The term Business Process Outsourcing or BPO as it is popularly known, refers to outsourcing in all fields. A BPO service provider usually administers and manages a particular business process for another company. BPOs either use new technology or apply an existing technology in a new way to improve a particular business process. India is currently the number one destination for business process outsourcing, as most companies in the US and UK outsource IT-related business processes to Indian service providers.
The BPO Industry in India
In India, Business Process Outsourcing (BPO) is the fastest growing segment of the ITES (Information Technology Enabled Services) industry. Factors such as economy of scale, business risk mitigation, cost advantage; utilization improvement and superior competency have all lead to the growth of the Indian BPO industry. Business process outsourcing in India, which started around the mid-90s, has now grown by leaps and bounds.
India is now the world’s favored market for BPO companies, among other competitors, such as, Australia, China, Philippines and Ireland. The BPO boom in India is credited to cheap labor costs and India’s huge talent pool of skilled, English-speaking professionals. Research by the National Association of Software Services and Companies (NASSCOM) has revealed that quality orientation among leading BPO companies, 24/7 services, India’s unique geographic location and the investor friendly tax structure in India have all made the BPO industry in India very popular.
Services offered by Indian BPO companies
- Indian BPO companies offer varied services, such as, customer support, technical support, telemarketing, insurance processing, data processing, forms processing, bookkeeping and internet / online / web research. Customer support services: 24/7 inbound / outbound call center services that address customer queries and concerns through phone, email and live chat.
- Data entry and data processing: Data entry from paper, books, images, e-books, yellow pages, web sites, business cards, printed documents, software applications, receipts, bills, catalogs and mailing lists.
- Technical support services: Installation, product support, running support, troubleshooting, usage support and problem resolution for computer software, hardware, peripherals and internet infrastructure.
- IT help desk services: Level 1 and 2 multi-channel support, system problem resolutions, technical problem resolution, office productivity tools support, answering product usage queries and performing remote diagnostics. Insurance processing: New business acquisition and promotion, claims processing, policy maintenance and policy management.
- Telemarketing services: Interacting with potential customers and creating interest for the customer’s services/ products. Up-selling, promoting and cross selling to existing customers and completing online sales processes. Data conversion services: Data conversion for databases, word processors, spreadsheets and software applications.
- Data conversion of raw data into PDF, HTML, Word or Acrobat formats. Bookkeeping and accounting services: Maintenance of the customer’s general ledger, accounts receivables, accounts payable, financial statements, bank reconciliations and assets / equipment ledgers.
- Form processing services: Online form processing, payroll processing, medical billing, insurance claim forms processing and medical forms processing. Online research: Internet search, product research, market research, surveys, analysis, web research and mailing list research.