The progress of technology and globalisation has changed many facets of business with new opportunities and market potentials.
The rapid advancement of technology and all its innovations have caused business process outsourcing (BPO) to evolve. Industries today welcome outsourcing, particularly BPO, with open arms. Many businesses have accepted this growing trend as they learn of the benefits that follow. Part of the umbrella term “outsourcing”, BPO involves employing third-party service providers to handle the operations and responsibilities of a company’s business process. These specific processes are usually non-core and time and cost consuming.
Reaching out to various industries
Many business functions can be outsourced such as finance, payroll, human resources, data entry, and system installations and management. Most service providers also offer customer-related services such as support and marketing. These solutions are being utilised today across multiple industries including healthcare, retail, energy, transportation, and telecommunication.
Outsourcing has grown as an industry with a global revenue of $45 billion in 2000. The industry has an amazing growth record as it reached $100 billion in 2012. India has become the leading nation in this area with a large supply of highly qualified and cost effective labour pool. There are still those who are skeptical towards offshore outsourcing especially for critical business processes. However, service providers are most keen on mitigating risk and keep to their promise of providing quality and security. Offshore service providers build their clients’ trust through innovative project management.
Establishing a system that works
Companies such as WNS Holdings employs a large workforce of 29,000 employees to ensure that operations are run smoothly. With clients from various industries, WNS has established 37 centers across the world including US, UK, China, South Africa, Poland, and more. Many other offshore service providers follow this large-scale practice and they are the main reasons why outsourcing is considered reliable.
There are reports of poor services from certain offshore firms but the profits that come with BPO are too great for companies to push aside and not take the risk. With companies seeking to mitigate cost and increase their productivity, the BPO model is expected to continue to grow.
Image credit: Teamsoft Technologies