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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Business
Process Outsourcing Services
Recent
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.
