BPM and BPO are the two most efficient way of managing processes with the focus of monitoring and improvement. The emergence of distributed technologies can be revolutionizing for these business practices. Distributed and decentralized systems such as blockchain technology can holistically manage the work. In these systems the participants will be sharing the same type of data source which could be a financial transaction and the technology would handle each step in an orderly manner. The security and accountability remain the same as in the BPO process. All the industries rely on outsourcing companies to keep the organization running but this industry is technology-oriented. So, to match the industry standards and expectations the business process needs to be upscale.
When blockchain is incorporated, the BPO companies enter a world where information can be communicated intelligently. Organization those who adopt this technology will give a better user experience and value-added service. This ongoing process of digital transformation is a huge challenge for any organization. Companies of all types consider outsourcing to handle all the parts of a business process. Most of the companies view these partners as an extended company and have integration and collaboration with them.
IT System Scenario
A business process shows activities which are automated using IT and one which is performed by humans when there is an interaction with information systems. Lack of standards in any operational technology creates challenges where devices and equipment from different suppliers won’t be able to communicate with each other. Humans try to bridge the gap by updating the system with the status of activities and tasks done by them through this leads to delays and human error. So, the current model cannot scale up and provide real-time insight into the work done. That’s where an offshore outsourcing company becomes relevant.
The digital business process is important as it supports the customer’s digital journey and makes the organization more flexible with faster processing, decision-making and achieves cost-saving. All these are normally achieved when firms outsource data digitization.
The blockchain approach can be useful in a multi-vendor scenario where outsourcing is done to all the vendors. Now the vendors are responsible for a particular outcome. Here the data processing services will have multiparty validation as once the data is entered everyone will have a copy of the same data and they all will be working on it. Since everyone will have a copy of the data, they will have a better insight into the level of work completed or still pending.
The path breaking potential of blockchains for outsourcing companies is getting more popular. It is important to look at blockchain technology as a network standard where one needs to focus not the needs and requirements and not getting too focused on specific low-level technology. At the same time too, much should not be spent on blockchain products without proof and just basis mere experimentation. This, in particular, shows how smart objects with the blockchain technology are an emerging service. As an emerging technology, the role of BPO organizations in blockchain technology network looks promising.
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