Source:- Freshersworld
What is Business process outsourcing(BPO)?
Business process outsourcing happens when a company contracts an outside provider for services or business processes. This might include manufacturing or back-office functions such as accounting and human resources. But BPO might also includes front-end services such as customer care and technical support. "Global BPO" is another term for offshoring or outsourcing outside a company's home country or primary market.
It is a subset of outsourcing that involves the contracting of the operations and responsibilities of specific business functions (or processes) to a third-party service provider. Originally, this was associated with manufacturing firms, such as Coca Cola that outsourced large segments of its supply chain. In the contemporary context, it is primarily used to refer to the outsourcing of business processing services to an outside firm, replacing in-house services with labor from an outside firm.
BPO is typically categorized into back office outsourcing - which includes internal business functions such as human resources or finance and accounting, and front office outsourcing - which includes customer-related services such as contact centre services.
BPO that is contracted outside a company's country is called offshore outsourcing. BPO that is contracted to a company's neighboring (or nearby) country is called nearshore outsourcing.
Often the business processes are information technology-based, and are referred to as ITES-BPO, where ITES stands for Information Technology Enabled Service.[2] Knowledge process outsourcing (KPO) and legal process outsourcing (LPO) are some of the sub-segments of business process outsourcing industry.
Why join BPO?
Career growth in the industry is robust and there is a long-term opportunity. The great growth momentum that the industry is witnessing is creating both vertical and lateral career opportunities. There also exists enough growth opportunities in the middle-management and supervisory level within the industry
It will not be possible for the industry to arrive at a blanket agreement on poaching but bilateral agreements between companies are being signed. Basic norms are being put in place and code of ethics is being stressed upon by industry players within the sector with respect to HR practices. We are encouraging companies to adopt responsible behavior in order to ensure that the industry does not become a victim of its own actions. Industry needs to go aggressive but not cannibalistic.
Services verticals of BPO
- Customer Support Services
Customer service offerings create a virtual customer service center to manage customer concerns and queries through multiple channels including voice, e-mail and chat on a 24/7 and 365 days basis.
- Technical Support Services
It include round-the-clock technical support and problem resolution for customers and computer hardware, software, peripherals and Internet infrastructure manufacturing companies. These include installation and product support, up & running support, troubleshooting and Usage support.
- Telemarketing Services
Telesales and telemarketing outsourcing services target interaction with potential customers for 'prospecting' like either for generating interest in products and services, or to up-sell / promte and cross sell to an existing customer base or to complete the sales process online.
- Employee IT Help-desk Service
Employee IT help-desk services provide technical problem resolution and support for corporate employees.
- Insurance Processing
Our insurance processing services provide specialized solutions to the insurance sector and support critical business processes applicable to the industry right from new business acquisition to policy maintenance to claims processing.
- Policy Maintenance / Management
Record Changes like Name, Beneficiary, Nominee, Address; Collateral verification, Surrender Audits Accounts Receivable, Accounting, Claim Overpayment, Customer care service via voice/email etc.
- Internet / Online / Web Research
- Data Entry Services / Data Processing Services
Scope
- Manufacturing industry
- Insurance industry
- Payroll management
- Data processing
- Healthcare
- Human Resource Management outsourcing
- Research services
- Data Management Services
- Publishing Industry service
- Legal Industry Services
- Process Re-Engineering Services
- Industry Specific Processes
- Sales Services
Eligibility
Any undergraduate can join BPO
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