Business Process Outsourcing Industry Of India
📖 Learning
A BPO service provider usually administers and manages a particular business process for another company. In India, Business Process Outsourcing (BPO) is the fastest-growing segment of the Information Technology Enabled Services (ITES) industry. The factors which are responsible for the growth of the BPO industry in India are economy of scale, business risk mitigation, cost advantage, utilization improvement, and superior competency. Various industries have started implementing outsourcing such as information technology, engineering, business sector, etc. According to the National Association of Software and Service Companies (NASSCOM) the major reasons behind India’s success in ITES/BPO industry are abundant skilled and English - speaking manpower also India’s unique geographic location and the investor-friendly tax structure made the BPO industry in India more popular. India has been the leading competitor with various outsourcing businesses across the world for an attractive wage margin.
Some Facts About The Indian BPO Industry
India as a Global Outsourcing Hub
Services Offered by Indian BPO companies
Some Facts About The Indian BPO Industry
- India’s BPO handles 56% of the world’s business process outsourcing.
- The demand for Indian BPO services has been growing at an annual growth rate of 50%.
- 70% of India’s BPO industry’s revenue is from contact centers, 20% from data entry work, and the remaining 10% from information technology-related work.
- The BPO sector in India is estimated to have reached 54% growth in revenue.
- The BPO industry in India has provided jobs for over 74,400 Indians. The Indian BPO sector is soon to employ over 1.1 million Indians.
India as a Global Outsourcing Hub
More than 82% of American companies grade India as their first choice for software outsourcing. A large number of multinational companies are outsourcing their business process to Indian BPO companies. India’s share of the global offshore outsourcing market for software and back-office services is 46%. Low training costs in India allow professionals to be continually updated on emerging technologies which is a critical success factor.
India is the world’s favorite outsourcing destination due to the following reasons:
- Established telecom infrastructure.
- Innovation and creativity along with intelligent solutions.
- Highly qualifies and shilled manpower.
- Cost efficiency with quality.
- India’s conducive business environment.
- Biggest pool of IT brains with 120,000 trained IT professionals added to the industry early.
- Every year approximately 2.1 million graduates pass out of India’s colleges.
- India has the largest English speaking population.
- Cultural compatibility and friendly customer relationships.
Services Offered by Indian BPO companies
Customer Support Services
BPO companies provide 24x7 customer services via chat, email, and /or phone. In any business ‘ Customer is King’ and no company can approach customer service function as noncore, expensive and unproductive service in a business. A happy, satisfied customer will bring is more customers. An effective and active customer support service will strengthen the client and customer relationship. It will give them a positive feeling about the brand. Companies also get an opportunity to upsell additional services and products to the customers through this service. Companies offer such professional, polite, and affable customer support outsourcing service to any business across the Globe.
Rishita Jain
Technical Support Services
Technical support services can be delivered over varied communication channels like email, chat, phone calls, or using specified software. There are various technical services which are provided by companies like installation, product support, running support, troubleshooting, usage support, and problem resolution for computer software, hardware, peripherals, and internet infrastructure.
Telemarketing Services
India has taken 40% of the global BPO market. Companies interacting with potential customers and creating interest in the customer's services/ products.
The telemarketing services include:
- Cold Calling Services
- Real Estate Cold
- B2B Cold Calling Services
- B2C Cold Calling Services
- Lead Generation Services
- Appointment Setting Services
- Database Selling Services
- Customer Satisfaction Surveys
- Teleprospecting Services
- Cold Canvassing Services
- B2B Telesales Services
- Product Promotions
- Research Surveys and Polling
- Telephone and Web-Based Business Development
- Up-Selling/Cross-Selling Campaigns
- Seminar Population
Rishabh Rathi
IT Help Desk Services
IT help desk services helps businesses provide high-quality troubleshooting services to customers. There are a lot of qualified and skilled support engineers which are well equipped to provide industry-leading support for all levels of technical problem resolution.
Some of the services are listed below:
- Level 1 and 2 multi-channel support
- System problem resolutions
- Technical problem resolution
- Office productivity tools support
- Answering product usage queries
- Performing remote diagnostics
Insurance Processing
By the potential of Business Process Outsourcing (BPO) insurance companies have minimized expenditure along with streamlining back-office operations. Outsourcing also facilitates the insurance company to carry out daily operations by forming a foundation of profitability and growth. It helps in reducing costs, survive any economic uncertainty, and most importantly set a stage for future expansion and growth.
Services are as follows:
- New business acquisition and promotion
- Claims processing
- Policy maintenance
- Policy management
Data Entry and Data Processing
Data entry helps companies outsource their data entry jobs with control over applications or remote server. Companies have strong firewalls for all PCs and the latest updated anti-virus software to keep client’s data safe and secure also have high bandwidth internet lines(with backup) to provide quality online typing.
In any business, there are huge numbers of data with valuable information. The data which are generated needs to be processed to exact findings, trends, and other business-critical information. That’s why the data must be processed, analyzed, and use the results to improve the business. This data processing service can be performed manually or automatically. There are automated tools available that process the data as per the requirement and processed data can then be used for analysis and further action.
The services which are done under this service are data entry from paper, books, images, e-books, yellow pages, websites, business cards, printed documents, software applications, receipts, bills, catalogs, and mailing lists.
Data Conversion Services
The data conversion process is required to be performed as the data needs to be in a specific format to make full use of it. It can be handwritten, audio content, video content, images, printed material, etc.
Data conversion services are as following:-
- Data digitalization
- Extract data from images
- HTML conversion
- XML conversion
- Electronic Document Management(EDM)
- Robotic Process Automation(RPA)
- Converting handwritten to electronic format.
- Conversion of PDF content to data in different formats.
- Extracting data from receipts and online bills.
Bookkeeping and Accounting Services
Bookkeeping software like SAGE, MS-Small Business Accounting, Peachtree, Quick Books, and other spreadsheets are used as part of services. The experienced accounting and bookkeeping outsourcing team adopt a personalized approach for each client. There are many experienced accountants can work as a virtual back-office to business, to deliver essential accounting and bookkeeping services cost-effectively within a specified time frame. The most important part is that business information will be kept secure and confidential.
Services are listed below:
- Maintenance of the customer’s general ledger
- Accounts receivables
- Accounts payables
- Financial statements
- Bank reconciliations
- Assets/equipment ledgers
Yash Gupta
Form Processing Services
Form processing has become a stressful and inefficient activity amongst a majority of the organizations. Form processing services will also you to completely focus your time and resources towards the more important aspects of the business. Outsourcing from processing is a way to increase the productivity of an organization in the most cost-effective manner.
The outsource form processing services include:
- Resume processing
- Payroll processing
- Application form processing
- Shipping form processing
- Warranty card insurance claim processing
- Student and immigration form processing
- Medical form processing
- Legal form processing
- Transportation and logistics form processing
- Financial document processing
- Tax form processing
- Questionnaire form processing
- Rebate form processing
- Rental form processing
- Purchase or sales order form processing
Online Research
This service provides a high level of accuracy, timely deliveries, total confidentiality, and cost-effective web research services. Online research is the slightest costly research methodology today. Companies collect and analyze quantitative and qualitative information to provide reliable and effective solutions. Companies can outsource this to skilled and trained research professionals.
Services under this are as follows:
- Internet research
- Product research
- Market research
- Surveys
- Analysis
- Web research
- Mailing list research
Piyush Mishra
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