BPO is a specific business function is outsourced to a third party service provider. The maturing of the global outsourcing market will lead to a harmonisation of BPO service standards, particularly in back-office processes like accounts and mortgage processing, claims handling, policy administration, cards and payments processing. This trend will be driven by consolidation of the third party Indian providers, each processing greater volumes of work at lower margins.
Many enterprises have decided to outsource business processes to BPO service providers to reduce costs and streamline the enterprise; these BPO companies specialize in the outsourced business processes, such as F&A, legal advisory and data services. Outsourcing has become the magic word in a world of competition where offshore services providers and buyers are both winners through the exchange of quality services for money. The BPO services industry has seen remarkable growth in many developing countries because of their expertise in reducing costs while enhancing quality of services. Global BPO market is expected to grow to annual revenue levels of hundreds of billions of dollars by the end of the current decade. According to market research, companies pursue outsourcing for reasons that can be grouped into benefits pertaining to cost, competency focus, and
revenue. With the passage of time, more and more players and beneficiaries, services, speed, space, and connectivity are being involved in the world of global business process outsourcing.
Outsourcing can play a vital role to:
Save costs up to 50-60%
Reduce burden and minimize risks
Free the enterprise from the hassles of searching the best talent and managing employees
BPO and ITeS
Often, business process outsourcing (BPO) is closely connected with the information technology enabled services (ITES). The main reason for this close connection is that most business processes incorporate some kind of automation to perform. Now the IT or information technology enables that some of these essential services to be executed.
Another derivative of BPO is knowledge process outsourcing or the KPO. Also considered as a subset of business process outsourcing, the KPO embraces all those activities that need knowledge, greater skill, expertise and education to handle different tasks with which it is closely associated. These days, KPO involves a variety of business functions, legal e-discovery, product development and R and D.
Individual companies can outsourcing processes, which would be helpful when business groups and enterprises need to concentrate more on their core business activities, they cannot turn to a better option other than outsourcing their non-critical requirements. It can help in many ways, for example, allowing them to:
Concentrate on other business priorities
Automate complex and voluminous processes
Access qualified staff that may be more experienced and receptive to change
Additionally service industry can get benefits by:
Improving efficiency and organization of activities
Accessing large, skilled, and viable professionals’ pool of international standards
Improving customer satisfaction through efficient and timely processing of requests
Creating competitive advantage
Connet is an outsourced company for US customer service, tech support & help desk services, social media monitoring. Our BPO offerings combine technology, business skills and domain expertise to carry out top-notch process outsourcing. We concentrate on meeting diverse challenges through the help of our integrated business process outsourcing solutions. We open up business values by the application of different proven methodologies and our business excellence supports optimized business processes, enhanced effectiveness and reduced costs. Our solution is designed to help increase sales by providing back office operations support for lead generation in sales and marketing departments. Our services include:
DB (Database) validation
E-mail address validation
Industry and competitive news tracking
Web site content maintenance
We streamline your back office processes, reduce costs, manage compliance issues more efficiently and free themselves to focus on revenue generation. Outsourcing back office functions that are highly coupled with legacy systems also eases that need to modify aging systems. Discrete business processes that are transaction-based are especially well-suited for insurance business process outsourcing. These include those processes that are easily digitized, technology facilitated, self-contained and technology outsourced. All services are quality–based and include standards and metrics designed to deliver a lower cost solution.
Experience at managing outsourced relationships/processes
Rigorous project management
Inexpensive labor pool
Unique skill/expertise combination
Intimate knowledge of operations, systems integration, development and maintenance lifecycles