, field-proven, modern technology.
BPO and BPS businesses remained averse to the prospect of automation for years, but now is the perfect time for the industry to shift.
The New BPO Profit Center
Learn more about how BPO and BPS businesses are enjoying the benefits of profitable self-service by downloading our white paper: