The global BPAAS market is expected to exceed $70 billion by 2025. If this doesn’t mean anything to you, that’s okay. Despite our familiarity with the concept it represents, many of us haven’t ever heard the phrase Business Process as a Service.
So, what the heck is BPAAS, and why haven’t you heard much about it? In this article, we’re going to give you the scoop on this wildly growing new market, as well as a run-through of some of the ways BPAAS can benefit you over traditional BPO offerings.
BPAAS = Business Process as a Service
First things first – what exactly is BPAAS? While the phrase may sound foreign to you, the concept really isn’t that complicated or new. BPAAS means Business Process as a Service. It amounts to the purchasing of a platform that can help you bring business processes in-house that were once outsourced (using BPO, or Business Process Outsourcing).
For example, maybe your company has hired an outside firm to take care of accounting, HR processes, or customer service. With BPAAS, you can forego the BPO expense by bringing those processes in-house and automating them with software specifically designed to help you do them yourself.
For this reason, BPAAS is sometimes called Platform BPO because you’re investing in a platform that allows you to satisfy your BPO needs.
Why Choose BPAAS over BPO?
As we said, BPAAS allows you to take care of more of your business needs in-house. And the trick is, if you’re using an Enterprise Automation Platform to bring your processes in-house, most of the steps will be automated, so they’re not going to require any extra manpower (or womanpower). Plus, you can mine data from your electronic processes, allowing your team to make better business decisions based on the analytics.
While it may seem easier to outsource certain areas of your business, consider these reasons why BPAAS could be a better alternative to BPO:
- More control of your organization’s operations
- Decreased cost by eliminating the need for many different outsourced teams
- Competitive advantage over organizations still using BPO
- Return on initial investment, especially if you’re using an Enterprise Automation Platform that can grow into other departments and processes
- Monthly subscription model gives you the freedom to pay as you go
- Increased capacity for growth without having to increase staff or budget
- Detailed process analytics
- Higher operational efficiency
Common BPAAS Applications
How are other organizations using BPAAS software? Three of the most common applications are Human Resources, Finance & Accounting, and Marketing & Sales. Using BPAAS within HR can help reduce the cost per employee. Within Finance & Accounting, it also helps reduce costs, while optimizing auditability and the ability to make financial predictions. In Marketing & Sales, BPAAS again helps to reduce costs, while enhancing the experiences of customers and prospects. (source)
Where to Begin with BPAAS
If you want to dip your toes in the BPAAS waters, we can help guide you through an Accounting Automation demo. This is the area where most businesses begin their automation journey. From here, organizations can expand the solution to whichever department or team they feel needs the most intervention. DocuPhase’s highly configurable platform can meet all of your company’s BPAAS needs, while connecting data from our system to any existing software systems you’re currently using.
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