India is one of the most favored destinations for BPO services because of the quality rendered among other factors. The BPO industry is the fastest growing segment of the ITES sector in the country. There are a few factors like economic advantage, economy of scale, superior competency which makes the BPO industry more viable when compared to other outsourcing countries. The BPO sector which took root in India in the mid-90s has grown in leaps and bounds ever since.
What exactly is Business Process Outsourcing?
Business Process Outsourcing refers to outsourcing of business processes to an extener BPO service provider. A BPO service provider is one who manages and administers business for some other company. The BPO industry focuses on improving the business by applying new technology or implementing the existing technologies in a more efficient manner.
Services Offered by BPO Companies
There are a number of services offered by BPO companies such as technical support, telemarketing, customer services, insurance processing, data conversion services, formprocessing services, online research, bookkeeping and accounting services, online research etc.
Some call centers offer full time inbound/outbound service which offers to answer customers’ queries via phone, email or chat.
The BPO industry also has companies that offer technical support services like product support, trouble shooting, utility support for computer software, hardware and peripherals.
Creating interest for client’s services and products and talking to potential customers form a part of telemarketing services offered.
The sector also undertakes IT help desk services like technical problem resolution, performing remote diagnostics, answering product usage queries etc.
BPO companies also undertake jobs like data entry from yellow pages, websites, printed documents, business cards, receipts, bills, catalogs, mailing lists etc.
Data Conversion jobs are also undertaken by BPOs and it includes data conversion for word processors, data bases, software applications and spreadsheets. Data conversion of raw data into PDF, Word, Acrobat or HTML is also done.
Maintenance of clients’ general ledgers, financial statements, accounts payables and accounts receivable, bank reconciliation details are also services offered by BPOs.
The industry also undertakes form processing services like online form processing, medical billing, insurance claims etc as well as online research such as surveys, analysis, market research, mailing list research etc.
Facts about the Indian BPO industry
The Indian BPO sector is said to have reached about 54 per cent in revenue and is one of the biggest job providing sectors. The BPO sector employs around 1.1 million people. Indian BPOs handle over 56 per cent of world’s outsourcing. Career growth is robust in the BPO industry and momentum of growth is higher compared to other industries.
There are a number of positive things about BPO industry but there is also an increase in attrition rates because of the pressure that the daily work assignments impart on its employees.
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