Remember when offices were filled with mountains of paperwork and the faint hum of an overworked fax machine? Well, picture that morphing into a high-tech nerve center, buzzing with data streams, multilingual conversations, and a palpable energy that fuels global businesses.
That, my friends, is the magic of BPO – a journey that started with cobwebs and blossomed into a $344 billion behemoth. Buckle up, because we're about to unpack the secrets of this fascinating transformation.
It all started back when disco dominated the dance floor and leisure suits were cool. Amid that groovy era, whispers of "offshoring" began to circulate in boardrooms. The idea? Send repetitive tasks like data entry and basic customer service to global destinations with strong talent pools and potentially lower costs.
This gave it the name “BPO”, short for Business Process Outsourcing. Hence, marked the early wave of BPO in the 1970s, paving the way for quality and expertise to become the new buzzwords. Global giants like Microsoft and IBM quickly recognized the potential and joined the party, setting the stage for the industry's future growth.
Fast forward to the 90s, and BPO sheds its dusty skin. The “BPO” name was established and was soon recognized worldwide. Call centers morph into vibrant hubs, connecting businesses to customers across continents. Remember those endless hold times and robotic voices? Yeah, they were part of the charm, but also the growing pains.
This was the era of innovation, BPO wasn't just about saving money anymore; it was about agility, scalability, and delivering world-class customer experiences.
The new millennium dawned, and BPO entered a golden age. No longer relegated to customer service and data entry, the BPO landscape exploded with diversity.
BPO was now handling:
You name a task, BPO can handle it. And with the rise of cloud computing and automation, efficiency reached new heights.
BPO evolved from handling technical support, customer service, and sales to many more activities that helped businesses across the globe expand. Along with business, BPO grew too. It is By the year 2019, the BPO industry had reached a staggering value of $92.5 billion!
Along with the recent limitations introduced by the Coronavirus pandemic, it has also opened borders for the BPO industry. Outsourcing is a much more viable option when the whole nation is at a crisis. Allowing businesses to continue their operations despite pandemic lockdowns.
BPO has evolved from managing simple tasks in the past to taking on big important business operations in today’s world. As the BPO market transforms more and more companies will rely on their services to cut costs, save time, and free up resources.
According to Bloomberg, the worldwide BPO market will grow at a significant rate over the next 10 years. It is estimated that the BPO industry will reach a value of $620 billion in the 2030s. With work-from-home (WFH) becoming the new norm, bigger organizations will lean on outsourcing more than ever.
Essential-Infotech is a leading BPO service provider that can revolutionize how your business operates. From operating efficiency, to cost-output performance, we have the resources to handle your back-office tasks as well as front-office tasks
If you are considering outsourcing, Essential-Infotech is a great choice! We have a team of certified professionals who are ready to help you achieve your business goals. Get in touch with us today to discuss tasks you could outsource at cost-efficient prices.
Stay tuned for our next newsletter, where we'll dive deeper into this booming industry. Subscribe to our newsletter for consistent updates from Essential-Infotech!
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