Business process out sourcing (BPO) or simply “outsourcing” is defined as a process through which a company contracts a third service provider for certain services or business purposes. This includes Back Office Services (Accounting and Finance) and Front End Services like Customer Care and Technical Support.
Since, BPO industry is growing at a very fast pace, much of the credit goes to the management and the policy makers of the companies. It is them that are pretty much responsible for boosting the growth of the company too.
METHODS BY WHICH BPO HELPS IN BOOSTING COMPANY GROWTH:
1Cost Reduction: It is done through improved technology, re-engineering and other relevant procedures.
2)reduced workload: As most work gets outsourced, administrative workload gets reduced automatically.
3)skilled professionals: Employing skilled professionals in the company automatically increases the productivity of the company, because with skilled and highly trained professionals comes new technology and ideas.
4)manpower: Calculated manpower is always needed to increase growth in the company.
5)outside expertise: Company becomes hassel free from the regular tension of training and recruiting .
6)increase in revenue: By outsourcing , the company can concentrate more on its other important departments like sales , marketing etc thereby increasing the company’s revenue.
7)customer satisfaction: As customers determine the success of any business, it is very much true that customer satisfaction is any company’s prime objective. As a result of this, many BPO’s are providing the management with Customer Care services in order to meet the client’s requirements and demands.
8)minimal risk factor: Heavy job load, long hours of duty and monotonous back office job might force employees to make unwanted mistakes. But , by outsourcing jobs to a third service provider we can be rest assured that such kind of mistakes are very rare to occur. Hence, risk factor involved is minimal.