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What are the most effective emerging technologies for BPO negotiations?

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BPO negotiations are crucial for establishing successful and profitable relationships between service providers and clients. However, traditional methods of negotiation can be time-consuming, costly, and inefficient, especially in a dynamic and competitive market. That's why many BPO companies are adopting emerging technologies that can enhance their negotiation skills and outcomes. In this article, we will explore some of the most effective emerging technologies for BPO negotiations and how they can benefit your business.

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wilson l. chua

NUS Gold Medal Awardee, UP CV School of Business Distinguished Alumni, CISO, Call Center Ops, Network Ops, Big Data…
Joseph Varughese

A blend Finance, Technology & Creativity | CFO 4.0 | ERP Consulting & Program Management - (Oracle Fusion, MS Dynamics,…

1 AI-powered tools

Artificial intelligence (AI) can help BPO negotiators in various ways, such as analyzing data, generating insights, creating proposals, and predicting outcomes. AI-powered tools can also automate repetitive tasks, such as scheduling meetings, drafting contracts, and sending reminders, freeing up time and resources for more strategic and creative aspects of negotiation. Additionally, AI can provide real-time feedback and guidance to negotiators, helping them improve their communication, persuasion, and emotional intelligence skills.

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Joseph Varughese

A blend Finance, Technology & Creativity | CFO 4.0 | ERP Consulting & Program Management - (Oracle Fusion, MS Dynamics, Oracle NetSuite) | Business-IT Integration | Delivery Management | SAP | PMO | Writer | Entrepreneur
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In one of the organizations I worked for recently, we adopted AI-powered tools to streamline invoicing, automate OTC processes, and reduce invoicing errors and collection time. The tool helped us improve cash flow and profitability by improving DSO and minimizing invoicing errors and delays. BPO organizations can use AI-powered tools to improve the finance processes including OTC, P2P among others, benefiting both the BPO and the client organizations in a win-win situation.

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2 Blockchain-based platforms

Blockchain is a technology that enables secure and transparent transactions among multiple parties, without the need for intermediaries or central authorities. Blockchain-based platforms can facilitate BPO negotiations by creating smart contracts, which are self-executing agreements that can automatically enforce the terms and conditions of the deal. Smart contracts can also reduce the risk of fraud, disputes, and errors, as they are immutable and verifiable by all parties. Moreover, blockchain can enable faster and cheaper payments, as well as improved traceability and accountability of the services delivered.

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Shahriar Kabir

CX Professional || Conversational AI || SaaS || Operational Strategist & People Leader || Inspiring Teams & Recruiting Top Talent for Operational Excellence || From Small Heath to Big Screen: Thomas Shelby, OBE Fan
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I recently had an impressive experience with an NLP-driven chatbot during customer support with an e-commerce platform. "Eva," the chatbot, engaged in a human-like conversation and swiftly resolved my query using natural language processing. Eva's multitasking and 24/7 availability eliminated wait times and time zone issues, smoothly transitioning complex issues to human agents while maintaining context. Personalization and learning capabilities enhanced my experience. This interaction showcased the potential of NLp-driven chatbots to transform customer service, promising efficient and user-friendly support. As AI and NLP technologies advance, they promise to improve customer satisfaction and loyalty.

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3 VR/AR-enabled devices

Virtual reality (VR) and augmented reality (AR) are technologies that create immersive and interactive experiences for users, by simulating or enhancing the real world. VR/AR-enabled devices can improve BPO negotiations by allowing negotiators to meet and collaborate in virtual or augmented environments, regardless of their physical location. This can save time and money on travel, as well as enhance the engagement and rapport between the parties. Furthermore, VR/AR can provide negotiators with rich and realistic information, such as 3D models, simulations, and demonstrations, that can help them visualize and evaluate the value proposition of the deal.

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4 Cloud-based solutions

Cloud computing is a technology that provides access to shared and scalable computing resources, such as servers, storage, software, and applications, over the internet. Cloud-based solutions can support BPO negotiations by enabling negotiators to access, store, and share data and documents from any device and location, enhancing the flexibility and efficiency of the process. Cloud-based solutions can also offer advanced features, such as encryption, backup, and recovery, that can ensure the security and reliability of the data and documents. Additionally, cloud-based solutions can integrate with other technologies, such as AI, blockchain, and VR/AR, to create a comprehensive and seamless negotiation platform.

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5 Chatbot-assisted systems

Chatbots are software applications that can interact with users through natural language, such as text or voice. Chatbot-assisted systems can assist BPO negotiators by providing information, answers, and suggestions, based on predefined rules or machine learning algorithms. Chatbot-assisted systems can also handle simple and routine tasks, such as answering FAQs, collecting feedback, and confirming details, improving the customer service and satisfaction. Moreover, chatbot-assisted systems can learn from the data and feedback they receive, and optimize their performance and responses over time.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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wilson l. chua

NUS Gold Medal Awardee, UP CV School of Business Distinguished Alumni, CISO, Call Center Ops, Network Ops, Big Data Analytics
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The use of ML/AI for sentiment analysis of customer interactions also help us provide real-value to our clients. Issues can be automatically created and escalated to be resolved faster.

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What are the most effective emerging technologies for BPO negotiations?

1

2

3

4

5

6

1 AI-powered tools

2 Blockchain-based platforms

3 VR/AR-enabled devices

4 Cloud-based solutions

5 Chatbot-assisted systems

6 Here’s what else to consider

Business Process Outsourcing (BPO)

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What are the most effective emerging technologies for BPO negotiations?

1

2

3

4

5

6

1 AI-powered tools

2 Blockchain-based platforms

3 VR/AR-enabled devices

4 Cloud-based solutions

5 Chatbot-assisted systems

6 Here’s what else to consider

Business Process Outsourcing (BPO)

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