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Business process outsourcing (BPO) is a subset of outsourcing that involves the contracting of the operations and responsibilities of specific business functions (or processes) to a third-party service provider.
BPO is typically categorized into back office outsourcing, which includes internal business functions such as human resources or finance and accounting, and front office outsourcing, which includes customer-related services such as contact center services.
BPO that is contracted outside a company's country is called offshore outsourcing. BPO that is contracted to a company's neighboring (or nearby) country is called nearshore outsourcing. Often the business processes are information technology-based, and are referred to as ITES-BPO, where ITES stands for Information Technology Enabled Service. Knowledge process outsourcing (KPO) and legal process outsourcing (LPO) are some of the sub-segments of business process outsourcing industry.
Knowledge process outsourcing (KPO) describes the outsourcing of core information-related business activities which are competitively important or form an integral part of a company's value chain. KPO requires advanced analytical and technical skills as well as a high degree of specialist expertise.
KPO (Knowledge Process Outsourcing) services include all kinds of research and information gathering, e.g. intellectual property research for patent applications; equity research, business and market research, legal and medical services; training, consultancy, and research and development in fields such as pharmaceuticals and biotechnology; and animation and design.
Legal process outsourcing or LPO is the exporting of legal services to low-wage markets overseas. An increasing number of companies, large and small, are outsourcing legal work to destinations across the globe.
Business process outsourcing or BPO in India has evolved from its early 'sweat-shop' image to the status of a strategic differentiator in the global marketplace. Business process outsourcing has changed the way the world does business.
Objectives of Business Process Outsourcing
Companies that offshore their business processes to India are no longer looking at cost reduction alone. They typically want to achieve:
All of the above add up to help these companies achieve increased competitiveness through BPO.
At Covalent we offer a range of BPO Services such as, Customer Services, Financial Services, Healthcare Services, Human Resource services, IT Pharma services.
Outsource to Covalent gives your organization a competitive advantage with our fast turnaround time, cost-effective services and increased productivity.