With changing trends over the past few years, BPO companies have evolved from their traditional outsourcing services and have undergone numerous deviations to become Business Process as a Service (BPaaS). BPOs were only known for their call center services in the early years; however, they have moved on to serve a much broader market. Services for business productivity and ensuring efficient outputs for the clients are part of BPaaS. Shifting from BPO to become BPS, an outsourcing company became a service provider entity that also gave strategic insights to help clients excel. Not only this, but after the advent of automation, analytics, artificial intelligence, digitization etc., outsourcing partners have leapt forward to provide high-end services, which is why they are now Business Process as a Service (BPaaS).
Business Process Outsourcing: A term that has revolutionized the global business market phenomenally. The ease with which businesses of all sizes and industries were able to handover their extraneous tasks to offshore service providers transformed the entire business sector. Typically, businesses outsource their function(s) to a third party vendor in order to accomplish first-string performance and impeccable ROIs. When outsourcing took its first step, it provided benefits to businesses with respect to non-primary functions like finance, human resources (HR), call center services etc. However, with technological advancement and its rapid intervention in every sector, outsourcing now caters to a broader market and incorporates a colossal array of new business tasks.
BPO and BPS are synonyms for each other and the early BPO feats have now transformed with tech-updates, renamed to BPS. When we talk about BPO in the present epoch, it has customer support/call center service as its main objective, however, with the advent of BPS, businesses now get a plethora of benefits. Now, by availing Business Process Services (BPS), companies enjoy several benefits that include cost-effectiveness, scalability, superior performance and smooth process handling of the respective tasks. BPS functions to provide services for Back office solutions, finance and accounting, Multichannel customer support, Research and Analytics, E-commerce support services etc. which BPOs did not provide before.
Watching numerous companies outsource their services, the question that hits everybody is, “What is the need to outsource?” Well, by outsourcing business functions, companies have the flexibility to focus on other fundamental tasks for growth and there is enough time to make strategies for thwarting competition.
Business Process as a Service is an added advantage for business owners, as they can get a cloud computing service model that helps to lower labor cost, with its automated services giving a plethora of benefits.
Gartner reports, “Business Process as a Service (BPaaS) is the delivery of business process outsourcing (BPO) services that are sourced from the cloud and constructed for multitenancy.”
Earlier with BPS, companies got a platform to enhance their business development tasks. However, these services were not automated and were not sourced from a cloud computing service. This is the main reason why companies today demand Business Process as a Service for their development tasks.
When talking about the transformation of the BPO industry, we assume what would be the difference between BPO and today’s BPaaS. Well, these differ majorly on service deliveries. The output to clients is renovated with the introduction of BPaaS, and its main aim is to enhance business value and drive savings by employing Robotic Process Automation (RPA), AI, Virtual Reality and other solutions, which help to perform business functions smoothly.
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Being a service that is sourced from Cloud, BPaaS has emerged as an eye-catching service delivery option to clients. Companies that feel they are constrained by traditional outsourced services and have limited investment costs, get a more affordable, flexible and accessible service with BPaaS. This service offers detailed facility for various business processes and assures a more rapid Time To Market (TTM) that guarantees enhanced customer satisfaction. This is the reason BPaaS is the need of the hour for every business entity and can be addressed as the “Modern Picture” of outsourcing.
There is even an anticipation in the IT sector over how BPaaS is transforming businesses! Well, BPaaS comes as a standout solution for every startup and even established businesses, as it works on the latest cloud technology and assures accurate results and moreover, reduces unwanted expenses, helps in meeting core business competencies, gives access to skilled abilities, minimizes risk, enriches efficiency of business processes etc. These dynamics make BPaaS a one-stop shop for companies that rely on outsourced services for their functions.
In the past decade, we have seen organizations training their staff to become professionals to meet their business requirements. However, with the advent of BPaaS, businesses seem to realize the fact that migrating to an advanced business approach can actually bring them higher success. This change in operations is the gift of Business Process as a Service (BPaaS) and is said to be a path of growth for the business industry – one which Cyfuture exhorts all its clients to embrace!