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Explain in detail BPO |
| Answer» Business process outsourcing (BPO) is a subset of outsourcing that involves the contracting of the operations and responsibilities of a specific business process to a third-party service provider.Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, human resources (HR) or accounting, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain their position in the marketplace.BPO services:-Two categories BPO is often divided into are-Back office outsourcing, which includes internal business functions such as billing or purchasing. Back office outsourcing offers organizations services to help manage tasks like data entry, data management, surveys, payment processing, quality assurance and accounting support. Back office tasks are integral to a company\'s core business process and help keep business running smoothly.Front office outsourcing, which includes customer-related services such as marketing or tech support. Front office outsourcing services deal with customer interactions. Examples of front office tasks include phone conversations, email, fax and other forms of communication with customers.\xa0Pros and cons of BPO:-Advantages of BPO are:-\tsaved money and increased time to focus on the core business.\tSome other benefits include: Speed and efficiencies of outsourced business processes are enhanced\tOrganizations using BPO get access to the latest technology\tFreedom and flexibility to choose the most relevant services for the company\'s operations\tQuick and accurate reporting\tSave on resources related to staffing and trainingDisadvantages of outsourcing business processes include:-\tData privacy breaches\tUnderestimating running costs of services\tOverdependence on service providers\tCommunication issues that delay project completion | |