The Upcoming of BPO Industry in India
BPO or what called Business Process Outsourcing has become one of the fastest growing sectors of Information Technology Enabled Services (ITES) industry in India. BPO in the country has started around the mid of the 90s and at present, the industry has grown by leaps and bounds. BPO creates ten thousands of job opportunities every year in the country. Most of the present generation loves to be a part of innovation, new technology, and global competition and are the driving forces behind the fast growth of the business process outsourcing industry. There is no doubt that the BPO industry has a bright future ahead with market growth and reduced regulations.
BPO (Business Process Outsourcing)
In simple words, BPO refers to outsourcing (getting the service from others to work on a contract basis) in all fields. A BPO company generally manages and administers a particular sector of business or a particular service for another company. They make use of existing and new technology to increase the standard and quality of service and works as per the instruction and terms of the contract of the company. At present, India is the top destination for BPO since most of the US and UK companies outsource IT related services to Indian companies.
BPO and KPO
Don’t get confused with BPO and KPO services. Understand the difference between bpo and kpo to select the right service and professional career. As said above BPO is Business Process Outsourcing and KPO means Knowledge Process Outsourcing. KPO can be said as a subset of BPO and it includes outsourcing of core functions that help in value addition rather than the task of adding or not adding cost benefits to the parent company. KPO services are more specialized when compared to BPOs.
BPO services are provided to almost all sectors in India and it plays a good role in the development of the country. BPO provides services including customer care, telemarketing, technical support through voice processes and more. Anyone with good communication skills and basic computer knowledge can search for opportunities in the BPO industry. BPO is a predefined process and is low-end services. On the other hand, KPO provides analysis and expertise in complex areas including business and market research, legal service and more and it need specialized knowledge. KPO is high-end service and it needs application and understanding of business.
Reason for growth
The factors like business risk mitigation, economy of scale, utilization improvement, cost advantage, and superior competency has laid to the successful growth of the Indian BPO industry. Quality services are provided at competitive rates in the areas of customer support, technical support, telemarketing, IT help desk, insurance processing, data entry and data processing, data conversion services, bookkeeping and accounting services, form processing services and in the field of online research.
Good news for the Indian BPO industry
Reports state that the BPO industry has attained around 54 percent growth in term of revenue and grows at an annual growth rate of 50 percent. Indian BPO industry has provided the job for more than 70,000 Indians and the numbers are increasing at a tremendous rate year by year and it handles more than 55% of the business process outsourcing of the world.