Frost Radar—Asia-Pacific Business Process Management (BPM) Services, 2021
A benchmarking system to spark companies to action—innovation that fuels new deal flow and growth pipelines
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Business process management (BPM), or business process outsourcing (BPO), services involve an external or third-party provider handling the execution and management of one or more business operations or functions for an organization. Traditionally, BPM services were limited to outsourcing labor-intensive back-office and support services functions. However, BPM services now encompass both back-office and front-office activities across customer experience (CX), human resources (HR), financial and accounting (F&A), and procurement and supply chain management, among other functional areas.
The BPM services market has evolved beyond resource expansion and cost arbitrage solutions to drive business outcomes and value creation for a company and all of its stakeholders, including customers. While cost inevitably remains important, organizations want to realize enhanced business outcomes in addition to optimizing the efficiency of their business processes. These clients are becoming less price-conscious and reprioritizing to identify and achieve measurable outcomes such as improving customer centricity, acquiring and retaining new customers, identifying new opportunities for business expansion and growth, boosting profitability, ensuring business continuity, streamlining operations, optimizing workforce productivity, and meeting compliance and regulatory requirements.
In a digitally connected environment, organizations are struggling to streamline their siloed business operations, functions, infrastructure systems, and people. As organizations strive to manage their legacy business operations in-house, they are looking to redesign and transform their business processes through partnerships with specialized BPM service providers. Organizations that previously preferred to retain the bulk of their core operations in-house are starting to see the advantages of outsourcing. In response, BPM services are steadily gaining traction as organizations expand the scope of the operations that they outsource as a crucial part of their digital transformation journey.
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