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Outsourcing is one of the fiercely debated topics towards the end of 2011. A lot has been said about it as Presidential Elections in the US are also due in the 2012. So it would be very interesting to know that what BPO outsourcing companies expect from 2012. What will be the trends? Will the business decrease? And should they prepare for something? These are some of the questions that are doing the rounds. Actually, with so many speculations going around it is difficult to predict things but there are certain points on which the industry agrees and is already preparing. Let’s try to have a look at these expectations and what trends will emerge in the BPO sector.
Believe it or not, the BPO companies are gearing up for further growth in the year 2012 after this years’ numbers. BPO sector grew globally by around 6.3 percent in the year 2011, according to estimates. Interestingly, the growth in BPO sector in the Asia-Pacific has been a whopping 17.9 percent in 2011. According to Accenture, the mainstream BPO expenditures are estimated to cross USD 300 billion by the year 2012. Innovations and emerging outsourcing destinations with new market needs will surely facilitate the growth. India, China, Australia and Philippines will be the key economies that will be riding high on the expectations from this year.
Social Media Impact
BPO companies are already gearing up for the social media. Reaching the customers will not only be limited to phone calls or emails as social networking websites will emerge as another platform for business. BPO companies will have to employ some tech-savvy staff to compete on the social media. Facebook, Twitter and Google+ will be some of the battlegrounds for the BPO companies. Obviously, this will need different strategizing needs.
Threat from Latin America
Latin America will pose a huge threat to countries in the Asia. With low cost workforce, English and Spanish speaking population and a good time zone, Latin America surely will be an attractive to many companies in 2012. Mexico, Columbia and Brazil will be worth exploring destinations for the west so the companies already in BPO business will have to plan accordingly.
The Cloud is going to be a popular term in 2012. Obviously, IT is an integral part of BPOs so it would affect BPO companies too. Companies will have to find answers to questions: is it reliable? Is it secure? While the benefits of cloud computing are obvious, which means everyone can stay connected to the system, better access to files, better controlling and so on, BPO companies will have to implement it sooner or later.
Countries will compete to have a slice of the BPO business while the governments would try to provide enough to attract foreign investments. Innovation will be the key factor in 2012 (it has always been and will remain) to stand out. Innovation in providing services and products will not only be essential for new countries in the business but also for old players like India.