The COVID-19 crisis led to severe disruptions in the global socio-economic structure and adversely impacted enterprises. Enterprises were forced to explore all possible avenues to sustain business operations. While cost optimization was one objective, the focus shifted enabling digital operations. Enterprises that had already outsourced could mitigate the COVID-19 impact better than those keeping operations in-house. BPO service providers reacted quickly, leveraged technology, and developed tailored solutions for seamless business operations. This led the enterprises follow the suite driving double-digit growth in BPO engagements in 2020.
These emerging trends are covered in Avasant’s new Business Process Transformation Horizons report. The report identifies key trends shaping business process management outsourcing. It helps enterprises identify how peers are transforming operations, how outsourcing engagements are evolving, and provides Avasant’s view.
This report also highlights areas where service providers are focused on developing capabilities to meet the evolving needs of enterprises.
Avasant Partner Anupam Govil said, “Enterprise priorities have changed from cost optimization to enabling digital operations. Increased adoption of Intelligent Automation, AI, ML, NLP, and predictive modelling amplifies the link between IT and business processes. We expect more IT-BPO convergence to enable truly digital operations.”
Some of the findings from the full report include the following:
- COVID-19 has accelerated shift towards digital operations and outsourcing.
- Digital-led business process transformation emerges as the choice versus people- and process-led.
- Outsourcing engagements are shifting towards IT- business processes and multitower convergence.
- Service providers are fortifying digital offerings to offer end-to-end solutions
“Rising demand for low-/no-touch solutions has led to RPA, AI, platforms, and digitization become an integral part of business process transformation engagements,” said Avasant’s Research Leader Saurabh Verma. “This will soon render traditional people- and process-led approaches obsolete and drive digital-led business process transformation.”
This Research Byte is a brief overview of the Business Process Transformation Horizons report.