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Upward Trends in Healthcare BPO Industry

The one industry that has been severely affected by the Covid-19 pandemic is Healthcare. The industry has been crippled by the sudden overflow of patients and patients were seen dying on streets without medical care. The factors that contributed to the inability of the Healthcare industry in treating the patients are; lack of proper structure, shortage of medical equipment, an increasing number of patients etc. These shortcomings have led to revamping the whole medical structure in the post-pandemic era. 

The Healthcare BPO market has witnessed significant growth in the post-pandemic era. This growth is the result of rising demand for niche services, increasing research and development costs, rising pressure to reduce rising healthcare costs, strict regulation and so on and so forth.                                                                                                                                                                       According to Data Bridge Market Research, the healthcare business process outsourcing (BPO) market will grow at a CAGR of 11.75% in the forecast period of 2022-2029 (GlobeNewsWire).

Talking about Europe and the UK Healthcare BPO industry, the industry was worth USD 53.33 billion in the previous year and according to MarketDataForecast, the healthcare BPO market is expected to reach USD 84.17 billion by 2026 and it will grow at a CAGR of 9.56% in the forecast period of 2021-2026 (MarketDataForecast). And the UK healthcare BPO market accounts for 38% of the total European BPO market. With passing time BPO healthcare will see more growth owing to medical fraternities’ focus on core-medical activities.

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Happy International Women’s Day

Here's to strong, independent and fearless women who face hardships and constantly break glass ceilings with their bravery and resilience. #BreakTheBias #IWD2022

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Russia Ukraine Conflict and Its Impact On The Global Energy Market 

Changes in supply and demand and geopolitical tensions cause price fluctuations. Rising geopolitical tensions between Russia and Ukraine are stoking supply fears of petroleum. Russia is the world’s third biggest oil producer (after the US and Saudi Arabia), the second biggest natural gas producer (after the US) and the third largest coal exporter (behind Australia and Indonesia).  

Energy markets have been rocked in recent days over supply fears triggered by the Russian invasion of Ukraine. This is contributing to rising inflation and concerns about economic recovery. Oil prices have soared to the highest level since July 2008 after the US said it was discussing a potential ban on Russian supplies with other countries. A Russian oil embargo would be a major escalation in the response to the invasion of Ukraine and would potentially have a major impact on the global economy. With the advent of the war, prices of oil and natural gas has increased sharply, with both major oil benchmarks trading today at above $110, what represents further 15% increase over last week. Brent crude - the global oil benchmark - rose to above $139 a barrel, before easing to around $130. However, the economic impact of Russia’s war in Ukraine is not confined to oil and extends as much to agricultural commodities and fertilizers. 

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Master Data Management (MDM) BPO Services

With the vast rise of digital data in the BPO sector, Master Data Management (MDM) tools and services have become necessary for the smooth operations of companies. It is estimated that the market will expand at an advantageous 13.4% CAGR over the period between 2017 and 2025. An MDM BPO provides services for collecting, aggregating, matching, quality-assuring, and consolidating this data for ensuring consistency & control in ongoing maintenance and application.

Master Data Management (MDM) BPO is mainly used for larger companies where there's a heightened need for tighter control over their master/reference data. The data is controlled through continuous updates and changes, higher privacy standards & security protocols, and deep process integration into other enterprise-wide systems such as CRMs. Master Data Management is not a priority in small and medium enterprises. However, outsourcing MDM responsibilities to an external business process service provider provides the client with more time for core competencies. Utilising Business Process Outsourcing (BPO) allows SMEs to focus on their core competencies while leveraging best practices, expertise, and economies of scale from some of the world's leading companies. This also allows these companies to make data-driven decisions that increase their efficiency, enhance customer service capabilities, and decrease costs associated with producing wrong products/services or providing incorrect information related to its services.

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‘The Museum of The Future’, Dubai

On the Palindrome Date 22nd February 2022, Dubai added the latest jewel to its crown of magnificent buildings by hosting a gala opening of ‘The Museum of The Future’. The stainless steel, hollow, circular structure is spread across 323,000 square feet and is 252-square-foot-high. It was inaugurated by Dubai’s ruler, Sheikh Mohammed bin Rashid Al-Maktoum, whose vision of the future is recognised as the museum’s driving force. This imposing structure is situated just a stone’s throw away from the world’s tallest construction, the Burj Khalifa, another iconic architecture that has been an intrinsic part of Dubai’s skyline.

In order to enter this magnificent building, people have to buy tickets or have certain queries about visiting the museum in general. You can outsource these tasks to a premier BPO in India providing top notch premium services to help visitors gain the best customer experience. This will in turn reduce your operating costs which can be used in funding more futuristic research projects.

Why India?

• India offers a good mix of value and savings. • The country boasts the second-largest English-speaking population in the world. • The Indian workforce is skilled. • Infrastructure is solid and getting stronger by the day. • The country has outsourcing-friendly policies. .. More number of Indians are visiting Dubai regularly.

India is a land of opportunities and has always got attention from entrepreneurs around the globe. This huge endeavor requires a huge amount of manpower to sustain and thrive. India is the largest provider of technology efficient manpower in the world. BPO companies are some of the largest providers of jobs in the world. Our company CogentHub has found a way to create abundant jobs for the new generation who gained employment during the Covid situation and found their niche from the comfort of their homes. So utilise our expertise and let us play a small part in the awesome futuristic project, we would be proud to be a part of.

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To provide contactless healthcare services in the Covid era, Healthnet Global has launched a smart in-patient room automation system for a one-stop solution for all in-patient needs. The strategy seeks to bolster the fight against the virus by providing access to facilities a patient needs during hospitalisation.

The innovative in-patient room automation system- AutoMaid, features an AI-powered triaging system that enables the continuous and accurate monitoring of a patient's respiratory rate, heart rate and other clinical parameters without coming in contact with the patient. The solution aims to enhance a patient's stay experience and improve the hospital staff's operational effectiveness while lowering the hospital's energy consumption.

The solution allows patients to control electric appliances and lights using touch and voice commands. There is a massive potential for AutoMaid to bring about a paradigm shift in the healthcare system with contactless health monitoring and an AI-Based early warning system. It can also help monitor at-risk patients at home and enable doctors to continuously monitor their health.

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Transformation of BPO in The Digital Age

The BPO market has changed in the Digital Age. COVID-19 has forced the industry to priorities technology for continuity and enhance customer and employee experiences. The wave of movement of the BPO centres away from expensive metro locations to tier 2 and tier 3 towns has become even more significant – across all countries. It enables BPOs to tap into a larger resources pool and at a much lower cost to the business.

Becoming a proactive BPO in the Digital Age will mean replacing the traditional mindset of -“I can do it faster and cheaper”! Instead, BPOs have to embrace technology and innovations. It will enable these organisations to be a lot more agile, put better safeguards on data and privacy, and drive better work efficiency.

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The BPO sector is dynamic and innovative with utilisation of technology to its fullest. Cloud computing is the way forward for the outsourcing companies. Cloud computing is a model that helps businesses get a virtual platform for computational services. Cloud is a cost-effective model, which helps businesses save their operational expense over constructing new infrastructure and hiring a team of experts. Below we take a quick look at the benefits of a Cloud-based inbound call center.

However, Cloud-based call centers are not without risk. Security is typically the biggest risk. Anytime your data sits on the site of another company, the risk is a concern—especially if it includes customers’ personal information. CogentHub provides your company with ISO Certified 27701 Data Security -The international standard for Privacy Information Management, which makes your client's personal information the utmost secure.

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Customer Service Support For Fintech Companies

Customer Service Support For Fintech Companies

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How will RPA Revolutionize and Disrupt the BPO Industry?

43% of organizations surveyed look toward innovation to reduce the cost of delivery, and 57% of organizations surveyed look to increase process quality through innovation. Emerging as a major driver of innovation around back-office processing, Robotic Process Automation or RPA is well-positioned as an enabler of innovation. Where humans earlier provided service delivery, now they manage and service exceptions. (Deloitte)

Here is where CogentHub comes in. We bridge the gap between RPA and Human involvement through an extraordinary innovation called Agent Assisted Automation Technology. Assisted Automation is where the RPA software automates other applications running on the employee’s desktop. Our agents can trigger a series of automated steps across multiple applications using robots on their desktops, usually accessed through a sidebar provided as part of the software. This approach drastically reduces average handling times, resulting in up to 50% savings and improved customer experience (CX). It also meant that long, complex processes are replaced with single mouse clicks, significantly reducing the time it takes to train an agent. (Sykes)

RPA is here to stay and will likely be the driving force in outsourcing in the years to come. It takes strategy, vision, and experience to tap into the innovation potential of RPA. If you are looking for a global outsourcing partner to manage risks better and realize opportunities, we should talk.

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The UK Energy Market Explained

1. The U.K. provides a frightening example of how Covid-19 has affected the Utilities sector. The rise in resource prices has resulted in some 30 energy companies ceasing trading, leaving more than 2 million customers dependent on regulators.

2. Supplying energy to homes across the UK involves three key elements: a. Generating Electricity b. Transporting gas and electricity c. Selling it to the customer. Energy companies can work in any of these different areas, and some operate in all three of them.

3. The electricity and gas markets are regulated by the Gas and Electricity Markets Authority, operating through the Office of Gas and Electricity Markets (Ofgem). Ofgem's role is to protect the interest of consumers by promoting competition where appropriate.

4. The electricity and gas markets in the UK are privatized. Suppliers buy energy in the wholesale market and sell it on to customers.

5. Suppliers work in a competitive market and customers can choose any supplier to provide them with gas and electricity.

6. Utilities will continue to make investments to create personalized experiences for consumers in effort to lower support costs and create lasting relationships. CogentHub is one of the top utility BPO services provider in the UK.

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BPO services for e-commerce in the UK

When you shift your business from traditional to online It requires several fundamental changes. BPO experts are equipped with the latest technologies and have access to virtual agents that can help your customer journey from buying to using products/services smoothly. BPO services for e-commerce in UK are available.

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After nearly two years of disruption, the global fashion industry is once again finding its feet. Companies are adapting to new consumer priorities, and digital transformation is providing a nexus for growth. The global apparel market is projected to grow in value from 1.5 trillion U.S. dollars in 2020 to about 2.25 trillion dollars by 2025, showing that the demand for clothing and shoes is on the rise across the world. (Statista)

The global apparel market is anticipated to record a CAGR of 5.5% during the forecast period (2020-2025). Rising per capita income, favorable demographics, and a shift in preference to branded products are projected to drive the demand for the market. The adoption of luxury lifestyle among consumers has influenced the purchasing power to opt for luxury wears among millennials. (MordorIntelligence)

Here are 5 Notable Opportunities Driving Fashion and Retail Growth in the upcoming years.

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There are not many industries that illicit more emotion and rage from consumers than utilities. It is also an industry where one wrong move can lead customers to switch services to another provider. As a utilities provider, you might have wondered - is outsourcing for the utilities industry a viable option? Benefits for outsourcing in the utilities industry can be achieved on many different levels, not the least being the savings you can make because you no longer need to recruit, induct, train and manage such a large inhouse workforce. It also allows you to provide not only 24/7 customer support and round the clock live chat but also to generate leads through outbound calling. Streamlining your company structure allows you to stay ahead of the competition and as a result increase your mind and market share.

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Healthcare Business Process Outsourcing allows healthcare facilities to outsource their non-core activities to an external 3rd party and focus solely on their core competencies. The global healthcare BPO market is projected to reach USD 468.5 billion by 2026 from USD 296.4 billion in 2021, at a CAGR of 9.6% during the forecast period (MarketsandMarkets). The following are the key trends shaping forces of growth in the Healthcare BPO Market.

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BPO Service and the Different Aspects

Business process outsourcing (BPO)  is a method of subcontracting whereby a business company outsources its non-core activities and strategies related to the business to a third-party vendor. Outsourcing becomes a lot easier because of the innovation in the field of technology and that is why it is called Information Technology Enabled Service (ITES). The growth of BPO services in the UK has been tremendous offshoring non-core works in the developing country.

What is BPO Used For?

Peter Drucker once remarked “do what you do best and outsource the rest” and a business organization utilizes outsourcing for the two domains of working areas; a) Front-office work and b) Back-office work. Front-office work consists of customer-facing operations where a person operates directly as a representative of a company and helps add revenues to the company’s assets. The works front-office manages are following-

1. Sales and Market 2. Call Center (Inbound and Outbound Calls) 3. Customer Relationship Management ( Managing a friendly reciprocal relation with the customer) 4. Help Desk

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The top five challenges small businesses such as startups face are - hiring new employees (50%), increasing profit (46%), employee healthcare (44%), growing revenue (39%), and managing cash flow (34%).

Outsourcing can be an effective solution for startups. While some startups hesitate to engage in such solutions, generally by outsourcing you hit two birds with one stone. How? Outsourcing eliminates the need for hiring employees and buying employee healthcare while still providing a solid boost to generating profit, growing revenue, and improving cash flow.

  24% of small businesses outsource to increase the efficiency of their business. (Clutch). In another Clutch survey from 2018, around 37% of small businesses outsourced a minimum of one important business process, whereas 52% reported planning to do so the next year.