The KIBS industry encompasses a broad and constantly increasing range of outsourced services with the scope of processes services in all aspects of the back, mid and front office. The industry is still expanding, and this is unlikely to change in the post-pandemic era. However, it worth noticing the most critical trends that will shape the next decade of the business services sector.
At the same time, the complexity of processes on offer is increasing, with the trend towards higher added value and upgrading becoming dominant. This requires the accelerated upskilling and reskilling of existing employees and a continuous inflow of new skilled employees – the backbone of the industry’s growth and its most prominent asset. These fundamental processes will require cooperation with states and their educational systems in streamlining the curriculum to meet industry requirements.
As the scope of the automation of basic/routine tasks will grow, it will provide a partial solution to increasing labor costs and potential shortages on the labor market, particularly for higher-skilled workers due to reskilling and upskilling programs introduced in the centers. With more complex tasks and processes, the AI/ human interface is also likely to intensify, leading to the emergence of a hybrid workforce. The changeover will require a significant talent pool with adequate skills and an excellent educational background.
Over the years, the industry has been providing businesses with cost-effective solutions. Cost efficiency will still be the most prominent feature of the industry valued by its clients. Rising labor costs will require the widescale use of emerging technologies such as cloud computing and social media addressed simultaneously on multiple platforms, IPA/RPA/AI, to maintain or further reduce costs and accelerate growth.
Learn more about factors driving the growth of the industry and predictions for the sector for the next decade by purchasing Strategic Foresight in the business services sector 2021.