BPO – Business process outsourcing is a business practice in which one organization hires another company to perform a process task that the hiring organization requires for its own business to operate successfully.
BPO has its roots in the manufacturing industry, with manufacturers hiring other companies to handle specific processes, such as the parts of their supply chains unrelated to the core competencies required to make their end products.
Over time, organizations in other industries adopted the practice. Now, the use of BPO has expanded so much that organizations of all kinds for -profit businesses, nonprofits, and even government offices and agencies contract with BPO service providers in the international market and across the world to perform numerous processes.
What BPO is used for
Organizations engage in business process outsourcing for two main areas of work: back-office functions and front-office functions.
Back-office functions -Also referred to as internal business functions include accounting, information technology (IT) services, human resources (HR), quality assurance (QA) and payment processing. Front-office functions include customer relation services, marketing and sales.
Recent past, the BPO industry has expanded to offer an extremely wide range of functions and services to organizations.
The breadth of functions that can be outsourced today spans from conventional back-office tasks, such as accounting, data processing and payroll processing, to digital services, such as social media marketing, and to customer support roles, such as call center operations.
Although organizations generally outsource noncore functions, they do indeed still outsource critical tasks, such as customer service, financial services and IT operations. Organizations also outsource strategic tasks, such as data mining and data analytics, both of which have emerged as essential elements for digital transformation and for competitive advantage in a digital economy.
Businesses can offshore the core and non-core business processes to BPO offshoring companies at GPSBPO we target our clients to ensure we provide them an exceptional service we help our clients to reduce cost on overheads, get specialized services and faster TAT. The usual practice by companies are to offshore operations, back office clerical activities, Accounting processes, HR services, Sales & Marketing, IT support services, Procurement and etc.
This will give opportunities to companies to explore skilled talents from the GPSBPO at a lesser cost. The BPO offshoring companies can provide flexibility in terms of deliverables, costs, meeting deadlines and implementing technological advancements.
The Future of BPO (Business Process Outsourcing)
Sri Lanka has emerged as a hot destination for BPO work in recent years. The success is mainly due to the fact that there is a ready availability of large numbers of resources fluent in English and the diligent and hardworking efforts put in by the companies in Sri Lanka that do BPO work. This is the so-called demographic dividend wherein a country that is youthful reaps the fruits of having a labor force which can be tapped into. All these reasons have conspired to bring about a revolution in the way the Sri Lankan BPO sector has performed.
How Can we at GPSBPO help you to Improve the Effectiveness of Your Outsourcing Arrangements?
- Making A List
- Consider Relevant Providers
- Compare and Choose
- Go for a Trial Run
- Set up a Monitoring Team
- Plan for Changes in Advance
- Proper Documentation
- Transfer Accountability
- Track the Performance Reviews
- Regular Communication