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IT-BPO sector grows 15% annually
India’s IT-BPO (business process outsourcing) market (including exports) could touch $285 billion (Rs 13 lakh crore) in 2020, growing at a compounded annual rate (CAGR) of 15 per cent. In 2009, it was $71.6 billion (Rs 3.3 lakh crore), after an impressive growth over the past decade, according to a report released by KPMG and Asocio, titled ‘Asia-Oceania Vision 2020: Enabling IT leadership …
Outsourcing sector to benefit from test for applicants
THE DAYS of outsourcing companies having to sift through thousands of applications could be over due to a new competency test devised by the Business Processing Association of the Philippines (BPAP).
The term BPO stands for “Business Process Outsourcing” and is better known as simply “outsourcing” It is basically the process by which a company can delegate certain functions of their business to a specialized organization that can get it done more cheaply, quickly and efficiently. BPO services have been the latest mantra in India today.
The BPO boom seems to be increasing everyday with more and more companies deciding to follow the race, making conditions really viable for a positive growth in the BPO industry.
Business Process Outsourcing is one of the fastest growing segments of the Information Technology Enabled Services (ITES) industry. It has hit the top on their list today. The basic of BPO services is specific and definite, do what we can do best and leave everything else to business process outsourcers. Companies are moving their non-core business processes to outsource providers. BPO saves precious management time and resources and allows them to focus while building upon core competencies. In other words BPO services can be defined as a strategic management tool that can help organizations to improve process level efficiency and effectiveness, as well as reduce costs.
Another great BPO benefit is that it helps companies to focus on core areas. Companies generally outsource processes to reallocate accountability and control costs. Thus the management is in a better position to focus on core areas, and not keep itself engrossed in other areas. Outsourcing also helps companies to avoid capital expenditures, which is in particular important in non-core areas that may need new systems and up gradation. By and large, companies only want to spend money on core areas.
Business Process Outsourcing provides quantifiable benefits through improved efficiencies, lower overhead, reduced payroll and benefit expenses, and fewer capital investments. Other BPO benefits include assurance of best practices, skills and technology. It is important to note that BPO provides access to proprietary workflow systems, process reengineering skills, and innovative staffing and delivery models, coupled with world-class technology delivered by experts. Another benefit of BPO is reduction in costs.
Business Process Outsourcing is the act of giving a third-party the responsibility of running what would otherwise be an internal system or service. For instance, an insurance company might outsource their claims processing program or a bank might outsource their loan processing system. Other common examples of BPO are call centers and payroll outsourcing.
Double-digit growth predicted for outsourcing sector
KUALA LUMPUR: The local outsourcing sector is predicted to grow 20% this year, to reach a value of RM1.3bil, according to Outsourcing Malaysia.Last year, the sector recorded a 17% growth.
The administration of President Gloria liberalizes the telecommunications industry – laying groundwork for high speed internet and voice communications resulting in making the Philippines a hub for business process outsourcing for North America and Europe. A job at a call center gives job opportunities and more people who supply services or products expand and gets to do new business and more jobs for people.