13 Jun WILL THE EVOLUTION OF ARTIFICIAL INTELLIGENCE BRING DOWNFALL OR A BOOST TO BPO INDUSTRY?
Artificial Intelligence (AI) is a field of computer science that emphasizes the creation of intelligent machines that can act and react as humans.
Will Artificial Intelligence lead to death of BPO Industry?
The pattern of the Business Outsourcing has been the same for years. Companies have delivered repetitive, low-value, or labor-intensive jobs around the world to save costs.
Now that the trends of capital investment are changing, not just because wages are increasing worldwide. The growth of Artificial Intelligence is making some companies to give a second thought about their delivery rationale. With no doubts, AI can redo the Business Process Outsourcing. Major tasks for offshore companies are replaced by the machines, and the companies that are providing outsource business are forced to come up with new propositions for their client companies, to get the business going.
Companies that have learned and implemented artificial intelligence as a part of their business processing strategy may seem to be increasingly making a choice of extracting outsourcing from their business based on the results AI is providing to the customers. This makes the companies to bring the strategic business processes back to home. Businesses developing their own AI machines will have lesser need for outsourcing their business for long term or outsourcing contracts to help businesses grow. Today’s talk of the town is, will artificial intelligence lead to mass repatriation for all the business currently settled in offshore locations? Maybe not, but when it is about the new business processes, decisions are likely to move the business onshore. The companies working on their home ground will be able to hire smaller number of highly qualified employees if the company is implementing artificial intelligence in their business processing.
How Artificial Intelligence will flourish BPO Industry?
However, if applied correctly, Artificial Intelligence will bring a boost to the outsourcing industry, allowing people to keep their jobs while increasing their productivity and customer satisfaction levels.
Outsourced human agents will not be taken over by Artificial Intelligence. This technology is used to take over some specific human tasks by giving solutions to usual or foreseeable problems. The use of Artificial Intelligence affects BPO industry, whereas it is believed that business outsourcing is more accurate and much faster. AI can take over human agents in some minor tasks. However, full automation in the industry will not take place.
Taking the account of different business outsourcing responsibilities, mostly work is divided in four categories, which are knowledge application, data collection, data processing and management. Half of these are very sensitive and cannot be totally relied over AI.
Even if the machines can replace some human tasks during the occupation, this surely does not result in the unemployment. Although some of the work functions are taken over by machines, the demand of most activities that cannot be provided by the Artificial Intelligence will grow continuously.
Therefore, instead of the perception that AI will take over business processing outsource, it is perceived as a useful tool that can help and expand the BPO industry. Predictions that are given by AI can help an employee to create a better interaction with the client. The AI will use a number of data entries to achieve customer’s and business needs, interact when possible and will provide support where appropriate.
Artificial Intelligence is not bringing the downfall to the Business Processing Outsourcing but will replace bad BPO processes. New technologies will allow the offshore agents to work better by reducing the communication gap between customer’s dissatisfaction and employee’s inefficiencies, helping agents assist customers by anticipating needs, providing data and providing more customers and customer support.
Companies that are using the Artificial Intelligence technology are handling things with 50 to 70 percent better times to improve resolution, improve employee numbers, retain employees and will promote satisfaction of employees.
In spite of all the hype of Machine Learning and Artificial Intelligence technologies leading to death of BPO Industry and sea supply. On the contrary, the introduction of Artificial Intelligence increased the prevalence of retained and shared service activities within organizations and brings revenue to BPO industry and approximately 80% of Machine Learning and Artificial Intelligence related business process services are delivered offshore.