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Outsourcing in 2021: A Year-End Report - Executive Boutique - ContactCenterWorld.com Blog

Outsourcing in 2021: A Year-End Report

Growth is always a welcome development for most businesses. However, rapid growth will inevitably hit a plateau that can stunt your venture’s earning power. One business practice you can consider to prevent this is business process outsourcing (BPO).

While expansion is one of the main reasons companies have tapped the services of various outsourcing agencies, there are other perks that come with hiring such services. Ultimately, the efficiency they can provide for the costs they incur can significantly help your company’s bottom line.

Unlike other fields that were hit hard by the COVID-19 pandemic, global outsourcing industries have experienced remarkable increases in their businesses and received positive projections in the coming years. In this article, we will provide you with relevant outsourcing statistics for a clearer picture of the current and future state of the dynamic outsourcing industry all over the world.

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While the global health crisis has limited the growth of some businesses, the outsourcing industry has seen significant changes that are projected to carry through in the years to come.

In 2019, the industry’s global value hit the $92.5 billion mark. With strong optimism for the field’s future direction, a Grand View Research study estimates it to expand to $405.6 billion come 2027 at a CAGR of 8%. This leap shows how more companies are starting to see the value outsourcing can bring to their business, even when everything goes back to normal.

2. The Philippines’ BPO industry generated $26.7 billion in 2020. (IBPAP)

Even as the health pandemic affected the economy, the BPO industry in the Philippines saw a revenue increase of 1.4% in 2020, recording a $26.7 billion total. According to the IT and Business Process Association of the Philippines (IBPAP), the climb reflected the efforts of BPO companies to ensure continued operations amid the global health crisis.

In terms of employment rate, BPO establishments hired 1.8% more people in the same year, resulting in 1.32 million direct employment in the country.

3. The United States remains the biggest client for outsourcing companies. (Reliable Plant)

Even before 2020 changed the way businesses operate, companies in the United States have always been the top subscriber to BPO services. It’s not unreasonable to think the same thing rings true today, as at least 68% of American companies still rely on third-party contractors to do some of their work for them.

Interestingly, as the top digital nation in 2021, the United States is among the largest supplier of online labor in the world. In their rising gig economy, 16% of Americans are reported to have earned money from an online gig platform.

4. Call centers will remain an integral part of customer retention strategies. (Morph Networks)

Many businesses closed due to the pandemic, so retaining customers can become a tough task to accomplish. The numbers paint a different picture, though. Call centers increased their volumes by 14% in 2020 to meet customer demand. Moreover, over half of all businesses partner with a third-party customer support business in 2021 to enhance their customer experience.

A Salesforce report reveals that at least 84% of customers stay because of loyal customer service. Additionally, companies that invest in customer retention initiatives by at least 5% see their profit rise between 25-95%. These statistics alone make call centers a vital component of your business strategy.

5. Cost reduction is the leading reason for outsourcing work. (Deloitte)

Not many companies have fully recovered from the pandemic’s impact on their coffers due to the current global economic situation. As such, at least 70% of companies that use outsourcing services attribute their decision to reduce costs.

Meanwhile, flexibility (40%) and speed to market (20%) are the second and third most important factors businesses consider when opting for an outsourced partner for their operations. Other attributes like access to tools and processes and agility (15%) are also included on the list.

6. The move to cloud services will only accelerate the rise of outsourced work. (Fortunly)

Aside from video conferencing tools, the pandemic also highlighted the importance of cloud servers to hold crucial files during a remote setup. Data shows that more than 93% of businesses are considering or have already implemented cloud technology as part of their processes.

As it allows for more effective and efficient work, a third of all companies are willing to increase their operating budget if it means getting better-outsourced support.

7. IT work is the most outsourced work worldwide. (Clutch) 

The outsourcing industry long held the reputation of only handling a company’s customer service needs. However, 2021 was a different tale as more skilled labor is being outsourced by companies worldwide.

According to a Clutch study, 27% of small businesses outsource their IT work. This can be attributed to the technical nature of the work that some smaller companies have no resources to build themselves. Furthermore, the report shows that 23% relegate their finance operations, 21% want a third party to handle their legal needs, and 20% tap another company for their marketing work.

8. A more efficient workflow is the leading reason behind most outsourcing orders. (Clutch)

Most small businesses will outsource work to get a more efficient workflow. In fact, 24% of business owners opt to outsource for this reason alone. An increase in efficiency means spending less time delivering products and services to make room for other tasks.

Efficiency isn’t the only reason most enterprises tap outsourcing companies, though. Some want to get expert help (18%) on their processes, while others use such services to provide more flexibility (16%) to their work.

9. More IT companies are opening up to the idea of outsourced work. (Fortunly) 

Although once aloof to the concept of outsourcing, the IT industry is now becoming more receptive to such work. Today, at least 44% of chief intelligence officers welcome the idea of outsourced teams handling some of their tasks for them. 

Functions that have to do with software application development make up most (64%) of the field’s outsource requests. Meanwhile, technology executives delegate application and software maintenance (51%) and data centers (40%).

10. India and the Philippines continue to dominate the outsourcing industry. (Outsource Accelerator)

Amid the COVID-19 pandemic, Asian countries remain at the top of the outsourcing list, specifically India and the Philippines. The two countries are the world’s most preferred outsourcing hubs for different services. India specializes in IT and software development, while the Philippines is better known for customer service and back-office work. 

Move Forward to Greater Success with Outsourcing

Outsourcing has long since shed its customer service roots and is now an asset for big and small companies. With this list of strong facts and figures as a basis, you now have a snapshot of the industry’s potential moving forward.

In case you’re looking for a call center outsourcing partner to scale your business, there’s no better place to go than Executive Boutique Call Center. We are a team of highly-skilled customer service specialists that can provide you with optimal results to increase your bottom line. Get in touch with us to learn more.

Source: https://ebcallcenter.com/outsourcing/outsourcing-year-end-report

Publish Date: February 14, 2022


2022 Buyers Guide Omnichannel

Page: 12
1.) 
Premium Listing
Call Center Studio

Call Center Studio
Call Center Studio is the world’s first call center built on Google and is one of the most secure and stable systems with some of the industry’s best reporting. It is one of the most full-featured enterprise grade systems (with the most calling features, one of the best call distribution, outbound dialing features and integrations—including IVR, AI Speech Recognition, blended inbound/outbound calling and includes Google’s new Dialogflow and Speech API. Call Center Studio is the absolute easiest to use (with a 10 minute setup), and is the price performance leader with lower equipment cost and less setup time.


2.) 
3Fiftynine

CardBoard
This real-time walldisplay is able to show every form of contact in a clear wallboard, with the necessary KPI’s per channel; like phone, chat, etc.

3.) 
Alvaria

Noble Contact Center
Truly unified omnichannel operations. Your customers have growing expectations about how and when they want to interact with you. The noble contact centre suite helps you seamlessly communicate with your customers, no matter which channel(s) they prefer. Noble helps you optimise agent activity and improve the efficiency of customer interactions with our unified omnichannel solutions. Seamlessly manage communications over a variety of voice and non-voice channels including voice, email, sms text, web chat and social media. Simultaneously manage inbound and outbound communications without having to log in and out of programs. And combine all channels on a single platform to improve contact centre efficiency and profitability.

4.) 
Call Tracking Metrics

Today’s customers aren’t always willing to pick up the phone to talk to a business, which is why an omnichannel communications strategy is essential. Because our software tracks chats, texts, and form submissions in addition to calls, we make it easy for you to interact with customers in their preferred method of communication. Take your strategy to the next level by utilizing our automated tools which can generate instant communications back to your customers as soon as they contact you.



5.) 
CCT Solutions

CCT ContactPro
ContactPro empowers agents to efficiently serve customers in today's demanding world of Omni-Channel communication. The state-of-the-art technology solution helps contact centers to leverage their existing Avaya infrastructure while decreasing contact center costs and increasing customer satisfaction.

With a strong focus on Omni-Channel functionality ContactPro defines a new method for integrated traditional voice contacts, emails, fax and documents with modern web and smartphone communication for any WebRTC, chat, assistant browsing and file sharing, online presence, SMS/IM (text) and social media activities. Additionally, the web supervisor functions provide simple reporting and full me...
(read more)

6.) 
Comm100 Network Corporation

Comm100
The Comm100 omnichannel customer experience platform powers real-time interactions via web, mobile, and messaging. We make it easy for organizations to answer questions, solve problems, and keep customers happy.

From front-line marketing and sales to ongoing service and support, Comm100 enables great digital experiences that drive revenue without increasing costs.

7.) 
ComSys S.A.

CFront for Digital Communication Channels
CFront by Comsys is a state-of-the-art application that enriches contact centers with digital communication and collaboration capabilities. CFront is natively compatible with Aspect Unified IP and Cisco Unified Contact Center (UCCE/UCCX) platforms and connects them with all the major communication channels.
Comsys is a provider of οmnichannel customer engagement solutions that assist companies around the world in delivering unique customer experiences. For the last 15 years, Comsys designs and implements complex projects for clients from the outsourcing, financial services, telecommunications, and retail sectors. Comsys enjoys strategic partnerships with technology vendors like Cisco®, Aspe...
(read more)

8.) 
Consilium Software

Consilium UniVCX™
You may have seen the meme going around that captures what tipped the balance towards digital. The questionnaire asks, “who is driving your digital transformation?” After “CEO” and “chief digital officer”, the third option is “Covid-19” highlighted with a red circle. The pandemic has been tragic in the toll it has taken on the lives and health of the global population, forcing billions to stay at home. Yet, it has also been a catalyst for change in a bigger way than any event since the last world war. Who would have thought that a bank would lend a new customer a million dollars or more based on a video inspection of the mortgaged property and without any physical paperwork or face-to-face K...
(read more)

9.) 
CTCOMM

Whatsapp
Facebook
Twitter
Linkedin
Youtube

10.) 
Eckoh

Eckoh Experience Portal
Cloud-based portal that delivers Eckoh's complete Secure Payment and Customer Engagement solutions. Simply take the solutions you need today and add additional ones as you need them. All from one supplier.

11.) 
eGain Corporation

eGain
eGain omnichannel customer engagement solutions power digital transformation for leading brands.

Guided by AI, knowledge, and connected analytics, eGain’s customer engagement suite enables excellence in digital-first, omnichannel customer engagement across digital self-service, including virtual assistance, messaging, chat, social, and email, seamlessly integrated with voice.

Based on a unified platform, the solution is trusted by blue-chip brands for customer engagement at scale that is effective, efficient, and consistent, while being compliant with best practices and industry regulations.

12.) 
eGain Corporation

eGain Solve
Rated #1 by analysts and trusted by some of the biggest brands in the world, eGain Solve helps businesses design and deliver smart, connected customer journeys across social, mobile, web, and contact centers. You can sell smarter, serve better, and know more.

13.) 
ethosIQ, LLC

Customer Engagement Platform
The Customer Engagment Platform (CEP) collects multichannel interaction and application data from all channels, across multiple systems, providing a single, complete data source for ethosAnalytics to access and display information in useful, usable ways. CEP provides companies with scalable and repeatable software for big data solutions.

14.) 
Eudata

Video Advisor
Directly engage customers through an effortless Video chat via your web page or mobile APP with a secure platform. Escalate from an existing chat or create a brand new video conversation, use desktop sharing and co browsing, record and track every step of the customer journey

15.) 
Fusion E-Solutions LLC

omnichannel support service, BPO services
We help businesses in their administrative and repetitive jobs as a be-fitting virtual assistant service provider. With an objective to reduce in-house burden, save time & money, and regain focus, we show flexibility in working 24/7 for clients with dynamic needs.

16.) 
Hodusoft Pvt. Ltd.

Omnichannel Contact Center Software
"HoduCC" is a comprehensive and consolidated contact center software. It guarantees to provide the best call center software that suits best for all types of call centers. Being one of the top Voice over Internet Protocol (VoIP) solutions providers across the globe, HoduSoft ensures that this contact center software offers intelligence, security, and advanced features.

HoduCC has been designed in a way to make sure that user loyalty is built and the customers’ expectations are accomplished. Doesn’t matter what your business size is, HoduCC is most affordable Contact Center Software for small businesses as well.

HoduCC allows customer support teams to provide personal, productive phone...
(read more)

17.) 
ICR Evolution

ICR Evolution
We are omnichannel. We know that your clients want to be able to contact you through any channel, whether it is via telephone, social customer service (WhatsApp, Telegram, social networks), email, self-service, outbound or live chat. That is why we think about each improvement with the omnichannel experience as the main focus. ICR Evolution has been designed to exceed your customers' expectations, offer an excellent and consistent experience across all channels, increase productivity and retain talent in your company. We make it possible thanks to features such as Intelligent Contact Routing, Self-Service with Voice Recognition (IVR), Predictive Dialer, CTI, Scripting and Flow Design Tools, and Omnichannel Communications Management.

18.) 
Ivonesia Solusi Data

Sociomile
Elevate your service quality and experience a seamless and more personalized customer care solution to get a happier customer journey that transforms into loyalty.

19.) 
Lieber & Associates

Omichannel Migration Consulting Services
Lieber & Associates provides technology, management, and operations consulting services to transform departments into omnichannel contact centers. After assessing current operations, the firm delivers a roadmap for testing and implementing technology, metrics, training, and any staffing required to meet omnichannel goals. The firm also advises on programs to migrate customers to the new channels.

20.) 
MightyCall

A premier yet affordable VoIP phone system, working from home—or anywhere—has never been easier than with MightyCall, a no-hardware, no-nonsense solution for SMB.
 
Page: 12



View more from Executive Boutique

Recent Blog Posts:
Outsourcing in 2021: A Year-End ReportFebruary 14, 2022
10 Ways to Improve Teamwork in Your Customer Service TeamJanuary 31, 2022
10 Tips to Help You Deal With Difficult CallersJanuary 4, 2022
Everything You Need to Know About Call center Fraud and How to Stop ThemDecember 10, 2021
A Primer on Effective Data Entry and How it Improves Your Customer DatabaseNovember 17, 2021
Understanding the Sales Call Steps: How to Close More DealsNovember 8, 2021
Customer Experience 101: Best Practices for Call CentersOctober 27, 2021
A Manager’s Guide to Evaluate the Performance of an Outsourced TeamOctober 8, 2021
EB Call Center is Officially HIPAA CertifiedSeptember 27, 2021
The Art of Persuasive Speech: How to Ace a Sales CallJuly 13, 2021

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