BPO Companies - The Latest Business Trend
The world of business has dramatically changed and continues to rapidly change every single day. What we know today can only last for a few months or years, if we are lucky. What we know yesterday might as well be considered a thing of the past tomorrow. That is how fast the business world is changing. So companies all over the globe have to learn to adapt and do it fast.
Before, the business trend is to be a jack-of-all-trades. To be successful, a business has to have everything a client needs in one roof-a one-stop shop. And companies of olden times try to do just that.
Hire all the kinds of personnel they need for every department in their company. However, that is a thing of the past now. The economic market today requires specialization. Consumers want to have every product or service tailored to their particular need. Consumers don't want generic products anymore.
They want special treatment and the best of quality service they can get. So, having everything under a company's roof does not seem useful anymore. Keeping all business processes under one roof now proves not only to be costly but impractical as well.
This is because monitoring each and every one of them to ensure the best quality is served and tailored to every client need has become tedious and almost impossible. Keeping experts in-house is also proved to be expensive in the long run.
The need for specialization and focus on the company's real core business has spun the trend of hiring Business Process Outsourcing companies, or what is more popularly known as BPO. Business process outsourcing companies have now sprouted and proliferated in countries where labor cost is not so expensive, such as China, India and the Philippines, and lately, the Middle East.
BPO companies in these countries and region provide services to bigger, more often multi-national, companies that want to focus on their core business processes so they just delegate generic tasks, or processes that are of lesser importance, to outside provider or supplier of services.
The philosophy of companies these days is to "...do what they do best and outsource the rest." And it is a very sensible philosophy at that. And more and more companies are catching on it.
The list of services that are most commonly outsourced include, HR solutions, Accounting and Financial Services, Customer Care Services, Call Centers, IT Help Desk Services, Marketing tools and solutions, and other nitty-gritty details that most companies want to be free of.
These are necessary business processes-yes, that is true. However, companies now realize that it is more practical to delegate these tasks and focus on sales or production, or whatever their company is all about.
In India and Philippines, more and more BPO companies are establishing business centers in their territories, capitalizing on the affordable workforce cost and the abundant supply of highly-trained trained professionals. The Middle East has also become one of the newest hub for BPO companies for its multi-lingual populace and its strategic location, giving it a favorable time zone. Added attraction for this region is the possibilities for oil investments and business expansion opportunities.
In India, you can find the following successful business process outsourcing companies: Accenture; Convergys; HCL BPO; Genpact; GE India; IBM Daksh; TCS BPO; Transworks; Wipro BPO; and WNS Global Services. Meanwhile, the Philippines' list of BPO companies includes companies from the United Kingdom, the United States and Japan.
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Process Outsourcing Services
Trends In Business Process Outsourcing
With growing fears of a US led recession, not many experts seem to be optimistic about the future of business process outsourcing industry. The irony however is that in spite of the adverse circumstances, the BPO industry still continues to grow, both horizontally and vertically. This may seem almost magical, but if you take a closer look, you will realize that the magic is nothing but the hard work and foresight of the BPO industry on the whole. Having anticipated the emerging trends and challenges a lot earlier than other industries, BPOs had enough time to devise newer, more innovative strategies and work processes that eventually helped them to emerge a winner.
Winners they certainly are, but they can hardly afford to rest on past laurels because the offshore outsourcing business environment is changing even faster, mainly due to the development of newer concepts and availability of newer technologies. This is why the BPO industry is constantly on the lookout for newer customer management and service delivery systems that might help satisfy the growing needs and expectations of clients. As of now, the BPO industry seems to have achieved this objective, evident from the increasing use of new customer service concepts such as BPO 2.0.
BPO 2 has succeeded where other systems have failed because it lays stress on the use of advanced yet cost-effective technologies. By deploying BPO 2, the BPO India industry has thus been able to achieve the two most important objectives viz. improving efficiency and quality and reducing operational costs. Improving efficiency and quality has become the need of the hour because customers have become more demanding and would just not settle for mediocre customer services. The need to reduce costs even further has however risen due to increasing intra industry competition and also due to the reduction in outsourcing budgets of client companies. Availability of other low-cost outsourcing hubs outside of India is another factor that is forcing Indian outsourcing companies to undertake cost reduction exercises.
As of now, BPO 2.0 deployments have been limited mostly to the call center India industry, but considering the huge benefits derived by this particular industry sector, it would not be wrong to assume that other sectors of the Indian outsourcing industry too stand to gain from BPO 2.0 concepts and methodologies. However, for that to happen, outsourcing companies would have to do a rethink of their existing strategies and most importantly prepare themselves for the potential changes that might become a reality through BPO 2.0 deployments. This in turn would require increased participation of available human resources in organizational matters and the development of the requisite infrastructure that can support the advanced technologies proposed under BPO 2.0.
The future might be even more turbulent or it is also possible that conditions may become favorable for the business process outsourcing industry. Whatever be the case, one thing is certain that BPO 2.0 is here to stay, obviously because it is a comprehensive customer management and service delivery system and not just a means to reduce costs. This is certainly good news for those who have already deployed BPO 2.0 and also for those who are in the process of doing so.
Business Process Outsourcing Services will help the company to reduce the operational cost redirecting energy directed at the competencies of the specified business. It will also assist to make effective utilization of labor,capital, technology and resources.
5 Business Analysis Trends
There are a few trends in the field of business analysis that will help businesses not fall behind their competition.
The first trend is that the business architecture must be the main focus for your Business Analysts. This is because they will need to have the ability to think quickly when they are examining all of the dealings that have anything to do with the business. They also have to know all of the rules and regulations that is involved in the competition business market.
The second trend is to let the business analysis guide the business to the surge in the cloud computing. This is because there are a lot of benefits that the company will get. The biggest benefit is lower costs for owning the company even if you do have any concerns about the security and the access of the company. Therefore, the company will have to look at all of the insights from the business analysis to make sure this transition goes as smoothly as it possibly can.
The third trend is to make sure that you meet all of the requirements of the management of development that will lead the company in delivering the smartest business perspectives. The company needs to push as hard as possible to improve their efficiency of the company's operations. The structure of the company should be as disciplined and streamlined as it can be. Therefore, the company also has to be very flexible in its business practices. This will help the company to get all of the benefits from the business analysis.
The fourth trend is to use a business process modeling notation. The BPMN will help the company to get the most recognition in the industry. This is how most companies try to organize the architecture of the business. Many of the technical and business stakeholders of the company will appreciate this more than anything. This is because they will be able to learn the language that the business is working under.
The fifth trend is to know that your company will be best positioned for success if you are willing to break away from all of the traditional business practices. There are several different methods of agile but the most popular one is Scrum. This is because a company knows that they have to be able to use all of their skills possible. This helps all of the business analysts and project managers. Therefore, the company can estimate all of the costs that are involved in having a successful business.
If you keep these trends in the forefront of your business planning, you should manage to stay ahead of your competition.