Business Process Outsourcing (BPO) Market Worldwide Is Projected To Grow By US $108.3 Billion

 

BPO is a very famous short form used these days. It is broadly known as Business Process Outsourcing. Current BPO service global industry market value is expected to reach $ US$108.3 Billion

BPO has proved to be the fastest-growing sector!

It has got great success in its budding stage due to a lot of factors that ultimately proved as a boon in the growth of any business. These include cost-effectiveness, offshore or nearshore processing facilities, saving in manpower, and also time difference. This enables any business to divert finances and manpower for more opportunities and business development. Any end-to-end process or segment in the business that requires extra time, extra resources, extra space, and many times domain experts, but it less critical can be outsourced with a third party as a subcontract basis.

Currently, BPO has touched almost every field in the market. BPO has its own importance in customer care, finances, human resources, supply chain, research, medico legal industry, the insurance industry as a back office, and as a front office, it covers sales, marketing, and other services.  BPO is now globally spread and widely accepted service. BPO has proved to be a potential source of revenue. This is achieved by keeping the average handling time low ensuring cost effectiveness.  

India has a very big advantage in BPO industry. BPO services offer features including value-added processes, high productivity and quality enriched services, 24 x 7 assistance and also caters to changing customer demands.

BPO sector of ITCube BPM is multidimensional and one of the leading BPOs with 600+ employees. We have B2B processes in various domains like healthcare, insurance, indexing, construction, call scoring, and contact center service.

Healthcare Domain:

• Medical data summarization.
• Medical record indexing.
• Reorganization of medical records.

 Insurance Domain:

• Sorting and analyzing claim documents for TPAs.

Construction Domain:

• Gathering construction details.
• Documentation related to the bidding of construction work and many more.

Call Scoring:

• Call scoring for lead management
• Analytics for the real estate industry

Contact Center Service

• Direct terminations available in 34 countries (extensions planned)
• 24x7 Service Desk

To know more about BPO services you can mail us on info@itcubebpo.com or you can call us on +1 (614) 434-2376.

Take BPO Leap for Business Growth

Take BPO Leap for Business Growth

Business process outsourcing is a business in itself. It is widely recognized and accepted concept in the current world. BPO though sounds very brief but has entered almost every sector and established as a backbone to the core business. It has not only touched the manufacturing world but also has entered the healthcare management as well as records management industry. Functionalities which are time consuming, costly, complex in managing on site are outsourced to the BPO industry. Time difference between the actual site and BPO location also acts as an advantage.

Types of BPO Services

Grossly the BPO services are divided in to basic 2 types- 

• Horizontal: Function centric outsourcing and carried out specific functions across different industry domains.

• Vertical: It provides multiple functional services in the limited number of industry domains.

The functional services can be grouped into following sections:

1. Customer Interaction Services: In includes but not limited to voice and email processing, marketing, customer support and customer feedback.
2. Back Office Services: In includes but not limited to payroll, data entry, data extraction, document imaging, healthcare services, insurance services.
3. IT/Software Operations: In includes but not limited to application development or testing, implementation services.
4. Finance Accounting Services: In includes but not limited to billing services, auditing and compliance.
5. Knowledge Services: In includes but not limited to data analysis, data mining, data management.
6. HR Services: In includes but not limited to administration, recruitment, workforce training.
7. Travel Industry: For bookings
8. Manufacturing: For order placement and help services.

Advantages of BPO Key Features

• Ability to Focus on Core Business:  As BPO works as a third party vendor for various functions in a particular business, it enables the business to grow by focusing on core operations.

• Availability of Experienced Professionals:  The functions carried out at BPO are always maintained with quality and productivity as job are carried out by professionals with domain expertise.

• Cost Reduction: It saves the money and cuts the cost. BPO has given rise to a talent pool available with relatively lesser wages. The infrastructure and other costs to carry out these operations at business site are reduced to null.

• Access to the Latest Updated Technologies: Outsourcing the work to the companies with latest software and technologies with a competitive rates keeps the relatively smaller businesses updated in the modern world.

• No 
  Hassle of Staff Acquisition and Retention: 
  BPO industry has been the highest job providers. They provide employment to a lot of talented youngsters.

• Multidimensional Aspect: Multidimensional aspect of the BPO industry helps catering the customer needs and demands and provide gap fillers to the core business processes.

Conclusion:

BPO has proved to be the fastest growing sector…!

Current BPO service global industry market value is expected to reach $400 billion by 2020. BPO is now globally spread and widely accepted service. BPO sector of ITCube Solutions Pvt Ltd is multidimensional and one of the leading BPOs.

To know more about BPO services you can mail us on info@itcubebpo.com or you can call us on +1 (614) 434-2376.