BPO service provider supervises and administers a business process for another company. BPO is one of the fastest-growing sectors in India’s Information Technology Enabled Services (ITES) industry. Drivers driving the BPO industry’s expansion in India include:
- The economy of scale
- Business risk mitigation
- Cost advantage
- Better competency
Outsourcing has been popular in various fields, including information technology, engineering, and business. A significant reason for India’s success in ITES/BPO is the availability of a skilled workforce. The unique geographic location and investor-friendly tax structure contribute to the growth of the BPO industry in India. Various outsourcing businesses worldwide compete with India for an attractive wage margin.
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India: An Outsourcing Hub for the Global Economy
More than 82 percent of American businesses choose India for software outsourcing. Many international enterprises have outsourced their business operations to Indian BPO firms. India accounts for 46 percent of the worldwide offshore outsourcing market for software and back-office services. The low cost of training in India allows professionals to stay up-to-date on emerging technologies.
An Overview of the Indian BPO Industry
- BPO in India accounts for 56 percent of global business process outsourcing.
- The demand for Indian BPO services has increased at a 50 percent yearly rate.
- India’s BPO industry generates 70% of its revenue from contact centers, 20% from data entry, and 10% from information technology.
- India’s BPO industry has grown by 54 percent in revenue.
- The BPO industry has employed over 74,400 Indians in India. The industry will eventually employ over 1.1 million people.
Services offered by BPO companies
- Customer Service
BPO provides 24-7 customer service through phone, email, live chat, and a 24-hour call center.
- Technical support services
Bpo provides technical support through various communication channels, including email, chat, and phone calls. Product and operational support, troubleshooting, and usage assistance are some of the specialized services offered by BPO.
- Telemarketing services
These services include interacting with potential customers and creating interest in the client’s products and services. It also includes up-selling, cross-selling, promoting existing customers, and completing online sales processes.
- IT Support Services
IT support services enable firms to provide high-quality troubleshooting to customers. The following are some of the services available:
- Multi-channel support at levels 1 and 2
- Resolutions for system and technical issues
- Supporting tools for office productivity
- Responding to queries about product usage
- Conducting remote diagnostics
- Insurance Processing
Outsourcing helps the insurance company’s daily operations by establishing a growing foundation. It assists in cost reduction, surviving economic unpredictability, and laying the groundwork for potential growth. Through BPO, insurance companies have minimized expenditures and streamlined back-office operations. It includes the following services:
- Acquisition and promotion of new businesses
- Processing claims
- Policy management and maintenance
- Data entry and processing
The majority of businesses generate a lot of data with valuable information. To determine findings and trends, the company must generate the processed data. BPO provides data entry services from paper, books, images, e-books, yellow pages, websites, business cards, and printed documents.