Third Bridge专家称Concentrix的AI转型投入不足且传统BPO业务面临交互量被AI替代压力

[[00:01:52]]
Despite Concentrix being around since 1986, the company is, in many ways, a newer story for investors, given that it's only been 4-5 years since its spin-off from TD Synnex. Could you share an overview of the business, how it provides value to its customers and clients and how it fits in within the broader CX BPO [business process outsourcing] industry?

[[00:02:22]]
Just to give you an overview of Concentrix and the value that they provide, they're a global technology and services company. They help large enterprises design, build and run customer-facing and back-office processes. I'd say their value extends beyond just the contact centre label. They combine global delivery, industry expertise. They have an analytics arm, process transformation, digital engineering and increasingly now putting proprietary AI products into the market. I'd say their core value proposition is their ability to take responsibility for complex operations at scale for enterprises while improving customer satisfaction, efficiency, revenue generation, compliance and business outcomes. I'd say with their combination of Webhelp a few years ago, that also provided them the capability to expand its geographic reach, its client base and digital capabilities.

[[00:03:45]]
We're in a very interesting time for the CX and BPO industry, which has a TAM of over USD 100bn in the global CX market. It has probably been hit more impactfully by the AI theme than any other industry. What are your thoughts on the most important evolutions we're seeing in the overall value proposition within the customer care or CX BPO market, primarily as a result of AI?

[[00:04:36]]
Are you just saying the potential for AI in this industry and what that means?

[[00:04:44]]
There could be potential risks as well. There's a question around the existential AI risk posed to a company such as Concentrix, which has traditionally operated off the high-volume labour-intensive model. What does that look like in terms of risks vs opportunities?

[[00:05:09]]
There's definitely AI volume cannibalisation in my opinion. I would say over the next several years, I could see AI eliminating or materially reducing 15-30% of the traditional interaction volume in highly repetitive environments, it could be even greater. It doesn't translate directly in the same percentage of revenue loss. New demand will, I think, emerge around AI implementation, orchestration, governance, knowledge management, exception handling and human-plus-AI operations. I see a potential for white space as well. A large portion of global customer service remains internally managed. It's fragmented across vendors or inadequately automated. The addressable market can therefore expand even while the number of human-handled interaction declines. I've witnessed Concentrix attempt this twice. I think the challenge is operational because it hasn't operated as a tech company, and I think others in this space may potentially see this as well, where it's all operational for BPOs and they're trying to transition into this tech organisation where they can gain some of that business that comes from AI.

In Concentrix's case, I think they may not have the means or the wherewithal to do some of what their competitors are doing. I've witnessed this firsthand. I think with over 100 vendors, I'm sorry. It's more than that. With over 1,000 vendors, in the CX AI space, they have to reinvent themselves and I think that's a huge transition with a company of that size that has been operational value proposition for so long.

[[00:07:26]]
Concentrix has historically had deep enterprise ties. The company consistently talks about its domain expertise, particularly in the context of it being a buffer from AI disintermediation. Revenue growth has slowed. I think more recently, the company has revised its 2026 revenue growth outlook to close to 1% from the low-single-digit range, so not much of an improvement. How might clients be thinking about the overall value proposition in terms of working with a provider such as Concentrix? Do they still view it as a value provider, or is it looking for selective ways to reduce its dependence on the provider, whether that's reducing volumes in lower-value customer segments or something else? What does that relationship between the enterprise clients that Concentrix has today and the provider look like? How do you expect it to evolve going forwards?

[[00:08:55]]
From a market-awareness perspective, I don't think that their customers largely look at them as a tech organisation. They look at them as their customer service outsourcer. I think that's been a hard bridge for them to get their customers to look at them as a tech-transformation organisation and to compete with some of the other vendors that are in the market that are doing it and doing it well. Even with other BPOs in the market, more fractional BPOs that could be a threat that are doing things different. They're partnering instead of building and they're able to handle through mainstay agents and they have a pool of agents that can handle things across multiple companies and better agent tools. I think as companies are looking to be more cost-effective and especially on that front end with average handle time and things like that, they are looking for a company that can do it efficiently. I think that some of the tools that Concentrix has put out there might not be moving as fast as the market is moving or even on parity with some of the other tools in the market. I think that they are having a hard time getting their customers to see them in that view and to make that transition to use them as their technology partner as well as their BPO partner.

[[00:10:34]]
In terms of long-term drivers for Concentrix's business, its valuation currently reflects the AI displacement concerns, or the theme is its ability to pivot both sales and margin from the bottom-line perspective to more tech-enabled or -oriented services. I think this is epitomised by its iX Hello product suite, which I believe launched in late 2024. It consists of several proprietary AI-powered technology applications that are largely designed to transform a customer's CX operations. Could you share your thoughts on the iX suite and Concentrix's launch and investment into that suite? What are the positives and negatives? Why might that have been inadequate when compared to the investments that direct peers such as Teleperformance or other providers that you've seen in this space have made into AI?

[[00:11:57]]
Speaking on my role with iX, I was the Product Marketer to launch iX Hello and Hero into the space. I would say with Hello, some of the positives there, it was a own ChatGPT product. It's twofold. There's this ChatGPT portion of it and then also the ability to stand up virtual assistance quickly. I would say that in terms of the features, it was not as feature-rich as a lot of the products out there. There is definitely a big push to get customers and internal to use iX Hello. I think there was some success there. However, again, when you have other products on the market like Claude and ChatGPT and things like that, I think they're way more better suited for the type of work that enterprises need to be done in terms of automating workflows and getting the information that they need. I would say same thing on IX Hero when it comes to the virtual assistant, it wasn't as feature-rich at launch as compared to a lot of competitors that may have changed. I think when you're doing a comparison across other vendors, it would definitely fall short. I think Hero in terms of the iX agent suite, I think that was a very strong product and it was sort of a refresh and rebrand of some existing products, but enhancing them.

I think we really did a good job at launching that and getting that into the market and since it's our bread and butter with the agents themselves and helping with actual handle time and getting them to the answers that they need and training and all of that, I think that was strong. Investment, in my opinion, definitely lacking. I think one of the big challenges with Concentrix is partnering vs build where other BPOs or other organisations in that space, I think, partner well and move quickly and adopt quicker and they may partner while they build. Concentrix has seemed to have a split in how they go about that, how they go to market with that, whether it's partner vs build and even with their sales models selling their proprietary tech vs working through a partner like Amazon Connect or Genesys or Nice. There's two different paths there, and they don't intersect well. I think a big piece of that is the culture of still like "Are we investing in this tech transformation? Do we have the right people to do it? Do we have the right marketing budget to do it?" The marketing budget was not what it should have been for sure for a tech transformation enterprise organisation.

I think there was not enough investment to keep the drumbeat going. I think that was a challenge as well or even amplifying it with partners or finding middle ground with partners for that matter since they're selling similar tech up against partners. Those are the big challenges that I see. I think it's very culturally driven and that it's hard to turn and steer the ship a different direction where they should really probably be 80% tech, 20% BPO. It's probably 90% BPO, 10% tech now. I think they're really struggling to move quickly, adopt quickly with the market and put in the needed investment to make it happen on the tech side.

[[00:16:35]]
Do you think there was an overarching strategy or mandate for Concentrix in terms of how much to lead with the proprietary technology suite, iX Hello and Hero being the main instances here, vs relying on partners such as Nice, Genesys, Amazon Connect and Five9? Do you think the development of this proprietary technology strained any of the existing relationships that Concentrix had with any of the aforementioned providers? Is it viewed as a competitive offering that's looking to take market share, for instance?

[[00:17:21]]
Yes, it is. There were some struggles there with our partners and those relationships. There was also struggles with leaderships on partnering vs selling our own IP, where I think even sales struggled with how to sell it, what value it brought and when to use partners vs when to use our own IP. There is a whole entire partner sales team and partner leadership, and they're pushing… They have quotas to meet and they have numbers to meet and they have their agenda and then you have the IP on the same time, and there really didn't seem to be a champion to really help determine what that looks like org wide or from a sales perspective. It definitely became a bit of an internal struggle on what those different sales motions look like.

[[00:18:26]]
It's been nearly two years since the roll-out of Concentrix's proprietary technology suite. How would you grade that roll-out so far as it relates to defending current market share or capturing additional market share in this industry?

[[00:19:14]]
I wouldn't grade it too high, to be honest. I don't know what scale we're looking at.

[[00:19:23]]
Simple 1-10, perhaps.

[[00:19:29]]
Maybe a four or five. What I would say is that, again, when you look at it from a go-to-market perspective and just from my experience, there wasn't really a significant budget put behind it to do some of the things that really would have helped us create awareness in that market. A lot of our marketing budget was centred around the BPO side of the house and just having the right branding to recruit agents, so when you're on the technology side, it's a tough business case, even though that's the way the company wanted to transform and shift to. The budget was very lacking in terms of a large launch like that that you're trying to put out into a market that's already oversaturated. I'm one year removed, but I don't see a lot of activity around the Hello suite anymore. I think it's lacking in that drumbeat in terms of continuing to market it, continuing to drive campaigns around it, working with analysts, building those relationships, creating those case studies, all of those things that are important to keep a product feature out there or a new product out there, especially in a market like this. I haven't seen a lot of post-launch work done. I definitely think there's a lot more room in what they can be doing from a go-to-market perspective to capture more market share that they aren't doing currently.

[[00:21:07]]
In terms of investments into the platform, if you were leading Concentrix's product roadmap for additional features or functionalities in that proprietary technology suite, what's the first thing you'd focus on in order to capture additional market share across the space and land that pivot towards more tech-enabled services? You talked about the lack of emphasis or investment into that technology proprietary suite and AI itself. We saw a significant jump-up in the debt load of Concentrix as an organisation, following and primarily tied to its October 2023 acquisition of Webhelp. Debt essentially went from USD 2.5bn to net debt of USD 5.36bn, as of 2024-25. Do you think the acquisition of Webhelp and the debt that it brought in challenged those AI investments or the willingness of Concentrix to make additional investments into its proprietary technology?

[[00:22:26]]
Yes, I would say so. It was actually a curious decision to some of us internally as, when you are talking about investments in AI and investments in technology, that to then combine with another large global BPO was a different strategy than we expected, I think, than what we were being told internally vs buying an AI tech company or more investment in technology vs another BPO. I definitely think it hindered their ability to make investments and focus their effort in those investments during a combination. I definitely think that that impacted it. In terms of what I would do, that's a good question. I would I definitely think there's a lack of visibility in seeing us as a tech organisation. I think it's really important for relationship building for displaying those business outcomes that they have had. If they've had some successful outcomes with customers, getting those on stages, getting those at events, getting those stories out, telling those narratives, I don't really think they've done a good job in telling that product story outside of just launching it and sitting there.

Again, a lot of marketing is done towards recruiting customer service agents or their operation perspective. I think their marketing budget needs to be overturned to focus more on the technology side of the house vs the BPO side of the house. When they're at events, and when they're on webinars and when getting in front of the analysts, they need to speak to that technology and AI investment and transformation vs the CX operations side. That was always a struggle there, too, like butting heads. If you go to an event for Concentrix, you will often see it's very hard for them to represent different aspects of what they do. Telling that story better, I think, is huge. You may just go and associate them with the BPO and look at their booth and think BPO, so how are you going to better tell that tech story, but also appease the BPO side of the business? There was a lot of struggle there of like, "Well, if we're going, we have to represent this side of the house and we have to represent this side of the house, and we have to represent the partner side of the house." The strategy was a little all over the place and a little tough as a marketer to go forward with the agenda that you've been tasked with when you have all these competing agendas.

[[00:25:27]]
Effectively, we're talking about three silos within the Concentrix organisation. There was the traditional BPO aspect of the business. Then there was the technology-enabled services that it was trying to effectively pivot into, leading with the proprietary technology suite – iX Hello and the iX suite in general. Then there was the partner silo as well, where you're talking about the technology that you can bring in through players such as Nice, Genesys, Five9 and so on. Is that correct?

[[00:26:01]]
That's correct but then there's also an analytics arm. There's also an engineering arm and development arm. There was a lot of competing priorities within the organisation. Some are just squeakier wheels, but those are probably the three largest.

[[00:26:18]]
You didn't really find any synergies between these competing interests within the organisation?

[[00:26:25]]
No, especially not with the IP and partner side. That may have changed since the year that I've been there, but getting sales equipped to sell our own IP when they're used to selling customer service agents, that was a huge mountain to climb. Dramatic climb as technology seller.

[[00:26:55]]
We talked about the existential risk that AI poses to the customer care BPO model, where autonomous agents threaten to take up some of the more mundane tier 1 routine interactions in the CX world that were once handled by these agents. This has led to volume growth and pricing challenges. Why do you think there was this disconnect or aversion by the sales elements of Concentrix's organisation to be more tech-enabled or lead with a tech-enabled approach as opposed to the traditional BPO model?

[[00:27:46]]
That's a great question. I think part of it is they weren't equipped to sell the technology. They didn't understand it. They didn't understand the value. They weren't equipped to sell AI-enabled platforms, so that's a big piece of it. I think Concentrix fell behind the market. They were laggard. Their point of view on gen AI and other things came after other companies made statements. I think that they don't have the capability to pivot quickly and to do the things that some of their competitors are doing. Part of that is training and hiring their sales organisation to be tech-focused and to be tech transformational and be equipped to have those conversations and confident to have those conversations even with the existing customer base. It was a struggle with the existing customer base as well where we have these enterprise companies and we could come in and be their tech partner, but they were reluctant to have those conversations or thinking that maybe it would cannibalise their commission, the more that they got better with AI. I wasn't well-versed in what sales commissions are and things like that, but this is just my experience or here say of like being reluctant in that way.

Definitely, they needed to make the transition for sales to not only be able to make money and whether that's through AI efficiencies or selling seats and also equipping them with the knowledge to be successful to have these conversations. There's a real struggle there.

[[00:29:37]]
It would be possible to sell both BPO and the proprietary AI platform that's been in the works for two years – they're not mutually exclusive and they can be sold together. Did you see a greater deal of instances where, alongside these BPO deals that were being signed, there was an element of that proprietary AI technology suite that the company offers that was attached to that very same deal, or do you think it was really trying or struggling to decouple its performance from these labour-based billing models?

[[00:30:25]]
I think they were making some strides to increase the attachment rate for sure with some of the processes that they were doing internally. I think where they struggle is a lot of these enterprise organisations already have deals and relationships with other tech organisations. I think that when you're comparing features and outcomes, they might not have been at the level of some of the other tech orgs that are out there. I do think they were making improvements to try to pull that together operationally and from a revenue-operations perspective to increase those attach rates when they were selling seats.

[[00:31:15]]
I believe Concentrix's argument is that it owns the customer type you're describing. Given the company's domain expertise, it has the best ability to service this customer, whereas a tech-led or AI-native organisation, for example, doesn't understand the customer in the same capacity that Concentrix does. What do you make of that argument? If there's truth to it, do you think the company would have an easier time selling its proprietary technology suite to that customer?

[[00:31:56]]
I think there's truth in that. I think Concentrix has a lot of customer data and a lot of experience to really know the customer from an operational side. I think that they do… You can argue too that because of that knowledge, they can help on the tech side. It's just that their tech doesn't have the depth and breadth of some of the others out there. Will it at some point with all the information that they have and all the experience that they have? Quite possibly. I think they are just a few quarters or years behind what some of the other tech companies are doing right now. They can sell on the fact that we have this operational experience, and we know the customer really well, and we manage the operations for tens of thousands of companies globally. They are great at that process improvement and operational perspective. When it comes to some of these, I think, front-end tools that help with like average handle time or deflection or even some of these agent-assist tools, they're just not as rich in features and even in the scope of AI that some of the other tech companies out there provide. I think that they can tell a customer that most certainly, but if a customer sits down and actually compares business outcomes and feature-to-feature capabilities, they will probably find the Concentrix's IP lacking in terms of what else is available in the market.

[[00:33:44]]
What did Concentrix's iX suite promise in terms of improvements in AHT [average handle time]? How did that compare to industry peers or pure-play technology providers across the space, whether that's the frontier labs or LLM [large language model] providers such as ChatGPT?

[[00:34:25]]
According to the public information, 22% reduction in average handle time, 13.5% improvement in customer satisfaction and 20% reduction in adviser search time.

[[00:34:45]]
You talked about what was being promised to customers in terms of the operational efficiencies that can be realised through the proprietary suite. In general, do you think those promises were effectively delivered upon, once that implementation of the proprietary technology was completed with one of these enterprise customers? How do the metrics you've listed compare against those of industry peers?

[[00:35:27]]
I would say it's on par with our peers for sure. In terms of seeing these outcomes, so oftentimes, these are either from one or two case studies or from a mix and an average. It definitely depends on the customer. I think sometimes there's a struggle to identify what those KPIs and outcomes should be upfront. It's a little reactive vs proactive in terms of what promises are being made to the customers. I didn't see too much implementation. I wasn't there long enough to see a lot of implementation in terms of iX Hero and iX Hello, but I know that some of this is just based on some of the tech that was already existing and some of the results that we saw from some of the agent-assist tools.​

[[00:36:45]]
You left Concentrix in mid-2025, one year into the roll-out. Looking at the company's Q2 2026 results, it talks about a record level of contract signings in the iX suite, up 400% YoY. That's probably coming from a much lower base, and those are just signings. In terms of implementation and revenue flowing through, you've got to implement these things. What accounts for that disconnect? What were the challenges with implementation? Do you think the increased activity in terms of signings for the iX suite bodes well for the organisation in terms of it making a successful pivot around AI? Has it addressed the challenges you've brought up during the conversation?

[[00:37:46]]
I'd love to understand the breakdown of when they say iX suite, if it's iX Hello vs iX Hero. I don't know if you have that information. I would say that the base was probably pretty small to begin with for that increase to happen. I would say that if it is iX Hero, I think it's definitely an easier sell to their existing customer base who may have already been using some of those agent-assist tools to up-level their contract or buy certain things out of the iX Hero suite specifically. I think that my gut is where that may be coming from. I could be wrong without seeing a breakdown of where it's coming from, but my guess is that they're selling into that existing customer base that may already have the suite or that it's potentially adding new features or capabilities to their existing agent-assist tools.

[[00:38:52]]
You talked about not seeing too many implementations. Were you finding that Concentrix was indeed improving on the implementation speed of these deployments for the iX suite?

[[00:39:14]]
Honestly, I really can't speak to that, to be honest.

[[00:39:18]]
I think Concentrix is expecting to close 2026 with around USD 120m in ARR through its iX suite. We're talking about an organisation that does multiple billions in revenue on a yearly basis, so that is a relatively small piece of the pie there. If we were to look to the end of 2027-28, what would you expect that total iX suite revenue to look like? Could it be USD 200m, USD 300m, USD 400m or USD 500m ARR, based on your experience with the offering so far and how it's been received by clients?

[[00:40:13]]
I don't know if I can put an exact number on it. I think there may be some incremental growth, but I don't think it's going to be this significant moving the needle growth. There may be steady incremental, but I don't foresee it being this huge revenue driver and huge revenue growth over the next few years.

[[00:40:48]]
We talked earlier about the cannibalisation and particularly those tier 1 volumes on the traditional BPO side. I think you talked about perhaps 15-30% over the coming years. Do you think Concentrix's investments into its AI or technology suite will be enough to offset that revenue cannibalisation on the BPO side?

[[00:41:22]]
From my tenure there, they are not investing enough in their technology. They're not investing enough in the go-to-market, and they're going to have a really hard time competing with other players that are in the market in terms of just the feature set and the product capabilities.

[[00:41:46]]
How commonly would an existing client or new logo have no conception or idea that Concentrix had a proprietary suite of technology of its own?

[[00:42:03]]
Very common.

[[00:42:05]]
Interesting.

[[00:42:09]]
I would say very common for new logo. New logo very much, I think, perceived us as a BPO. I would say customers, we were marketing to them. We were talking more to them. We were having webinars. I would say that probably less common on the customer side, to be fair, but more common on the new logo side.

[[00:42:38]]
I think there's a scenario where, if Concentrix is able to successfully scale its iX proprietary AI technology suite, it will lead to a more SaaS-like revenue stream, but also a pathway to structural margin expansion as it decouples from the labour costs or model. However, the margin story is a little tricky. This is an organisation with margins in the 13% range. At the same time, there are challenges on the traditional BPO side of offshoring themes. There are also the investments you have to make into your AI technology suite to not only be competitive across the market, but to effectively service your clients. I would say those are the downsides in terms of that margin profile. The upsides are that, as more revenue migrates onto your iX proprietary technology, it means higher margins for your business. There are AI efficiencies to consider there. How are you thinking about the overall margin profile of this organisation when you consider all of those factors in conjunction with one another? There's also pricing pressure across the industry. Do you see a more positive outlook for the margin profile of this business, or do you expect it to face downwards pressure, going forwards?

[[00:44:55]]
I definitely foresee it facing downward pressure moving forward.

[[00:45:01]]
You noted there being a lack of AI investments, but do you think there will be a point at which Concentrix has invested enough into its AI proprietary technology suite and it could turn accretive, or it wouldn't need to invest as much in order to be effective with its existing clients? Would that point be 12-18 months from now, or do you think the company would have to continue investing in this for at least the next 24-36 months?

[[00:45:47]]
At least 24-36 months, yes.

[[00:46:04]]
Could you share your thoughts on Concentrix CEO Chris Caldwell and the broader management team at the company? How was the team executing on the strategic pivot or vision that it had for the organisation, away from being a traditional BPO to more of a tech-enabled organisation?

[[00:46:39]]
I would say they were not aligned.

[[00:46:45]]
Did that permeate through all the layers of the organisation, or was that just driven by the top? Were there effective leaders across the organisation that were trying to push the organisation to more of a tech-enabled approach, or was it just hard to shift from that cultural BPO mindset?

[[00:47:12]]
I think there was a lot of leaders that were trying to help us transition, but they would often hit a wall. I think it was painfully permeated throughout the organisation. I would say one of the Concentrix biggest issues is culturally, quite frankly.

[[00:47:38]]
Do you think the cultural issues you mentioned are unique to Concentrix, or is this a challenge that the broader industry faces?

[[00:47:45]]
It's probably broader. I would say for traditional BPOs, yes. I would say that it's broader.

[[00:47:55]]
Is there anything else that you'd like to highlight around Concentrix or the industry?

[[00:48:19]]
I think we've talked about it a bit, but I definitely think their future will depend on whether they can deliberately exchange the lower-value full-time employee revenue for higher-value technology-enabled services and doing that without losing the client relationship or the economic benefit. I think the question is whether they're going to understand that AI transition and how quickly and profitably they can commercialise that transition. Right now, I think they've done a very slow job with that transition, and I think they're behind the market. That's why I think they're going to struggle to get that AI automation work that is going to help them increase their margin as we were talking about that because as they potentially lose seats, but have the capability to take on some of the tech. I think they are just behind the market and what some other organisations can do in terms of the features, the product itself, the product's ability to perform and do what it says it's going to do and provide those business outcomes and their capability to showcase and tell that story of what business outcomes they've achieved to date, I think, is lacking. I think that's really where they're going to struggle with peers and competitors that are moving faster, that can pivot faster, that can make good decisions between partnering vs building. I think they are just lagging in the market in those terms.

[[00:50:09]]
Concentrix's current valuation reflects investors' doubt, or at least concern, regarding the company's ability to do just that. It reflects the AI displacement concern in general. How much confidence do you have in its ability to effectively make the pivot you just described?

[[00:50:42]]
I think at some point, they will make the transition. I just think it's going to be too late. I don't have confidence that it's going to be timely enough to see the increase in revenue and growth that they want to see and that the market wants to see.

[[00:51:06]]
You talked earlier about a 15-30% reduction in agent seats. Do you think we'll see those reductions in the next 3-5 years? Have we seen any reductions as of yet? By mid-2025, we were three years into the whole AI narrative. I had conversations in 2022-23 where industry experts predicted that we'd see 20-40% reduction in agent headcount across the industry over the next 2-3-year period. That didn't necessarily materialise right away. Were you seeing any evidence of agent seat headcount reductions at Concentrix? What do you think is the timeline for the 15-30% reduction?

[[00:52:19]]
Those are good questions. I do remember the whole Klarna that impacted us. Let's say that timeline of 15-30% is probably within the next 3-5 years. It may not be a significant reduction in seats, but I think there's gains through efficiencies for sure, and being able to get those efficiencies right and have the right tools in order to do that. Obviously, agents can handle more important, not important conversations, but high-stakes conversations or more complex conversations. I do think that the AI will get to the point where it will help with agents in terms of being able to triage a lot of the easier conversations, whether through voice or through chat online without the help of an agent. A lot of those maybe lower-tier agents might be replaced by some of these AI technologies. I think that's where it might have stabilised and levelled off from the beginning as people are starting to adopt AI. I think as adoption increases, you will see a lower need for agents as companies become more efficient and they figure out where to insert AI within their workflows and adopting those capabilities more readily, I think, is where you'll start to see the decrease. My guesstimate would be within the next 3-5 years.

[[00:54:15]]
I think Concentrix is the second-largest company in the CX BPO space by revenue. Do you expect the CX BPO industry to still exist in some form in five years' time? Would you expect to see Concentrix as a leader within this industry, or might it fade away?

[[00:54:57]]
I don't know with their size and scale, if they'll ever fade away. They may have to reposition themselves or reinvent themselves in other business processes. I don't foresee BPOs going away, but I do foresee that maybe some of the smaller ones like Redial or Omni Interactions, I think that there could be a threat, and they could continue to succeed. They're doing things that are different, like I mentioned, and they're able to handle through their mainstay agents and through the tools that they've partnered with and their ability to quickly pivot, they're able to handle multiple industries and multiple organisations and the agents have what they need at their fingertips. I think they're more nimble. I think some of those smaller BPOs will still be successful. I think some of the bigger ones like Concentrix, they may still be around. I don't know at what scale and what size. Like I said, I think their model may change drastically in what they offer in terms of operations to an organisation.

[[00:56:15]]
With that, we conclude the Interview. Thank you for taking the time to speak with us today and for the wonderful insights. Thank you, clients, for choosing Third Bridge. We hope you enjoyed today's content. Lastly, a big thank you to all the team members who helped put this discussion together today. Goodbye, everyone.

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