Is It Right to Call BPaaS the Next Wave of Contact Center Delivery?
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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Major Benefits of Choosing BPaaS
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 -
Forgo Hardware Capital Spend
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.
Consumption-based Pricing Model
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.
Improved Project and Data Security
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.
6 Points to Consider While Opting for a BPaaS Model
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 -
Identifying potential cloud providers with proven track records for consistency, security, and pricing
Choosing cloud vendors who are not afraid to answer any queries on infrastructure and data portability once it is on their servers
Staying prepared for the internal culture shift by providing the employees with the necessary training and the time required to adapt
Following a measured implementation of all the cloud-based services, rather than moving all the operations at once
Reducing the downtime by migrating one process at a time
Ensuring that the cloud provider is PCI compliant, so that all the credit card and other payment details remain secure
Is BPaaS the Next Wave of Contact Center Delivery?
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 -
By the end of 2017, the global market share of BPaaS grew to $42.2 billion
The market size of BPaaS is predicted to grow from $1.62 billion in 2015 to a staggering $4.71 billion by 2020, at a compound annual growth rate of 23.7%
According to Forbes, 43%, which is nearly half of all the IT spending on BPaaS, is estimated to be cloud-based by 2020
The European market for BPaaS is projected to grow from $253.56 million in the year 2013 to a whopping $1626.92 million by 2018
Similarly, the North American market for BPaaS is expected to shoot up from $622.13 million in the year 2013 to $3369.19 million by the end of 2018
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.
Avail Scalable BPaaS Solutions by Partnering with Flatworld
Flatworld Solutions is a reputed company in India offering scalable and cost-effectivecall 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.