LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the market for global business process outsourcing services is expected to grow at a CAGR of 6.9% over the next five years due to the growing need to lower costs, enhance customer satisfaction levels, and reduce management complexities.
The research report titled ‘Global Business Process Outsourcing Market - Procurement Market Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“Businesses are focused on developing customer-centric engagement models, which is one of the key factors driving market growth,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “Also, the focus of the buyer on outsourcing non-core functions to third-party service providers to reduce management complexities is pushing for adoption of business process outsourcing services,” adds Angad.
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Cost saving opportunities in the global business process outsourcing services market
The adoption of various cost-optimization levers helps buyers of business process outsourcing realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the global business process outsourcing services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Unbundling of services
Adoption of technology
Cloud computing is one of the most widely adopted technologies in business process outsourcing. It greatly reduces the need for physical in-house infrastructure and utilizes the cloud to store, manage, and process data.
Other key technologies adopted by the suppliers are robotic process automation, data analytics, virtual agents, and speech analytics.
Adoption of negotiation strategies
Suppliers who take extra care to provide value assistance such as assistance to buyers in providing necessary insights and expectations will be sought after during negotiations.
The suppliers need to be focused on customer-centricity and have a comprehensive knowledge of the services provided. They should also have the ability to conduct effective employee training programs to enhance their soft skills and product knowledge, which are all very important to the buyer.
Unbundling of services
Suppliers strive to understand customer preferences by undertaking customer satisfaction surveys and analytical services. They need to demonstrate a clear ability to provide detailed customer scorecards and use CRM data analytics to obtain insights into customer preferences.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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