The BPO sector has taken phenomenal strides over the last decade or so. However, the most interesting aspect of the sector is that even during the Coronavirus pandemic, the world was suffering under great financial setbacks. Nevertheless, it continued to defy the odds and sustain itself in a commendable way.
The BPO industry, once highly mistaken as the call center industry, has managed to adapt to changes and adopt newer technology and modernization in various fields, which allowed it to keep up with the strict competition and adverse business scenarios. As a result, you will still find inbound or outbound contact center companies very common. Though the technology, methodologies, and channels have changed dramatically.
So, keeping the same in mind, we are here to find out everything there is to know about what makes the BPO sector click, even during the most testing Coronavirus pandemic phase.
The Backdrop of the Pandemic
The Coronavirus pandemic caused great destructions since the second quarter of 2020 and continues to date. Though the effects aren’t much severe now, the damage it has caused over a year.
Almost every sector had to shut down a chunk of the operations since sales had dropped drastically. For example, the BFSI sector had lower revenue since availing of financial services was down to a minimum. Plus, banks and lenders had to turn down the borrowing application. Even though there were a few demands since most people lost their jobs or had a salary cut. So, offering loans in such situations was very risky.
The retail sector was almost dead. Visiting physical stores was a risk during the days when the pandemic was at its peak. Moreover, countries closed their national boundaries for immigrants and visitors from other parts, even though neighboring. This hit the travel and tourism industry hard. Plus, even the hospitality sector, restaurant chains, etc., shut down the operations too.
Schools and colleges had to go remote to deal with the situation and the government rules. However, online classes continued, though the initial infrastructure problems were had to get done. So, while facing severe issues, the education industry managed to keep the situation under control, if not completely.
However, the two sectors did not dent away even when the pandemic was fully flowing. The two are healthcare and e-commerce. The healthcare industry is now one of the most sought-after during the pandemic, and the demand and patient base increased. So, quite naturally, the pandemic scare played its part behind it.
E-commerce too picked up the pace once physical retail was hampered due to social distancing norms. Both these sectors gained great market presence and customer base, so much that outsourcing to BPO services was the only option remaining. And statistically speaking, the BPO sector did not disappoint at all. Instead, with all the technology at its disposal, it tailored newer ways to serve these industries and keep them thriving even during bad times.
Reasons Why BPO is a Fast-growing Sector
The backdrop could be used as the perfect background to the BPO sector’s platform to push through the pandemic without being affected much. Several reasons make the inbound and outbound contact center companies click and grow even in the most trying times. Let’s consider the most important reasons here.
Outsourcing to BPO Services is Economical
You might have heard this time and again that BPO services outsourcing is a more economical option for businesses. Well, this is the same with the sector during the pandemic too. To begin with, businesses were already on loss, and the sources of revenue were narrowing down too. Under such a situation, it was almost impossible for them to spend more of their investment to rebuild or even maintain the current scale.
However, outsourcing to BPO services made it easier for these businesses to try and maintain the scale while ensuring the present operations and customer relations are not hampered at all.
It is almost needless to say that inbound and outbound contact center companies employ some of the best talents in terms of communication and also ensure world-class training. With both of these in place, the effectiveness and efficiency of the BPO companies are always more result-driven. Assured than any in-house team for the same operations.
Almost every country with a significant percentage of its economic share coming from the best inbound call center companies has its government supporting it. In fact, in countries, like India, the Philippines, etc., the governing bodies often offer incentives to startups of foreign companies that want to open a BPO company or churn out huge revenue from foreign country projects.
To begin with, there are multiple exemptions and tax holidays that are great perks for businesses that work with or as inbound and outbound contact center companies.
The BPO industry holds multiple challenges regarding the infrastructure setup, quarantine, and difficulty to shift to a remote working environment for startups. However, despite all of the limitations and setbacks, the sector continued to scale up to higher due to the increasing demands, both from the side of clients and employees.
Agile and Adaptable
The BPO industry is very agile, much more than most other industries. For example, consider the retail or IT sectors; if any negative situations arise, the two sectors might have to hold back their operation because there is limited demand for the product or service, they deal in.
However, with the BPO sector, there is no such type of business operation. So, it can always adapt to the changing environment to offer the best that it can and help other businesses thrive. Moreover, it can also adopt new technology and infrastructure or develop new strategies to tailor its services for new industries.
On a Concluding Note
Various reasons make the BPO sector a fast-growing industry even after multiple setbacks. And while we have discussed the primary reasons here, there are multiple others, like
- excellent customer service,
- quality assurance,
- infrastructural modernity,
And with the way the sector is progressing, adaptability and flexibility would continue to be major aspects. So, resting your faith in the industry is sure to pay heaps of dividends, especially during trying times.