| Evolution of Business Process Outsourcing Industry |
Two decades ago, who would have thought that a simple task of answering telephone would expand to a $5 billion plus business? The answer to this is business process outsourcing. Today in India alone a million business process outsourcing personnel do much more than just answering telephone calls from customers all over the world.
The Indian BPO industry supports 400 odd companies for diverse industry verticals. The array of BPO services start from telemarketing, order taking, answering queries of the customers, lead generation, and inquiry handling to product or service promotion. Today, the business process outsourcing industry also entails the sophisticated BPO services like data analytics, equity research and processing insurance claims. The end users of these services come from banking, finance, insurance, retail, manufacturing, telecom, pharmaceuticals and healthcare.
Out of the annual global expenditure of $300 million, the contribution of Indian BPO industry was merely $5.2 billion in the year 2004-05. Sixty percent of the business process outsourcing industry comprises of voice based work with high volume business which is commercialized. Over the years, the Indian BPO industry has established itself as a market leader in terms of voice related work and is even ready to take up high end, transaction based services. Thus the future lies in end to end service proposition.
In India, some of the leading business process outsourcing companies are 24/7 Customer, WNS Global Services, GE Captive have scaled both in terms of people and services. Some of the companies like Accenture, IBM Global Services, ADP and Convergys have been armed with global expertise to make their huge presence in India in delivering end to end services across multiple industry verticals.
In terms of horizontal BPO services , 60 percent of the revenues are contributed by customer support. The financial service has proved to be the lead revenue earner. Until late 2001, as the BPO industry began to evolve in India, the third party led to stupendous growth of the industry. The Indian companies like Spectra mind, Customer Asset, 24/7 Customer designed their delivery models through email support services.
Along with all these the recession in US led to economic meltdown. There was urgency to de-risk operations and cut costs. The BPO solution came into picture when the low costs offshore locations like India and some of the South Asian countries offered the much needed voice based customer support and telemarketing services
The voice based BPO services offered wide number of business opportunities for BPO industry. The scale up in terms of headcount skyrocketed and BPO’s started pulling in resources from other service industries like airlines, hotels, retail and financial services. The boom in voice based BPO services telemarketing and customer service has brought global call centre giants like Convergys to Indian soil. Today the voice based business process outsourcing activities expands from telemarketing, value chain, and credit card balance enquiry to addressing software and technology related queries through a tech help desk of an inbound call centre.
Presently, the BPO services are categorized into six main areas which are customer care, finance, administration, human resource, payment services and content development.
http://www.fusionbposervices.com
Article Source: UnArchived Articles
|
|
|
|
