Business Process Outsourcing (BPO) is the process of delegation of one or more business activities to external companies (vendors), who, in turn, administer and manage the selected activity, based on defined and measurable performance criteria.
BPO is implemented as a cost-saving measure for the varied tasks needed by the company. It involves outsourcing processes that are not core to a company, however, are essential for smooth operation of the organization. Some of these processes that are outsourced include customer support, technical support, telemarketing, employee IT help-desk, insurance processing, data entry/data processing, data conversion, book keeping and accounting, form processing, and internet/online/web research services.
Currently, BPO outsourcing services are being provided by many private software firms and certain government agencies. The number of BPO companies is continuously increasing in the developing countries like India and China. One of the prime reasons for such a growth is support from the respective governments. The governments of these developing countries are now introducing laws and regulations to further encourage the outsourcing activities in their countries. Nearshoring is the latest trend in the Global BPO market.
The report by TechNavio Insights forecasts the size of the Global BPO market over the period 2009-2013. Further, it discusses the key market trends, drivers and challenges of Global BPO market, and profiles some of the key vendors of this market.
Source:http://www.officialwire.com/main.php?action=posted_news&rid=215776
