Business Process as a Service (BPaaS)
The BPaaS model for business success
Automation made a foray into our world decades ago. Businesses across the globe have been automating some or all of their processes. Initially, business process automation was done manually which later paved the way for software-based automation.
And, then cloud-based technologies appeared to make business process management seamless and revolutionise the way businesses manage their workflows!
Cloud technologies include:
- SaaS: Software as a Service
- IaaS: Infrastructure as a Service
- PaaS: Platform as a Service
- And, finally BPaaS: Business Process as a Service which has currently become the most sought-after cloud computing technology business solution.
In recent years BPaaS has become a predominant technology that is impacting all facets of our lives and we are not even aware of its presence.
Did you know that:
Google’s search engine is a cloud-based BPaaS.
Or that the SkyPe VOIP services that you use for making calls leverage BPaaS?
Or even that BPaaS is the service that supports YouTube’s storage, delivery, and playback options for videos?
So we see that BPaaS is all around us supporting various applications that we use!
What is BPaaS?
Simply put BPaaS is any vertical or horizontal business model that is delivered through a cloud service framework. It facilitates a service-oriented approach to automating business processes.
It is essentially a Business Process Outsourcing service facilitated through the cloud. The BPaas cloud-based system offers businesses the people, technology, and processes they require on a pay-per-use basis. Hence, businesses can access on-demand solutions instead of purchasing packaged solutions. BPaaS not only reduces costs but also offers scalability.
BPaaS can be integrated with services such as PaaS, IaaS, and SaaS to offer high-quality technological solutions that foster efficiency and productivity. It was a popular technology in the post-COVID era because it facilitates remote delivery models across organisations.
BPaaS is being widely deployed in:
- Finance and accounting services
- HR services
- Sales and marketing
- Customer services
- Supply chain management
- Procurement, and more!
How does BPaaS Fuel the Success of a Business?
- Reduces Costs
- Access to Technology
- Boosts Efficiency
- Access to Expertise
- Saves Time
- Fosters Growth
- Makes it easy to Scale
- Makes Businesses Agile
One of the main benefits of BPaaS is the reduction of costs. Outsourcing specific business processes to a BPaaS provider minimises expenses towards hiring, training, and managing in-house staff. BPaaS service providers also offer economies of scale to businesses by offering services at a lower cost than what a business can achieve.
Automation of business processes with BPaaS further reduces the operating costs of a business drastically.
BPaaS service providers leverage the latest technologies like Artificial Intelligence (AI), Machine Learning (ML), etc. Therefore, by using BPaaS technology, organisations can access the latest automation tools without investing in the technology or hiring specialists to work with technologies.
BPaaS service providers leverage the latest technologies to maximise efficiency, ensure quick turnaround times, and enhance the quality of products.
BPaaS service providers have experienced professionals who are specialists in their fields. By outsourcing business processes to a BPaaS provider, businesses can access expert knowledge to enhance process outcomes.
By outsourcing business processes to a BPaaS provider, a business can save time and resources because the BPaaS provider takes over several tedious tasks.
BPaaS boosts the growth of a business because it saves the time and resources of business owners. They can channelise their resources towards activities that help the business grow.
Outsourcing business process requirements to a BPaaS provider helps a business scale its operations up or down. This is because it offers the business the flexibility to source services according to its specific needs instead of investing in a package.
Agility is one of the most essential elements for business success. BPaaS services make a business resilient and agile by leveraging technologies like AI and ML. Businesses can adapt to changing customer demands and business environments.
BPaaS solutions offer several benefits to businesses by providing a technological framework via a centralised platform. Hence, it comes as no surprise that the global BPaaS market size is expected to grow to $94.54 billion in 2027 at a CAGR of 5%.
Globalisation of markets, prominence of cloud computing, and increased IT spending are some of the key drivers for the growth of the BPaaS market. Also, The rising adoption of technologies like AI, ML, business analytics, etc., has further propelled the growth of the BPaaS market.
In addition to these factors, the increased requirement for digital databases and remote access to information is also fueling growth.
Today BPaaS is being deployed extensively in private, public, and hybrid models by SMEs, MSMEs, and large organisations across various verticals the world over. This is because it has become one of the vital components in the digital transformation journey of a business.
*For organizations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed on organizational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet modular suite of services is doing exactly that. Equipping organizations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organizations that are innovating collaboratively for the future.
