Business Process OutsourcingBusiness Trends

Outsourcing Trends in 2022

By October 7, 2021 No Comments
OUTSOURCING TRENDS

Today’s competitive challenges in the marketplace and the ever-increasing progress in technology has, and is, continually changing the way companies work. Staying competitive means leveraging the available resources and technology globally in an efficient and effective manner. Outsourcing is helping companies do just that!

Outsourcing plays a significant strategic role in the short and long-term goals of the corporate world. With its resilience, it continues to growth substantially and now dominates many business process areas. The influence and acceptance of outsourcing has been undeniable. Outsourcing business processes leads to:  

  • Reduction in overhead & operational costs 
  • Increased efficiency 
  • Improved service quality 
  • Time-savings (doing more in less time) 
  • Greater focus on business core competencies  
  • Easier to scale your organization as your business grows

Data Analytics and current statistics from many different sources show why your company might look for a business process outsourcing (BPO) service provider.  

  • What drives organizations to outsource is cost reduction. One of the most trusted outsourcing data and market research, Deloitte’s report, shows that cost reduction has remained the primary objective of outsourcing in past years.  
  • If cost reduction is not your driver, then very likely flexibility, speed to market, access to tools and processes, agility is in your sights.
  • As per Clutch’s survey, businesses prefer to collaborate with their outsourcing partner to increase efficiency. Through outsourcing, a company can manage more projects with the assurance of high quality.
  • Analysts find that the outsourcing market remains a dominant force because the financial objectives play a significant role in collaborating with third-party companies. The market will have a Compound Annual Growth Rate (CAGR) of 5.1 in 2022-27. In the year 2019, the outsourcing market amounted to US$ 92.5 billion, and the largest share of the revenue came from the USA, followed by Europe.  
  • The most sought outsourcing services are IT and Accounting Services. This is 64% of the total outsourcing of business services. 54% of companies use outsourced support teams, and 71% of financial companies outsource or offshore their services.  
  • The expected annual growth rate in the Business Process Outsourcing (BPO) sector is projected to be 6.7% by 2025.

What Are We Outsourcing - The Trends

When it comes to outsourcing trends in 2022, new outsourcing trends have emerged for greater sustainability, technology advancements, flexibility, and globalization. Here are the outsourcing trends in 2022 that seem promising for the growth of businesses.

Trend 1: Cloud Platform

The cloud platform is the technology that drives collaborative success. Companies carry out critical business functions like data input and management entirely online by adopting cloud infrastructure. BPO service providers ensure maximum efficiency, security, speed, flexibility, and accessibility with effective cloud integration. 

  • It is a workspace where you can manage remote teams with the real-time status of your projects in real-time; thus, your business gains visibility. 
  • It is the solution supporting the trend of working from home.  
  • You can stay connected and collaborate with your team members. 
  • File sharing is easy with comments and instructions for any of your projects.

Trend 2: Cost Efficiency

Over its history, the BPO industry has been providing companies with cost-effective solutions. The consequences of the ongoing pandemic have affected businesses all over the world, and as a result, the focus is again back on budget optimization and cost reduction, and hence Business Process Outsourcing.

The cost-reduction trend continues to be the primary and dominant driver. The most cost-effective way to grow, scale, and progress continue to be outsourcing. BPO is meeting the growing demand by providing experienced teams in finance and accounting to perform financial services, including accounts payable and receivables.

Trend 3: Robotic Process Automation (RPA) 

BPO service providers use innovative technology to address market challenges effectively, enhance products and services and help in keeping operating costs low. Robotic Process Automation (RPA) is an emerging technology being rapidly adopted by BPO service providers. RPA stands out as the leader in emerging automation and continues to be one of the leading benefits of outsourcing in 2022. BPO service providers are utilizing cutting-edge technology to improve operational efficiency and deliver high quality to their clients.  

RPA is being used to automate repetitive business processes through the use of Bots. This technology is enabling BPO service providers to deliver higher accuracy quicker. This results in improved efficiency and profitability.

How is ARDEM Preparing for Outsourcing Trends in 2022

Business Process Outsourcing Service Providers such as ARDEM build their technology tools and adapt their work processes to help their clients succeed. 

To help our clients succeed, we build new solutions that get the job done quicker, at lower cost, and with higher quality.  We understand our client’s goals and the challenges they face to accomplish their business objectives. ARDEM delivers a scalable solution that grows with your business needs.  

Business Process Outsourcing Services  

ARDEM drives Smart Business Process Solutions with the People + Process + Technology for collaborative success.  

  • Every ARDEM solution is the intersection of:  
    1. the best people (a talent that can be sourced anywhere in the globe)  
    2. well defined and managed process  
    3. innovative technology (proprietary and ability to interface with current client tech/tools) 

Robotic Process Automation

ARDEM brings its proprietary software like ARDEM Invoice Manager (AIM), and RPA together to create successful outsourcing solutions. RPA uses bots and artificial intelligence to automate simple and repetitive tasks, resulting in faster cycle times and operational efficiencies. 

RPA allows us to keep up with the increased cost-efficiency and productivity demands of our clients.

Cloud Platform 

ARDEM’s cloud integration services ensure maximum accuracy, accelerates productivity and reduces overall operational costs: 

  • ARDEM Invoice Manager (AIM) – reduces the average cost of processing invoices by 30%
    ARDEM Invoice Manager (AIM) allows you to improve your Accounts Payable and invoice processing with better transparency and a smooth payment process. It is customizable in that it can process both your current PO as well as non-PO invoices.

    Invoices go through 3 -way matching, a review process, and a multi-level approval process. Vendor invoices are received in multiple physical and electronic formats. ARDEM processes the vendor invoice formats for data extraction. Clients can also review and edit this data.
  • ARDEM Utility Manager for sustainability and cost-efficiency in processing Utility Bills
    ARDEM increases your visibility to your consumption and spending data for all of your utility bills. Increased visibility helps with cost reduction. Consumption data reporting helps with sustainability.

    You can upload your utility bills on our platform. These bills are ingested into an automated processing cycle. The data is extracted into a flat file. You can view the progress in real-time, and the data can be downloaded in a file type of your choice into your system.
  • ARDEM Survey Manager to empowers your business
    ARDEM Survey Manager allows you to track all the responses from each of your survey campaigns quickly. On the cloud workspace, you can view the progress in real-time. Easily upload your surveys for the processing of an automated processing cycle.
    Data with open-ended questions responses will be extracted automatically, and you will have ready-to-use data in your preferred file type. With the increased visibility, you can utilize feedback to empower your business.

Why ARDEM

  • Large Volume Processing 
  • Large, experienced teams, strong, well-defined process management, and the appropriate technology to make the solution more efficient. 
  • Offshoring – the ability to source talent from anywhere in the world. 
  • Ability to manage remote teams, virtually and securely 
  • Both Automated and Effort based solutions. Experience with Technology.  

Our clients benefit from an outsourcing partner that leverages technology to help them improve their processes, benefit from faster processing and lower cycle times, and become more efficient. 

ARDEM provides Business Process Outsourcing and Business Process Automation Services to established companies to help them improve operational Efficiency and Reduce Costs. For more information, please reach out to us at pricing@ardem.com or call us at 908-359-2600.