hi my name is Liam Martin and today you're going to learn about the best business model in my opinion in 2018 which is Business Process Outsourcing companies at time dr. we provide technology to be able to manage remote teams that's really our passion that's what we're great at and one of the biggest company types that have arisen out of the remote work industry are BPOs which stand for Business Process Outsourcing companies so as an example if you're getting a phone call from MasterCard as an example it's not really MasterCard that's calling you it's a company that MasterCard has hired to do the call on their behalf I may sound like MasterCard but they're not actually MasterCard there's some firm that has subcontracted out that work so that MasterCard can either get more cost-effective labor or labor on the other side of the planet so they're working a night shift and maybe their day shift is done internally it's a huge issue to actually set up a foreign corporation so instead they hire these companies to be able to subcontract out that work and in 2018 it is by far one of the best models I've ever seen on how to create a very successful company if you know how to do outsourcing and if you know how to structure your team internationally so the reason why this is happening is I can boil it down to about seven major trends that are currently happening in the BPO industry we track many of these companies many of these companies are our customers so I have a little bit of an inside track on this and what I want to do is share that information with you right now so trend number one new technologies are emerging inside the BPO industry that are making it a lot easier to be able to build a BPO in a much more cost-effective manner so some of the biggest jumps in terms of technology is the focus on management tools so tools like time doctor like slack like Skype all of these tools have been really important in empowering and allowing them to not just be something that you needed a massive corporation and a really expensive internet connection to be able to deploy but you can do it remotely and you can literally hire people for your BPO from either just small satellite offices in Asia or even working from home so it's been really important and that's been a huge jump in the last few years with regards to new jumps in technology the second thing is cloud computing so up until a few years ago it was very difficult to be able to build a BPO because you needed a central database to be able to work from you needed a big server those servers cost a lot of money but with the rise of cloud computing those servers are much cheaper than they were before so it's a lot easier to be able to go out and have an Amazon AWS server or have an S AP system or even have the Google server systems the Google app system for Gmail is fantastic basically gives you everything that you need to be able to work inside of the cloud these types of technologies have been huge in the rise of PP o--'s over the last couple years trend number two is multitasking to overcome different industry shortages BPO is really expanded they're now doing HR they're doing accounting they're doing front office work which is call center work but they're also doing back office work which is usually computer work so they've been multi tasking and they have a very multifaceted business model so they've been able to expand out to a lot of different markets powered by point one which is new technologies coming up into the industry and for us it's we've seen a huge explosion of not just the call center BPOs but also the development BPOs the design BPOs the HRV POS the accounting v POS and it's been an absolutely massive for the industry there's so many opportunities right there for V POS that want to be able to push into a new industry because they're just so much more cost-effective than anyone else in side of brick-and-mortar organizations trend number three startups are starting to become BPOs so startups were usually just focused on technology but now there's a lot of startups that are focusing specifically on the BPO industry and using the startups model to apply it to BPOs so there's a lot of great ones up here I'm actually gonna throw some companies up in the side here that you might want to check out that are absolutely cool and neat and really focused on taking the startups model and applying it to the BPO industry so if anyone's interested in checking out a BPO I'd highly suggest these guys checking them out because they're taking the startups methodology and they're deploying it towards the BPO industry which Timmy has been huge in the overall success of the rise of BPO in the last couple of years trend number four is increased transparency so with a lot of VP OS they've been using tools like time doctor to very clearly communicate to their customers which are the mastercards of the world as an example not just a black hole of okay we're hiring a bunch of people they're gonna handle your customer support - we've hired a bunch of people and we're going to very clearly measure everything that they're doing how long those calls are what websites and applications they were using during those calls why is one person successful versus another person unsuccessful based off of that data and the customers can audit that data so they very clearly know exactly what's happening and the BPO is incredibly transparent with their customer and that's been huge in building that extra layer of trust between the BPO and the customer and that's why it's gotten a lot easier to build a BPO in the last few years trend number five politics so there's a lot of countries in the world the Philippines is the best example but we also have countries like Indonesia Costa Rica and India that have really grabbed on to the BPO industry and have said these are really good high-quality jobs for our people that we're able to deploy and take advantage of so there's plenty of places in the world where you'll have BPO zones parts of a country where companies will be able to operate internationally and won't have the same restrictions that you would have in that local country's legal framework and that's been huge to not only attract labor to those particular areas but more importantly empowered BPOs to be a lot more effective in the way that they find labor and deploy it inside of these countries trend number six is specificity by country so we've found a really interesting trend in the BPO industry which is now particular countries are starting to get really good at different type of Business Process Outsourcing so one of the best places in the world for front office work which is people talking to you on the phone or doing customer support basically anything that directly interacts with another human being the Philippines has been by far the best market for it and they've really been focused on making themselves the best front office BPO in the world in comparison countries like India as an example have been really good at the back office industries so the back office BPO is employees that focus on development design work stuff that doesn't directly correlate to talking to another human being but instead is kind of the back end operations of an organization India has been really good at that countries have actually been getting even more specific like Costa Rica as an example has been really good at focusing on English speaking and Spanish in front office customer support which is really cool as a very specific niche to be able to to focus on so much so companies like Amazon have exported all of their customer support to the Costa Rican market because it's so effective in comparison to other places in the last point that I'll talk about is there's lots of new markets that are really starting to develop connected to that specificity that I talked about in point six so yeah countries like Bulgaria you have countries like Romania you have countries like Ukraine that are all trying to develop their own individual BPO niches inside of the industry and they're all trying to jump for these jobs so it's a really exciting time and I know for me some of our most successful clients that I've seen go from one to two remote employees to one to two hundred remote employees within a year have all been in the BPO industry so if you're interested in that please leave a comment down below I'd love to talk to you about the BPO industry I'm able to answer any questions you might have I'll see you in the next video