The global business process outsourcing market is expected to grow by 105.49 billion USD between 2020 to 2024 and this spike in numbers can be attributed to the transformation brought about by automation.
In today’s world, technology is the single unifying factor that is transforming everything, from the way we carry out everyday essential tasks to the way we work, share and collaborate. If steam power was the driving force behind the industrial revolution, then advanced, cognitive automation can be rightly called the driving force behind the digital transformation in business.
The COVID-19 pandemic has created a series of rippling effects, impacting not just the healthcare system but also disrupting the global economy and growth trajectory. One such major disruption can be seen in the disturbance of the supply chains. Therefore, the need of the hour is to build supply chain resilience.
The current situation isn’t just worrying for logistics operators; disruption of supply chains can result in a severe shortage of essential medical supplies and everyday necessities like food and sanitation supplies with disastrous consequences.
Now, more than ever, it is important to build resilient supply chains to ensure that necessities reach wherever required. In fact, almost 94% of companies have suffered supply disruptions due to the COVID-19 crisis. This is a problem that needs to be addressed as soon as possible.
While we may be dealing with the resonating effects of the COVID-19 pandemic for the next 2 years to come, one of the biggest changes the current situation has brought about is the increased demand from businesses for a digital workplace that is suited to their needs.
The ongoing crisis and the corresponding need for social distancing have led to an immediate switch to remote working systems in order to ensure that businesses keep functioning in the midst of the quarantine.
Is invoice management taking up most of your accounting department’s time? Do you constantly find yourself having to deal with delayed payments while struggling to clear an ever-increasing invoice processing backlog?
If so, then it’s high time you adopted a smart solution to streamline your processing workflow and outsourced your invoice processing services.
Outsourcing can be called the combined creation of the modern era of global trade, improving geopolitical relations and worldwide internet connectivity that enables collaborations and integrations across cities, countries and even continents.
During the initial years, outsourcing was only used for basic processes such as data entry and payroll processing. However, as connectivity expanded and the technological skills of BPO companies advanced, businesses started outsourcing more and more processes/services. Today, you can outsource many backend processes and financial/operation functions such as invoice management, accounts payable processing, survey reporting, and utility bill management to name a few.
This has driven innovation and created new business process outsourcing trends and practices.
