It is certainly outsourcing all the way. Business process outsourcing or BPO as it is popularly called happened to be incredibly attractive for a lot of companies. This is due to the fact that shifting jobs offshore reduces cost even as the quality of the work performed does not suffer. However, BPO was not stable, just like any other industry paradigm.

BPO has grown into a refined and risk-free trend applied by a lot of businesses. Looking at it from the present situation of the market, BPO is just going to become larger. Come 2020, it is anticipated that BPO will turn out to be a multi billion market.

Here are a number of shifting trends that have actually used to reshape the BPO industry into what it is now.

1. BPO was Set Aside for Large Enterprises

Outsourcing was reserved for only the large business ventures, in a decade ago. Despite the fact that the price and quality of services were disproportional, small and mid-size companies were able to outsource their business processes. As a matter of fact, small and medium-sized companies jeopardized getting their budget drained, so that they can get to the best service.

Luckily, a new trend surfaced as business process outsourcing partners who give out their BPO services as mediators. They have the ability to offer the best reasonably priced services even for the wallets of small businesses, with their access and connections to assets, infrastructure, and talents. This, of course, was why outsourcing is very popular in the small and mid-sized business niche.

2. IT Plays a Vital Role Nowadays

It is true that BPO companies make use of the power of IT in their operations. This is for the purpose of cutting down expenses, establishing a better digital presence and making the procedure more efficient. Nowadays, IT is a very important aspect of the industry, but it was simply a tool used by BPO companies before.

IT has giving BPO companies the opportunity to increase their value to businesses further, by making use of the most modern technologies. Businesses can now gain access to BPO services such as social media platforms, cloud computing, process automation and several kinds of business analytics software, as an alternative to hiring top talent, investing in technology and infrastructure.

3. Communication Developed into Teamwork

Communication was one of the vital areas of outsourcing associated with the success of the whole process in the past. It was not possible to look forward to a good success of an outsourcing if there is no efficient communication. Communication development in the business world of today has made it a part of the teamwork.

From all indications, BPO industry is vulnerable to a lot of factors and IT is not the only factor that influences it. Human factor supported by expertise, knowledge and skills still remains the greatest shaping potential in the current BPO market.

Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! inspires entrepreneurs build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.