Business Process Outsourcing (BPO) is one of the rapidly growing segments of the ITES (Information Technology Enabled Services) industry in India. The growth of the Indian BPO industry was lead by factors such as economy of scale, business risk mitigation, cost advantage, utilization improvement and superior competency. Business process outsourcing has now grown by leaps and bounds in India after the mid-90s.
India is now one of the world's favored market for BPO companies, among other competitors, such as Australia, China, Philippines, and Ireland. The BPO boom in India is credited to cheap labor costs and India's huge talent pool of skilled, English-speaking professionals. Research by the National Association of Software Services and Companies (NASSCOM) has revealed that quality orientation among leading BPO companies, 24/7 services, India's unique geographic location and the investor-friendly tax structure in India have all made the BPO industry in India very popular.
What is business process outsourcing?
The term BPO stands for Business Process Outsourcing as it is popularly known and refers to outsourcing in all fields. A BPO service provider usually administers and manages a particular business process for another company. For improving a particular business process, BPOs either use new technology or apply an existing technology in a new way. Currently, India is the most preferred destination for business process outsourcing, as most companies in the US and UK outsource IT-related business processes to Indian service providers.
Services offered by Indian BPO companies
Indian BPO companies offer varied services, such as customer support, technical support, telemarketing, insurance processing, data processing, forms processing, and internet / online / web research.
1. Customer support services: 24/7 inbound/outbound call center services that address customer queries and concerns through phone, email and live chat.
2. Technical support services: Installation, product support, running support, troubleshooting, usage support and problem resolution for computer software, hardware, peripherals and internet infrastructure.
3. Telemarketing services: Interacting with potential customers and creating interest in the customer's services/ products. Up-selling, promoting and cross-selling to existing customers and completing online sales processes.
4. IT help desk services: Level 1 and 2 multi-channel support, system problem resolutions, technical problem resolution, office productivity tools support, answering product usage queries and performing remote diagnostics.
5. Insurance processing: New business acquisition and promotion, claims processing, policy maintenance, and policy management.
6. Data entry and data processing: Data entry from paper, books, images, e-books, yellow pages, websites, business cards, printed documents, software applications, receipts, bills, catalogs and mailing lists.
7. Data conversion services: Data conversion for databases, word processors, spreadsheets and software applications. Data conversion of raw data into PDF, HTML, Word or Acrobat formats.
8. Form processing services: Online form processing, payroll processing, medical billing, insurance claim forms processing and medical forms processing.
9. Online research: Internet search, product research, market research, surveys, analysis, web research and mailing list research.
Interesting facts about the Indian BPO industry