Business Process Outsourcing (BPO) can be defined as the transfer of an organization's entire non-core but critical business process/function to an external vendor who uses an IT-based service delivery. By doing so, BPO helps an organization concentrate on its core competencies, improve efficiency, reduce cost and improve shareholders' value.
Though IT Outsourcing has been happening for so many years, an increased momentum has been witnessed since the late 1990s due to the rise of Internet and Communication technologies. Several global giants from various industries have begun to realize the importance of Business Process Outsourcing (BPO) and have started outsourcing their non-core business functions.
This has given rise to many specialized BPO vendors across the globe, with India being a major hub owing to its large Computer-Literate English-Speaking Population, Low Billing Rates, Strategically Favorable time zone and high quality. The Business Process Outsourcing (BPO) market in India is expected to grow exponentially in the coming years
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Business Process Outsourcing (BPO) specialist with a focus on the Financial Services, Healthcare, Insurance, Home Loan / Mortgage and Debt Management Industries.
The main Motive for Business Process Outsourcing is to allow the company to Invest more time, Money and Human Resources into core activities and building strategies, which fuel company growth.
Why BPO is gaining ground are ( in INDIA ) :
- Factor Cost Advantage
- Economy of Scale
- Business Risk Mitigation
- Superior Competency
- Utilization Improvement