The sharp increase in cyberattack incidents, e-commerce stores see a spike in orders, and organizations adapt to the new normal; these are undoubtedly the most repeated headlines from the recent past. COVID-19 has helped online stores adopt the impending growth curve while it has succumbed to small and medium businesses.
The Post-COVID era is going to be utterly different from what it was earlier, work from home, remote meetings, and virtual conferences will become an ardent part of the corporate life. With the changing priorities, the challenges are expected to change too.
While multiple organizations will face data security challenges, some will be faced with issues related to catalog management and a good number of enterprises will need additional back-office support.
Banks, NBFCs, E-commerce, SaaS product companies, and even travel companies will be looking at BPOs in hope of additional support that involves maximizing the use of state-of-the-art technology and minimized the involvement of direct contact.
Ways in which BPOs can help Organization in Post COVID Era
1. Digital Solutions for Banks and NBFCs
Banks and NBFCs have run into the biggest dilemma of all time, which is KYC management. With the minimized movement of people and social distancing norms, banks have failed to verify account holders in person.
With BPOs that are technically equipped and have well-trained employees, NBFCs can carry out KYC management tasks even with social distancing norms. Outsourcing KYC compliance management and other relevant projects like debt management will allow banking enterprises to reach more people in less time.
Benefit banks can garner from BPOs in post COVID era
A well-established digital library: Earlier banks used to carry paper-based documentation and then convert it into digital but from now onwards with the help of BPOs banks can easily build a digital library from the very first step and minimize the number of processes.
Improved Speed: With less paperwork and instant digital library creation, banks can get away from their reputation of being slow and less efficient.
High Customer Satisfaction: With online KYC verification and debt management facilities, banks can offer customers the option to choose their appointment timing, which will impact customer satisfaction positively.
2. Compliant Customer Support from Remote Location
Varied enterprises failed to offer customer support when the lockdown was imposed in varied countries because their clients didn’t allow agents to access customer data from home. In the last 6-8 months, BPOs have upgraded themselves and now they are armed with tools and technologies that ensure compliance even when working from home.
A pool of talented developers and leaders have brain-stormed and developed technologies that ensure data sanity even when agents access it from a remote location. In the post COVID era, where enterprises will be looking forward to having less footfall at workplaces, such BPOs will be in high demand.
Some of the additional benefits of Compliant Customer Support from Remote Location
Reduced Cost: Cost-efficiency is one of the major reasons enterprises outsource processes for, with agents working from home, the overall cost is likely to come down.
Improved Work Efficiency: Now that employees are not required to waste hours in commuting, they can use their best productive hours for producing incomparable work and results.
Cloud-Based Security: Putting data on the cloud adds speed and allows organizations to function round the clock. With a few more levels of security, it becomes invincible. Backed by managed security services, organizations can ensure higher-effectiveness.
3. Digital Onboarding Solution
Unicorn start-ups like OYO rooms have agents that go from one hotel to another trying to onboard them. With social distancing norms and lockdown, such onboarding processes have taken a hit. In the coming future, the challenge will continue to be prevalent. Even food-delivery start-ups like Swiggy are having to trouble onboard new restaurants.
BPOs are leveraging their already existing onboarding paradigm to help these food delivery and hospitality start-ups onboard new and potential players for the future. If aggregators used the contemporary time for adding new players to their platform, they can emerge as the preferred platform once things go back to normal.
Some of the additional benefits BPOs can offer to the hospitality industry
Audits and Checks: Once everything goes back to normal, the hospitality industry will need to continue audits to ensure proper sanitization and a higher level of alertness towards the containment of the virus.
Digital Verification: The digital onboarding service involves KYC verification, which ensures only proven and genuine players are allowed to sell on your platform.
4. Cybersecurity Solutions
Be it e-commerce stores, entertainment platforms, or SaaS-based tools, all of them are under the radar of hackers. Any business that has direct involvement of credit card or highly confidential data of customers are being targeted by hackers.
To ensure a higher level of protection and keeping all kinds of attacks at bay, organizations are looking at Managed Security Service providers in hope. Managed security service providers aka MSSPs rely on security operation centers for monitoring and neutralizing potential threats.
Why Managed Security Services are the best?
Connected SOCs offer robust protection: MSSPs rely on a connected set of SOCs for ensuring compliance and protection, which ensures that no threat goes missing.
Compliance Fulfilment: SOCs are constantly running checks and vulnerability tests to ensure that all enterprises are functioning within the provided limit. Such a robust and proactive approach weeds out all attempts of internal sabotage and unauthorized access.
5. Organizational Reforms
Many organizations never leveraged outsourcing because of fears related to compliance, data safety, efficiency, and transparency through video conferencing. The Corona lockdown has helped organizations come over all such innocuous fears. Businesses had to let their employees work from home, trust them with cardholders’ data, and communicate through video conferencing apps.
Now that all inhibitions are abolished organizations can finally outsource processes and save millions of dollars they spend in hiring, training, and managing in-house teams.
Here are the additional benefits of outsourcing
- All BPOs are furnishing requisite compliances like ISO and PCI DSS
- They have a pool of trained and affordable employees
- BPOs are leveraging trends like tailored outsourcing to suit the needs of businesses
- Real-time analytics dashboard helps stakeholders to keep a tab
6. Making Customer Experience the Key Differentiator
Leading news dailies are filled with reports of big enterprises filing for bankruptcy, such reports are creating panic among consumers. A lot of customers have subscribed to services and products of these organizations and with them filing for bankruptcy, customers’ money is going in vain.
Customers are scared and anxiety-ridden and as a protective measure, they are looking forward to interacting with businesses that have a reputation of being customer-centric and this is perhaps the reason, players like Amazon and Tesla are rocking at Wall Street.
By offering customer-centric services and solutions, enterprises are promising customers that we are here for you and we are going to put you first no matter what come maybe.
Customer experience as the key differentiator has been in news for a decade now but now it has become the only measure of a company’s worth. Any organization that fails to offer a competitive experience will be eaten by the ones who offer epitome experience.
How BPOs can help with Customer Experience Management?
Customer Journey Mapping: BPOs have are now equipped with exceptional tools that allow enterprises to understand the priorities of their customers. Customer journey mapping is one solution that can identify all roadblocks and ensure a better customer experience.
Mystery Shopping: BPOs can traverse your processes, shops, or online stores virtually looking for errors and challenges that impact customer’s journeys. Such solutions allow organizations to look at the processes and customers minutely and offer in-depth insights that can be used for offering better services and experiences.
In these tough times, where there’s no certainty but very high demand, enterprises need to weigh in every option. Having partnered with exceptional skills and manpower can change the game in your favor. The contemporary business world is highly competitive and one step can make or break your future, so it makes sense to work with players with proven expertise and stir your enterprise towards success.