According to the latest procurement intelligence report from Technavio, the global contact center outsourcing market is expected to grow at a CAGR of 9% over the next five years due to the focus on customer-centric business strategies.
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Technavio has published a new report on the global contact center outsourcing market from 2017-2021. (Photo: Business Wire)
The research report titled ‘Global Contact Center Outsourcing: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“With the increasing adoption of the customer-centric business approach, organizations not only need to earn better revenue but also need to retain customers for long periods of time,” says lead Technavio procurement expert, Angad Singh for category spend intelligence. “Moreover, third-party contact centers manage customers efficiently due to which the organizations heavily depend on them,” adds Angad.
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Cost saving opportunities in the contact center outsourcing market
Several organizations have been looking to enhance the ROI from their category spend. Hence, their focus has shifted toward realizing more value benefits (from achieving cost-savings).
Technavio procurement experts have segmented the cost saving opportunities in the contact center outsourcing market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of Technology Saving Aspects
To reduce customer dissatisfaction and agent effort, IVR and self-service tools need to be incorporated.
Adoption of cloud-based contact center services that offers easy information storage and retrieval as well as agent mobility is one of the technology saving aspects. Customer management complexities can be reduced by implementing channel integration and offering omnichannel solutions.
Supplier Competition
Implement competitive bidding for industry-specific solutions, digital channels, price discounts, negotiation on value-added services, and customized services.
Bundling of Services Saving Aspects
One of the most opportunistic strategic cost saving levers in the global contact center outsourcing market is the bundled value-adds like customer analytics, workforce management, and automation.
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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