Business Process Outsourcing (BPO) creates a more competitive field creating sustainable and competitive advantage for companies to thrive in by focusing on their core competencies and activities. The Singaporean BPO services are positively correlated with Technology and its growth is seen to be ever more dominant in this industry (Daniel, B., 2020) . The more advanced technology evolves through time, industries that heavily operate in this field will adopt and adapt, meaning that BPO services will have to keep up with the trend. The market has shown impressions of 4 essential trends ranging from Process Automation, Social Media Services, Software-as-a-Service (SaaS), and Cloud Computing. These Trends have experienced steady growth and companies in these industries are at least finding one use in the prior mentioned categories and more companies get on board with the adopting technological advancements, the need for efficiency and effectiveness in streamlining business processes will grow, driving more growth for BPO services.
Singaporean BPO services market had total revenues of $2.2bn in 2018, representing a compounded annual growth rate (CAGR) of 4% between the years of 2014 and 2018 which in comparison to the Australian and Japanese markets, only grew with CAGRs of 2.3% and 0.8% respectively over the same time period with values of $6.5bn for Australia and $16.8bn for Japan (Singapore Business Review, 2020). Despite the larger revenue in other countries, the lower growth rate would mean that it would be possible for Singapore to surpass them in the future in terms of higher revenues and businesses due to the growing competitive nature and attractiveness in creating BPO services relations in Singapore. The primary reason for the increase in attractiveness for offshore outsourcing can be attributed to the educated workforce coupled with an unparalleled advanced technological infrastructure in a centralized location within Asia.
From our MP.BPO R&D reports, Brand recognition is important as they would be looking towards more reputable companies for services to receive more consistent quality and security which are essential in gaining contracts. Although outsourcing companies like MP.BPO contribute and could result in the loss of internal business know-how leading to dependency of these service providers, there is also an internal issue for these service providers to maintain their human capital with required updated appropriate technical knowledge and expertise as high turnover rates could lead to detrimental consequences. The main reason being that player dispensability is high due to members of staff having the skills to move on to other non-outsourcing companies and are largely not restricted from doing so, leading to training and hiring more talented employees to keep up with the work.
BPO.MP heading to maintain the first and best branding of Business Process Outsourcing services. Services BPO.MP provides:
- Data Digitization
- Data Entry and Data Processing
- Outsourcing for AI Companies
- Data Labeling
- Financial & Accounting Service
- Content Writing Service
- DTP Image Processing
- Translation & Interpretation
- Human Resource Service