Will AI Disrupt the Global BPO Real Estate Market?

Anyone who has used ChatGPT in the last few weeks will be astounded by the current state of artificial intelligence (AI). Microsoft recently announced a $10 billion investment in OpenAI, the company that created ChatGPT. AI is undeniably the buzzword of the moment.

Many people believe that AI will eventually replace many of the mundane and repetitive tasks that humans perform. It may eventually reach the creative and innovative parts of the human mind. Actually, ChatGPT can already give us a hint. Some people have asked it to write an essay, a screenplay, or other tasks that would normally require human thought.

Some people are concerned that AI will easily replace customer service representatives in the near future. One possible indicator of this is the use of helpdesk chatbots on some websites, which make it difficult to reach an actual human for assistance with a question.

Because many customer service jobs involve answering frequently asked questions, the answers could help train AI algorithms to respond in a specific way.

If AI chatbots or metaverse humanoids can provide excellent customer service with only a few human inputs for some complicated questions, the massive global business process outsourcing (BPO) industry and the accompanying real estate infrastructure that supports it will have to take notice. However, it is far from a dormant industry. According to Statista, the global BPO market’s revenue could grow at a combined annual rate of 6.48% between 2023 and 2027.

This is a sensitive subject that has an impact on global employment during difficult times, as well as investors in global BPO industrial parks and buildings. If the business model involving human call center agents changes, the industry and its investors must adapt.

If something like this happens, I believe the potential impact on real estate that BPO drives and enables globally could be significant. What would happen to the real estate used by this industry if demand for even work-from-home human call center agents fell one day? I believe it all comes down to how effective these AI algorithms are at replacing human customer service representatives.

As an investor, keeping track of AI trends and developments through news reports or published executive studies can help you understand what jobs may be at risk in the future. Keep track of whether these technologies are already “fit for purpose.” Some people, for example, have asked AI models to write software code, articles, legal opinions, medical opinions, and even screenplays. Other types of AI are used by some people to create songs, music, and digital art. While not all of the results are spectacular, some are. Take note if your investments fall into any of these categories. If text chatbots begin to proliferate on many business websites, keep an eye on news reports that state whether or not human call center agents are involved.

 

 

 

source : forbes

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About Skyhigh.Vip

Skyhigh.Vip is a global institutional investor with a vast interest in Arts / Construction / Education / Business Services / E-Sports and various other growth industries.  

Several of its popular portfolios include GO Chambers which is the world’s largest business chamber listing provider with over 30,000 active chambers as its members.  

Outsource Guru is the global choice for Business Process Outsourcing that offers a full stack of services for all aspects of business process flow and together with Flexgigzz.com as a platform for freelancers aims to provide best services for many businesses.

For growth industries there is Point of Authority for a professional E-sport team and gaming hardware superstore, and there is AtelierAuction which is an investable art auctioneer and being in the art scene for decades.

 

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The Advantages of Hiring a VA for Real Estate or Brokerage Company

As a real estate agent or broker, you understand how things work on the back end. It’s not all glitz and glamour, and while you and your team are out showing potential buyers houses on your books, there’s a mountain of administrative work that’s going unfinished back in the office. This is where Virtual Assistants who specialize in admin and support work for your industry come in.

A virtual assistant (or VA) is a remote, usually outsourced, business support person who assists with repetitive, menial, and time-consuming tasks that keep you from doing what you do best. Virtual assistants can assist with data entry, website maintenance, bookkeeping, scheduling, and a variety of other tasks with a focus on efficiency and effectiveness.

Not only that. Virtual assistants for the property industry can help you acquire leads, get more properties on your books, and even manage the properties you look after, in addition to general administration. So, if you’re looking to outsource some of your business administration, keep reading to learn how remote-working virtual assistants could be a good fit for you.

Why Should You Outsource Your Admin?

Saving money is one of the most significant advantages of outsourcing your administrative tasks. Admin work is time-consuming, but it is also relatively simple, so having your highly skilled and trained employees spend their valuable time on this task makes no sense.

Outsourcing your company’s administration not only allows it to be completed more quickly, but it also allows your employees to focus on high-value tasks such as building relationships, moving the company forward, and closing profitable sales.

What Could You Outsource in Your Business?

When you start outsourcing parts of your business, you’ll wonder how you ever got along without them. There are many areas that work well for outsourcing – payroll and accounts, for example – but for work that will truly free up your valuable brokers and estate agents, consider the options below.

Telemarketing and Cold-Call Outreach

Everyone knows that sales calls and telemarketing can be time-consuming, and the rewards for your efforts can take a long time to come, but that doesn’t mean it’s not an essential part of your business.

With cold-call outreach outsourced, you can relax knowing that there is an expert team, or individual assistant, dedicated to creating and building relationships with potential clients and investors, all while you are out in the field creating in-person relationships.

Property Management

Leasing, renting, or selling your property requires a significant amount of administration, particularly during tenant turnover. It’s time-consuming, repetitive, and unproductive. Outsourcing property and tenant management allows you and your team to focus on filling your next property.

Call Administration

You don’t want to waste your time calling potential customers back, especially when all you usually get is voicemail. It’s a waste of time when you could be doing something else. Many outsourcing partners provide 24-hour service, so your clients’ calls may be returned in other parts of the world while you sleep. Imagine waking up to new deal, tenant, or listing confirmations!

To sum up

If you or your team are spending more than a couple of hours a week on tasks that are repetitive, time-consuming, and not skill-specific, it may be time to consider outsourcing. You’ll have more time to focus on revenue-generating tasks to help the business grow, knowing that everything is taken care of for you.

 

 

 

Source : realtybiznews.com

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About Skyhigh.Vip

Skyhigh.Vip is a global institutional investor with a vast interest in Arts / Construction / Education / Business Services / E-Sports and various other growth industries.  

Several of its popular portfolios include GO Chambers which is the world’s largest business chamber listing provider with over 30,000 active chambers as its members.  

Outsource Guru is the global choice for Business Process Outsourcing that offers a full stack of services for all aspects of business process flow and together with Flexgigzz.com as a platform for freelancers aims to provide best services for many businesses.

For growth industries there is Point of Authority for a professional E-sport team and gaming hardware superstore, and there is AtelierAuction which is an investable art auctioneer and being in the art scene for decades.

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3 Outsourcing Trends to See in 2023

Hiring a full-time employee is costly, with estimates ranging from three to four times the salary of the position. After you hire someone, you must provide adequate compensation (especially in a tight labor market where talent is at a premium). Paychecks, perks, and benefits all add up quickly. The risk of overspending on hiring is very real, especially for companies in the startup or rapid growth stages. Outsourcing is one way a growing company can avoid the mistake of rapidly expanding its team.

However, just as with hiring, you don’t want to outsource anything to anyone. Here are some outsourcing trends that can help a healthy business stay on track as it expands in 2023.

  1. Financial Management Outsourcing

Finance is always on the cutting edge of innovation. For years, fintech has been simplifying commercial activity. Bringing in a third-party accountant is nothing new when it comes to outsourcing.

The rise of outsourced financial leadership is expected to change things in 2023. A growing number of outsourcing firms are taking on the task of making 10,000-foot financial decisions for others.

Outsourced CFOs, such as the team at Aquifer (who refer to themselves as “Financial Jedis” with “professional financial expertise”), are providing startup-specific finance departments. From late seed to series A, these services help manage spending and maintain transparency.

Finance has always been difficult to delegate. Outsourced CFOs will provide a much-needed lifeline to struggling startups by 2023.

  1. Marketing Management Outsourcing

The chief marketing officer is another C-suite position being outsourced. The current trend in this case is to go with a fractional CMO.

These are highly skilled marketing executives who work on a contract basis with businesses. This is usually for a few hours per month.

Neal Schaffer is a fractional CMO who exemplifies how valuable the position is to both clients and service providers. The outsourced executive assists multiple companies in marketing themselves successfully at a fraction of the cost of a full-time salaried CMO. Schaffer adds that fractional CMOs are even more cost-effective because they do not require long tenures at a company.

Fractional CMOs are an excellent choice for startups and SMBs (small and medium-sized businesses) that do not yet have the resources to hire a full-time CMO. They offer a limited amount of high-quality advice that can assist a smaller company in its early stages of development.

  1. Business Process Outsourcing Expands

The preceding two examples demonstrate the impact of outsourcing on the C-suite. However, the majority of outsourcing activity occurs further down the organizational chart, and this trend is expected to continue in 2023.

According to one Grand View Research report, the global BPO (business process outsourcing) market will be worth $261.9 billion by 2022. Outsourcing a wide range of business functions, operations, and responsibilities to external service providers is referred to as BPO.

Upwork and Power Publish are two platforms that demonstrate this type of outsourcing in action. They provide a fleet of freelancers and SMEs (subject matter experts) who can relieve a smaller marketing team of the burden of content creation.

The savings and flexibility offered by the BPO market are constantly attracting new players. As a result, Grand View expects the market’s compound annual growth rate to be a staggering 9.4% over the next few years, equating to the market more than doubling to $525.2 billion by 2030.

From the rise of outsourced CFOs and fractional CMOs to the explosive growth of the BPO market, it’s clear that delegating business activities to third parties will continue to be a hot topic in 2023. As the quantity and quality of outsourced responsibilities increase, it will be interesting to see how they set the stage for future interactions between an increasingly smaller, intertwined global economy.

 

 

 

 

Source : forbes.com

________________________

About Skyhigh.Vip

Skyhigh.Vip is a global institutional investor with a vast interest in Arts / Construction / Education / Business Services / E-Sports and various other growth industries.  

Several of its popular portfolios include GO Chambers which is the world’s largest business chamber listing provider with over 30,000 active chambers as its members.  

Outsource Guru is the global choice for Business Process Outsourcing that offers a full stack of services for all aspects of business process flow and together with Flexgigzz.com as a platform for freelancers aims to provide best services for many businesses.

For growth industries there is Point of Authority for a professional E-sport team and gaming hardware superstore, and there is AtelierAuction which is an investable art auctioneer and being in the art scene for decades.

Read more