Innovation is one of the key driving forces that have boosted the prospects of the BPO sector. Major advances in technology have paved the way for applying innovation in BPO industry. This has impelled BPM companies into a mode of rapid development and progress, which apparently sees no sign of reversing.
According to figures released by HfS Research and KPMG, services from finance and accounting business process outsourcing (F&A BPO) will rise to more than $25 billion on a global scale, with respect to funding, in 2013. A compound growth rate of 8% is predicted annually through 2017.
HfS Research, which is a pioneer in developing strategies for global business operations, and KPMG, an advisory to the US government on audit and tax have joined forces to deliver this report.
The study covered 399 major global enterprises and looked at 745 F&A engagements that were current enterprises. In addition, profiles of 17 major F&A BPO services were also recorded. This report titled “Finance and Accounting BPO Market Landscape, 2013: Market Evaluation, Forecast and Competitive Analysis,” have listed several factors as the reason for the positive figures.
A good track record of proven performance, lifting of the 2008–2010 global recession, and decisions aimed at standardizing processes in order to reduce costs have been cited as the main reasons for the upward spiral of growth. Innovative technologies combined with effective management are the prime factor that has fuelled growth in the BPO field.
Technology aids expansion and growth
The propensity to innovate and integrate new technologies has proved to be a great benefit to outsourcing companies. Even though the initial costs may be slightly high, this step reaps great dividends in the long run.
Companies keen on moving ahead by utilizing and taking the best out of technological applications usually have accumulated a strong group of skilled professionals in their journey to success.
When innovators are nurtured, and thrust is given on prime areas of research, companies are able to charter their own flight to advancement and progress. Many enterprises have realized that the application of advanced technology, keeping up with current research and development in the field, and applying innovative thinking invigorate their economic prospects.
Furthermore, many major outsourcing firms have jumped into the fray and have produced ingenious products, which have led the way to innovation in BPO industry.