The emerging Back Office Workforce Optimisation (BOWFO) market has emerged as an attractive, emerging category with high growth potential, according to analyst form Frost & Sullivan in a new study.
Frost & Sullivan defines BOWFO as a software solution that helps manage people, processes and workflow in the Back Office to improve operational effectiveness, customer service and compliance.
The report states, 'the Back Office represents a vast and largely untapped reservoir of the type of performance improvement that the contact center has enjoyed for years. Operating an array of customer related operations processes the Back Office may rightfully claim to be the engine that drives organisational performance from behind the scenes. BOWFO provides a way to tap that reservoir'.
Alexander Michael, Director of Consulting at Frost & Sullivan, said: "All customer-centric companies agree that a well managed customer experience is a key differentiator.
"What few people realise is that most activities that ensure a consistent customer experience actually take place in the back office. For this reason, optimising the performance of the back office directly influences profitability."
Elizabeth Gooch, CEO, eg solutions, stated: "This Report highlights those market drivers pushing the sector to the forefront of the enterprise's mindset, not least the need to control processes through transparency, BOWFO's increased ability to provide a quick return on investment and greater efficiency, as well as the increasing recognition of the importance of customer service improvement.
"We have known for many years that the Back Office is a major contributor to the success of an enterprise and given the potential for impacting the customer experience, efficiency and compliance, it plays a vital and increasingly strategic role."