By the end of 2017, the market share for BPaaS grew to $42.2 billion and is predicted to reach a staggering $69 billion by 2022!
Business Process Outsourcing (BPO) has witnessed a radical change over the last few years and has slowly turned to higher-end service delivery model - Business Process as a Service (BPaaS). BPaaS is a form of BPO, which employs cloud-computing service model. This model enables contact centers to choose cloud-based solutions, which help them to deploy analytics and intelligent automation to adapt to VUCA (volatility, uncertainty, complexity and ambiguity) business environment.
The transition of premises-based contact centers to cloud-based contact centers has been one of the substantial milestones in this sector. This BPO game changer is also transforming the way in which organizations are handling their finance and accounting and various other back office functions. With numerous industry sectors actively choosing this type of BPO, contact centers are also considering it as a viable option.
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BPaaS serves as the best option for contact centers who are planning to embrace cloud technology. Opting for BPaaS can help you your business in the following ways -
Once businesses migrate their call center delivery to the cloud platform, they do not have to worry about investing in expensive software and infrastructure. Besides, this also saves contact centers from huge operational costs and offers fail-safe business continuation, where agents can quickly login from their home and start working in case of natural calamities or extreme weather.
BPaaS delivery model helps global clients to move from an inflexible high-cost pricing model to a more flexible pricing model, strictly based on consumption. Businesses are no longer burdened with a "one-scale-fits-all" pricing model and no extra costs are borne by the users.
Future of BPaaS looks promising because once contact centers migrate to the cloud they will be freed from the hassle of troubleshooting and hardware maintenance. As the routers and the servers will not be owned by the service provider, it is not the responsibility of the contact center to maintain it. Therefore, system upgrades and other improvements are automatically taken care of by the cloud vendor, without any cost to the client.
Contact centers collect confidential and private information of the clients, such as their card details and bank details for processing the payments, and store these details on company's servers. This makes the data stored prone to security threats such as data breach by malicious agents and fraudsters. This can be overcome by opting for BPaaS, as it works on the cloud-based service model where the data is fully encrypted and stored securely in the cloud. Therefore, BPaaS offerings ensure optimum technology configuration to safeguard businesses from fraud. This is achieved by encrypting the data as well as the outgoing and incoming calls to protect the businesses from prying eyes.
The cost advantage associated with BPaaS is one of the major reasons for contact centers to choose it. General IT costs can be drastically reduced, as the software maintenance is completely handled by the service provider. It also reduces the costs associated with staffing call center agents, as the providers handle their own agents.
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BPaaS is certainly a valuable business model. However, it is important to consider a few points, while transitioning to contact centers to cloud. These include -
Contact centers are now shifting their focus to BPaaS to integrate and streamline their processes which add value to their business. Call centers are actively being a part of this paradigm shift towards BPaaS owing to its several advantages. Following are some of the stats that suggest BPaaS is set to become the next wave of contact center delivery -
Huge compound annual growth rate implies tremendous improvement in BPaaS offerings over a short period and this growth curve of contact centers turning to cloud is on an upward trend. With proven transformational benefits such as huge cost savings and increase in business value, BPaaS has remarkably reduced project failures. Furthermore, it offers tangible business benefits to capital-starved firms. BPaaS can be safely regarded as the next wave of contact center delivery.
Flatworld Solutions is a reputed company in India offering scalable and cost-effective call center solutions including BPaaS to contact centers across the globe for over a decade now. Our BPaaS experts will first understand your requirements and automation needs and then provide you with the implementation strategies leveraging cloud technologies. We have the required infrastructure to serve global clients with BPaaS solutions designed to ensure minimum business downtime and also ensure complete project security.
If you are ready to look deeper and are planning to opt for BPaaS contact center delivery services, then feel free to get in touch with us.
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