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Business process outsourcing (BPO) is crucial to the worldwide economic landscape. It allows client companies to concentrate on their core competencies and delegate back-end activities to specialized third-party providers.
Managing service delivery is critical to BPO operations because it involves maintaining service quality, efficiency, and client satisfaction. Quantum computing is a leading approach to ensuring efficiency and optimizing delivery in BPO operations.
Read on to learn about quantum computing’s impact on BPO operations, its advantages, and adoption strategies for service providers. This article also discusses the future of BPO in leveraging quantum computing.
The Impact of Quantum Computing on Business Outsourcing
Quantum computing is the application of the principles of quantum mechanics to perform computations and solve problems. Quantum machines and computers solve calculations at a scale and speed that legacy machines cannot compete with. That said, most of the potential of quantum computers is still theoretical as researchers and scientists refine the technology.
The development of quantum computing is changing the modern business landscape. The worldwide quantum computing market will reach almost $3 billion by 2032, expanding at a compound annual growth rate (CAGR) of 28.8%. This technology will bring innovation to a whole new level and offer cutting-edge solutions to the BPO industry.
Many BPO firms are preparing for this significant shift. Quantum computing can dramatically change how BPO firms collect, store, use, and act upon data. Here are the impacts of quantum computing on BPO operations that client companies and service providers should expect:
- Optimizing the workforce. Quantum systems help allocate resources and ensure personnel are assigned work based on their performance history and skillset. All of these features can improve efficiency.
- Enabling predictive analytics. BPO, in adopting quantum computing, can analyze large amounts of data and anticipate service delivery trends. This capability allows providers to address possible issues and ensure high service levels.
- Monitoring operations in real time. A practical application of quantum computers is quantum-powered sensors, which enable real-time monitoring of service operations. These tools reduce downtime and allow immediate intervention.
Benefits of Quantum Computing for BPO Providers
Quantum computing is an emerging technology that aims to revolutionize various industries, including BPO. It utilizes the principles of quantum mechanics to perform calculations that are currently impossible with classical computers. It also has the potential to immensely improve the effectiveness and efficiency of outsourced services, further diversifying BPO opportunities.
Here are the top BPO benefits of quantum computing that will entice clients and service providers to migrate.
Calculate Probabilities Accurately
Google’s Sycamore quantum processor took only three minutes to complete a task that would take a supercomputer thousands of years. Although the experiment had caveats, it effectively showed the potential of quantum computing, which, to a degree, exceeded the norm.
More powerful computers are necessary to accurately calculate probabilities in a world that relies heavily on data. Keeping that in mind, various banks opt for a new generation of processors to quickly crunch large amounts of data. Financial institutions that outsource can leverage this one benefit to perform large-scale computations.
BPO and client companies are better equipped to analyze large or unstructured data sets effectively. Accurate data analysis leads to better insights, which could help banks make smarter decisions and refine customer service. One example is more relevant and timelier offers, such as a mortgage based on the client’s browsing history.
Improve Speed of Data Analysis
One of the most significant ways quantum computing can affect BPO is by enhancing the accuracy and speed of data analysis. Quantum computers process vast amounts of data faster than classical machines, which lack the same computer power. They allow businesses to make wiser and more informed decisions in real time.
This capability is especially beneficial for BPO organizations offering data analysis solutions to clients. Quantum computing enables these service providers to deliver more accurate insights to their clients faster, thereby allowing the client to make better decisions and improve their bottom line.
Enhance Data and Communications Security
Another way quantum computing can benefit BPO is by enhancing communications and data security. Firms can use quantum computing to develop new, more secure encryption methods than legacy encryption tools.
This feature is particularly crucial for clients who outsource services that deal with confidential or sensitive information. Quantum computing can help guarantee that the data never falls into the wrong hands and remains private and secure, even in the face of sophisticated cyber threats.
Increase Process Effectiveness and Efficiency
Quantum computing can also help improve the effectiveness and efficiency of complicated business processes. Quantum algorithms can solve complex business problems, such as optimization issues and scheduling and logistics concerns, more efficiently than classical algorithms.
Client companies or BPO firms that offer logistics and supply chain management services will find use for this function. Quantum computing aids these organizations in optimizing their supply chains, minimizing costs, and improving their bottom line.
Create New Services for Outsourcing
Organizations can use quantum computing to develop new products and services that clients can outsource. For instance, companies can use quantum computing to create new artificial intelligence (AI), robotic process automation (RPA), and machine learning (ML) algorithms, which can be utilized to develop more autonomous and intelligent systems.
Autonomous systems can then automate various business functions, such as marketing, sales, and customer service. At the same time, RPA can automate 70%–80% of rule-based processes. This benefit applies to third-party BPO providers investing in quantum computing to offer client development solutions.
Enable Great Flexibility and High-Performance Computing
Quantum computers are not restricted to one programming language or operating system. Instead, they process data across heterogeneous systems simultaneously. This feature makes quantum computing ideal for companies that need dynamic data solutions.
Moreover, quantum computers allow high-performance computing since they apply the principles of quantum physics to expedite data processing in a way that is impossible with classical computers. It enables them to crunch data quicker and more efficiently, allowing firms and clients to save significant time.
Reduce Computing Costs
Quantum computers can significantly minimize the cost of computation. Businesses need not depend on cloud-based or privately owned computing services because quantum computing can handle more data than traditional computers. The increase in speed and accuracy of business functions results in greater productivity and higher client satisfaction.
Note that quantum computing remains an emerging technology, and the adoption of this technology by the BPO industry is still in the early stages. Learning how to maximize quantum computing and integrate it into existing systems could take time. It also needs specialized software and hardware, which can be difficult and costly.
How BPO Companies Can Implement Quantum Computers
BPO organizations must first understand how quantum computing works to maximize its benefits. They can implement the technology in their businesses in various ways. One approach is to utilize cloud-based solutions, allowing them to access quantum computers without investing in the hardware.
They can also implement the innovation using a quantum computer to expedite specific activities that are hard to perform using classical computers. Another way is to apply a hybrid approach combining quantum and classical computing.
Quantum computers process and store data using quantum bits, or qubits. This type of computing is not reserved for physicists or scientists. It can also be applied in architecture, construction, logistics, the fourth industrial revolution, or anything requiring complex simulations or decision-making.
Some factors BPO providers must consider in adopting quantum computing are:
- Quantum safety. Large prime numbers are easy for quantum computers to break down, making data security less effective since binary cryptography protects most systems. Companies that handle confidential data must think about quantum-safe encryption.
- User skills and training. Problems where the algorithm has already been developed require Python programming. Solving optimization or simulation problems requires knowledge of the algorithm. High-level workers need to understand physics and how to interact with individual atoms.
The Future of BPO and Quantum Computing
Learning what BPO’s future is as the industry continues to invest in quantum computing allows outsourcing clients to prepare. The years to come look extremely promising. Various experts believe that quantum computers will inevitably outperform classical computers in several activities, including machine learning and complex optimization issues.
This could enable BPO organizations to solve previously unsolvable problems and gain a competitive advantage.
Although quantum computers are not widely available, companies such as Google, IBM, and Microsoft are already developing them. These companies are investing heavily in research for quantum computing, and the first commercial quantum computers are expected to be available within the next few years.
Given quantum computing’s major implications, the BPO industry must start considering how it can leverage the technology. Quantum computers will revolutionize various industries, so those who adopt them early will be well-equipped to realize their benefits.
Use Cases of Quantum Computing in BPO
Various quantum computing solutions specialized for different BPO needs are on the rise. For instance, quantum computers for medical analytics can assist healthcare BPO providers in managing patient data and making predictions more accurately.
Moreover, quantum solutions can help third-party financial service providers improve risk management, achieve faster transaction processing, and make better investment decisions. These examples are merely the tip of the iceberg regarding the possible quantum computing applications for BPO.
One real-life example is Biogen, a biotechnology leader and innovator in pharmaceutical research and development. Drug companies can run numerous comparisons on classical computers but are limited to a specific size of molecules that a classical computer can compute. Quantum computers make it possible to compare larger molecules.
A BPO firm used its cloud-based application programming interface (API) and a pre-built structural molecular comparison algorithm to meet Biogen’s extra pharmacophore needs. The result verifies that the quantum-enabled method for molecular comparison is as good or better than existing methods.
This advancement shows that quantum computing can significantly improve the drug recovery process in the pharmaceutical industry and enhance patient outcomes.
The Bottom Line
Quantum computing has immense potential to revolutionize how BPO processes data. Firms must take steps towards quantum computing migration to stay ahead of the competition. Making the right investment is key to success, as quantum computers promise increased productivity, lower costs, better customer service, and higher accuracy.
Let’s connect if you want to learn more about how to leverage technological developments through outsourcing.
