Business Process Services (BPS) Industry Propelled by Pandemic Into New Era, Accelerated Growth--Everest Group
BPS industry, armed with experience from COVID-19 shutdown, is poised for BPS 4.0, an era of agile, efficient, and transformative delivery of next-gen services to enterprises
DALLAS, Feb. 15, 2021 /PRNewswire-PRWeb/ -- The Business Process Services (BPS) industry, armed with experience navigating the COVID-19 shutdown, is poised for its next evolution—BPS 4.0—an era of agile, efficient, and transformative delivery of next-gen services to enterprises, according to new research from Everest Group. Everest Group predicts that BPS 4.0 will create transformative value for enterprise stakeholders by delivering:
1. Resilience and agility with lower risk
2. Exponential efficiencies across the board
3. Active contributions to business outcomes
4. Superior stakeholder experiences
Everest Group, in partnership with NASSCOM, carried out this pioneering study leveraging both a bespoke NASSCOM-Everest Group survey and Everest Group's comprehensive data and IP bank of primary research. Many respondents (88%) agreed that COVID-19 has hastened the arrival of a new era in the industry. During the pandemic, the BPS industry has swiftly adapted to work-from-home (WFH) delivery, ably fulfilled services, maintained quality levels, and demonstrated strong resilience in the face of unprecedented global disruption, with largely satisfied customers. In fact, 74% of enterprise adopters of BPS reported moderate or high satisfaction with their service providers during the COVID-19 shutdown.
"In 2020, as the world changed dramatically, the BPS industry needed to change with it," said Rajesh Ranjan, partner and global head, BPS, at Everest Group. "Because of COVID-19, we now have a world where customers expect real-time, personalized omnichannel experiences; technology is being adopted on a large scale and at a much more rapid pace than originally expected; the dynamics and logistics of workforce management is forever changed; the geopolitical environment is turbulent with protectionism, trade wars and global recession; and, of course, there is an increased focus on risk management. To help organizations navigate these changes successfully, it is imperative for BPS industry to evolve into its next version—BPS 4.0—where the focus will be to create transformative value for enterprises."
***Free Webinar, Thursday, February 18, 9 a.m. CST***
Everest Group experts will share their insights into what BPS 4.0 will bring to the industry and the implications for stakeholders in a complimentary webinar, "How to Attain Value from the Next Generation of Business Process Services, BPS 4.0." Register here to attend and receive the recording and slide deck.
Everest Group predicts the BPS 4.0 era will bring accelerated growth of 6-8% over the next five years. As in the preceding era, the industry will continue to leverage design thinking, digital and data-driven capabilities, and domain knowledge but in deeper and broader ways. Also shaping the industry going forward will be new thinking such as a Business Process-DevOps-style approach, wherein cross-functional teams from different areas, such as development, IT operations, and business operations, will drive agility and speed in go-to-market approaches and decision-making. In addition, service providers will tap a differentiated and distributed workforce, where a mix of highly skilled talent works in a hybrid location model (combination of office-based and WFH) and with flexible employment arrangements.
"In terms of enterprise-provider engagements, we're going to see a strong preference for strategic relationships and greater focus on overall return on investment, measured more holistically," added Ranjan. "Technology will remain center stage, with continuous investments in technology a necessity. We'll see a particular focus on integrated yet composable platforms that provide a seamless flow of data and use analytics and artificial intelligence to improve customer experience and real-time decision-making. Most importantly, talent holds the key to achieving the promise of BPS 4.0. BPS providers will have to double down on their talent-related investments across the hire-to-retire cycle."
These findings and more are shared in "Business Process Services (BPS) 4.0: Heralding the Start of a New Era." The report addresses key issues that will shape the future of the BPS industry and what industry stakeholders should do to effectively capture value in the BPS 4.0 era.
***Download a complimentary abstract of the report.***
About Everest Group
Everest Group is a consulting and research firm focused on strategic IT, business services, engineering services, and sourcing. Our clients include leading global enterprises, service providers, and investors. Through our research-informed insights and deep experience, we guide clients in their journeys to achieve heightened operational and financial performance, accelerated value delivery, and high-impact business outcomes. Details and in-depth content are available at http://www.everestgrp.com/
Media Contact
Andrea Riffle, Everest Group, 954-801-8474, [email protected]
Jennifer Fowler, Cathey Communications, 865-405-6380, [email protected]
SOURCE Everest Group
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