House introduces bipartisan bill on AI in banking and housing
The bill would require a report on how these industries use AI to valuate homes and underwrite loans
Read more..."There are no secrets to success. It is the result of preparation, hard work, and learning from failure."
-Colin Powell
It’s a fast, necessary, and technology-backed transformation that the business world is witnessing today. I know we are talking about business, which is run by logic and planning, but the way the business sector has changed in just a few decades, I feel something miraculous is going on.
I mean how else you can justify that outsourcing has become a lot more than just a cost-saving tactic. Some say business previous was way easy, while others argue that doing business today is quite smooth. Whatever the reality is, one thing is of absolute certainty; customers are extremely powerful today.
It doesn’t matter what planning and strategies are being brainstormed and implemented, the ultimate baseline is to please the customers. Customers hold the whip and the companies have to do nothing but dance to the tunes of the ones who will purchase their offerings.
The situation becomes a lot tricky when the business owners have to save money, sustain growth, keep the revenue generation process continuous and keep the customer satiated. The all-in-one requirement is a costly affair. Maybe big organizations are capable of doing so, but what about companies that aren’t that much well-versed?
Today, even big corporations are indulged in uninterrupted outsourcing practice. On the other hand, SMBs, and start-ups find outsourcing more of an essentiality or an extension of their business, owing to the number of benefits that are associated with this stupendous strategy.
So, amidst the technological advancements, rising customer power, and cut-throat competition, outsourcing has emerged as one of the most required tactics in the business sector. Owing to this, numerous call centers and BPOs have emerged in the market and several countries are now participating in the race to become the world’s best outsourcing destination. India is leading this frontier for a long time but there are various nations such as China, Philippines, and Malaysia that are swiftly catching up.
This blog is going to throw light on the aspects that compel businesses to pursuit call center services; let’s have a look:
When a business starts to draw more customers towards its brand, the revenue increases. But along with the growth comes a lot of challenges. More customers mean a higher number of inquiry calls, which, in turn, means more load on the internal staff.
Now, as a business owner, you will be involved in making sure that the customers are getting resolutions to their queries promptly and precisely. This takes you a bit far away from the core tasks of your business that drive the bottom line of your company.
So, the reason of companies looking for call center services providers is the owners who want to spend their time concentrating on sustaining and enhancing the performance of core business tasks, instead of focusing on extraneous yet essential functions.
Focusing freely on the core competencies inevitably raises the performance of the business, leading to an elevated efficiency.
Hiring a competent outsourcing partner offers you one of the biggest benefits; save money. When you look to handle tasks that require attention and resource internally, you are literally saying yes to the big expenditure that follows on.
Whereas, BPO service providers offer you a direct access to the competent staff of agents. These agents are recruited and trained suitably by the call centers so your business is liberated from the stringent process of resource hiring.
For business owners in the USA, hiring offers them a hefty reduction in the costs associated with hiring, training, infrastructure, and technology. Call center service providers render all these amenities at a nominal pricing saving you a good amount of capital that can be utilized for other functions of your business.
A majority of businesses do not face high call volume throughout the year. Most of the businesses have high peak seasons and low requirement times.
To balance this scalability issue, either the organizations have to manage themselves or they can delegate such tasks to a prominent call center service provider. Call centers have a high number of agents that work on multiple projects at the same time. So if the requirement is high, these call centers just transfer more agents to your project and vice versa in case of low requirement.
Along with this, business owners can also avail ‘shared agents’ for their projects. This approach saves your money and offers you the exact assistance your business requires, no less, no more.
Customers are the bread & butter of every business. So, if you are not available for them in the hour of need, you are just inviting trouble.
Call center service providers work 24/7 to offer an uninterrupted assistance to the customers of their clients. These BPO service providers hire a humungous team of agents so that they can address and resolve customer queries even in the late hours of the day.
Customers just love it when they find an agent actively look to assist them in the oddest hour of the day. This builds a strong reputation for your business in the customer’s mind, increasing the chance of an elevated retention rate consequently.
Affordability, scalability, getting attention back to the core competencies, and 24/7/365 availability, IMHO, are the notable factors that result in companies looking for call center services. If you think there are other compelling aspects that I have missed, reach us in the comment section. Thanks!
The bill would require a report on how these industries use AI to valuate homes and underwrite loans
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