Frost Radar™: Business Process Management Services, 2023

Frost Radar™: Business Process Management Services, 2023

A Benchmarking System to Spark Companies to Action - Innovation that Fuels New Deal Flow and Growth Pipelines

Traditionally, business process management (BPM) or business process outsourcing (BPO) services were implemented as a cost-optimization concept based on labor arbitrage. However, BPM services have evolved and encompass core and noncore operations. Today, they permeate the entire business process value chain and address a wide variety of business objectives. Both front- and back-office processes play a fundamental role in the efficient running of day-to-day business operations, delivery of an optimal customer experience (CX), and sustained long-term business growth and profitability.

The BPM services market is highly competitive and fragmented due to the influx of global and local IT services, BPM services, consulting services, contact center services, and digital solutions companies. Increasingly, organizations are considering partnering with BPM service providers that offer the right blend of onshore, offshore, and nearshore presence and expertise. BPM service providers are now focusing on automating low-margin and repeatable transactions as well as offering value-added services, such as design thinking, process engineering, co-innovation, Lean and Six Sigma methodologies, and consulting and advisory; they combine these capabilities with their domain expertise to deliver customized, industry-specific services. BPM service providers must also deliver solutions that align with organizations’ current business priorities and address future technology requirements.

BPM services market growth continues to accelerate, driven by the growing need for digital transformation technology solutions as organizations improve their business functions and operations by optimizing workflows while driving value creation and business outcomes. The market continues to adapt to business disruptions, such as the COVID-19 pandemic, tight labor markets, supply chain issues, and economic and inflationary pressures. As the market moves toward digital transformation, organizations are benefiting from customized, market-specific solutions that create value and achieve business outcomes.

Frost & Sullivan analyzes numerous companies in an industry. Those selected for further analysis based on their leadership or other distinctions are benchmarked across 10 Growth and Innovation criteria to reveal their position on the Frost Radar™. The publication presents competitive profiles of each company on the Frost Radar™ considering their strengths and the opportunities that best fit those strengths.