A look into the BPO & nearshore industry in times of global financial concern
I’ve searched studies for various analysis and predictions regarding local and international events, what we are going through and how it has affected our reality.
Of all that is mentioned, I can agree that the economic area is the most affected, both for individuals and entities.
The recent changes and behavior of the markets have represented a vulnerability, especially for companies seeking to develop alternatives, safeguarding the possibility of assuming even more risk.
But even though we are facing times of uncertainty, for reasons that I will mention later, Business Process Outsourcing stands as one of the main alternatives for those companies that seek to stay in business.
Economic background:
In the years that have passed post-COVID-19, the emergence of health and economic crises is undoubted.
They further denoted the deficiencies in other health/healthcare systems of different countries due to the demand for medical care and access to both medicines and vaccines in their initial phases.
Despite the difficulties, government actions regarding the management and distribution of services are debated.
But the multinationals’ role in the due attention for this event is also considered.
Additionally, production levels were even more affected by supply chain failures & agri-food production, low employment levels in a considerable number of countries, and various restrictions that, to date, are still in recovery.
Currently, goods and services, particularly cereals and oil that came from the East, are affected by international security issues.
But all this is not something that suddenly emerged due to the pandemic.
All these economic phenomena have a history and are the result of construction long before the pandemic.
About 11 years ago, the United States went through one of the most significant challenges since the Great Depression.
A crisis in which they were lost $8 trillion in value between late 2007 and 2009. Unemployment climbed, peaking at 10 percent in October 2009.
Despite a remarkable and historic recovery through fiscal and banking restructuring, not all the adverse effects disappeared, considering the large corporations and an increasingly globalized economy.
But also, through business outsourcing, a trend was executed, particularly between 2009 and 2010, as a strategy to cushion risks.
Not a definitive factor, but one that must be considered when analyzing decision-making.
BPO and its role in the face of speculation and fear:
The services provided through outsourcing and nearshore have made it possible for several companies and businesses related to the sectors, as mentioned earlier, to maintain production levels, including current jobs to date.
A society that maintains high levels of consumption, despite the high percentages of inflation has affected all sectors and care services.
The attraction of BPO is the establishment of long-term strategic relationships.
That is why, between negotiations, all points of cooperation are established, and all variants are considered to establish impact metrics and results.
And through this rigorous process, companies show trust to make investments, particularly in border states, considering the whole series of benefits, not only economical but social and cultural.
Benefits that have ensured mechanisms that help us combat economic uncertainty:
- Job creation
- Loyal customer retention
- The promotion of entrepreneurship and innovations
Now, the focus that we must give is the cost-effective angle when hiring a BPO company due to its perfection of back-office process in which they oversee recruiting ideal and matched candidates for the campaign with monitoring of performance and productivity.
That is a great point we have to highlight, which is not always considered in companies. Productivity is what will give results.
All executives should pay attention to important points, especially in times of economic and digital globalization.
And by the concept of economic and digital globalization, we can understand it as the emergence of companies and platforms that constantly emerge through the medium, addressing public problems and interconnecting individuals.
Final Thoughts:
As sources like intelligent sourcing, entrepreneurs must establish business with companies in constant development derived from the financial sector (fin-techs), entertainment, gaming, e-commerce, IT, etc.
In conclusion, BPO is one of the most adaptable industries facing financial uncertainties due to its resistance and adoption of various cost-benefit models without neglecting quality and professionalism.
But without a doubt, all these phenomena should not be taken lightly since the markets and their consumers tend to generate reserves and duly take better care of their resources.
Thank you for giving us your time. Would you like to know more about our articles?
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Content Creator Specialist at Redial BPO.
Loves to research and talk about politics, economics & culture. In his free time, binge watches movies & TV shows.
