BPO Industry in India- A Report
BPO Industry in India- A Report
Business process outsourcing (BPO) is a broad term referring to outsourcing in all fields. A BPO differentiates itself by either putting in new technology or applying existing technology in a new way to improve a process.
Business Process Outsourcing (BPO) is the delegation of one or more IT-intensive business processes to an external provider that in turn owns, administers and manages the selected process based on defined and measurable performance criteria. Business Process Outsourcing (BPO) is one of the fastest growing segments of the Information Technology Enabled Services (ITES) industry.
Few of the motivation factors as to why BPO is gaining ground are:
- Factor Cost Advantage
- Economy of Scale
- Business Risk Mitigation
- Superior Competency
- Utilization Improvement
- Process Improvement
Generally outsourcing can be defined as - An organization entering into a contract with another organization to operate and manage one or more of its business processes.
Different Types of Services Being Offered By BPO's
1. Customer Support Services
Customer service offerings create a virtual customer service center to manage customer concerns and queries through multiple channels including voice, e-mail and chat on a 24/7 and 365 days basis.
Service Example: Customers calling to check on their order status, customers calling to check for information on products and services, customers calling to verify their account status, customers calling to check their reservation status etc.
2. Technical Support Services
Technical support offerings include round-the-clock technical support and problem resolution for OEM customers and computer hardware, software, peripherals and Internet infrastructure manufacturing companies. These include installation and product support, up & running support, troubleshooting and Usage support.
Service Example: Customers calling to resolve a problem with their home PC, customers calling to understand how to dial up to their ISP, customers calling with a problem with their software or hardware.
3. Telemarketing Services
Telesales and telemarketing outsourcing services target interaction with potential customers for 'prospecting' like either for generating interest in products and services, or to up-sell / promote and cross sell to an existing customer base or to complete the sales process online.
Service Example: Outbound calling to sell wireless services for a telecom provider, outbound calling to retail households to sell leisure holidays, outbound calling to existing customers to sell a new rate card for a mobile service provider or outbound calling to sell credit or debit cards etc.
4. Employee IT Help-desk Services
Employee IT help-desk services provide technical problem resolution and support for corporate employees.
Service Example: of this service include level 1 and 2 multi-channel support across a wide range of shrink wrapped and LOB applications, system problem resolutions related to desktop, notebooks, OS, connectivity etc., office productivity tools support including browsers and mail, new service requests, IT operational issues, product usage queries, routing specific requests to designated contacts and remote diagnostics etc.
5. Insurance Processing
Insurance processing services provide specialized solutions to the insurance sector and support critical business processes applicable to the industry right from new business acquisition to policy maintenance to claims processing.
New Business / Promotion:
Inbound/outbound sales, Initial Setup, Case Management, Underwriting, Risk assessment, Policy issuance etc.
Policy Maintenance / Management:
Claim Processing, Record Changes like Name, Beneficiary, Nominee, Address; Collateral verification, Surrender Audits Accounts Receivable, Accounting, Claim Overpayment, Customer care service via voice/email etc.
6. Finance and Accounting and Book Keeping Services
F&A services provide specialized solutions to organizations to manage the complete finance and accounting function of the organization including general accounting, transaction management (accounts Payable and receivable management), corporate finance (treasury, risk and tax management), statutory reporting and compliance management etc.
· General Ledger
· Accounts Receivables and Accounts Payable
· Financial Statements
· Bank Reconciliation
· Assets / Equipment Ledgers etc.
7. Legal Process Outsourcing (LPO)
Legal process outsourcing (LPO) firms provide litigation support, risk-assessment, scrutiny of financial transactions, patent writing, intellectual property, transcription, document review and drafting services, corporate governance and legal research services.
· High-end legal research
· Analysis and drafting of documents
· Patent and immigration visa services
· Document discovery and review
· Drafting of contracts and patent writing
· Litigation support
· Risk assessment and scrutiny services
8. HR Services
HR services include payroll and benefit administration, talent management and acquisition, self-delivery services and workflows, communication design and issue resolution.
· Compensation and Benefits administration
· Employee HR Issue Resolution
· Travel and expense requests/reimbursements
· System support and workflows for HR self service delivery
9. Analytics and KPO
These services include ‘high-end’ knowledge processing like financial research, analysis of debt/equity/derivatives markets, investment and fund management services and other niche services to various industries.
· Data analytics
· Business research
· Market research
· Competition analysis
· Animation and game development
· Internet Search, Product Research, Surveys and Analysis.
· Web and Mailing list research etc.
· Clinical data management for Pharmaceutical companies
· Actuarial Analysis for Insurance Industry
· Merchandising and Demand Intelligence
10. Supply Chain/ Procurement Services
This includes managing the clients supply chain activities like Order to Cash (O2C), Procure to Pay (P2P), logistics, forecasting and planning services
· Vendor/Sourcing Management
· Tendor Management/E-tendoring
· Order Management
· Procurement – purchase order, purchase requisition, delivery cycle management
· Inventory management
· Contract management
· Logistics support
11. Transaction Processing
Transaction Processing services include data entry/conversion or indexing services to organizations of various verticals like Medical Industry, Publishing Industry, FMCG Businesses, Research Companies or ERP divisions of any company which processes large amount of data.
Data Entry Service Example:
· Business Transaction Data entry like sales / purchase / payroll.
· Data entry of E-Books / Electronic Books
· Data Entry from Paper/Books, Image files, website, yellow pages, business cards,catalogs
· Data Capture / Collection
· Application Data Entry into Software Program and application
· Transcription services - Manuscripting typing in to word , Taped Transcription in to word.
Data Conversion Service Example:
· Conversion of data across various databases on different platforms , word processors, spreadsheets, and many other standard and custom-made software packages as per requirement.
· Data Conversion via Input / Output for various media.
· Data Compilation in PDF from Several Sources
· E-Book Conversion etc