What is BPO?
Outsourcing is the delegation of work from an organization/company to a service provider company, where the service provider company typically carries out the same work cheaper and more effectively than the company which is outsourcing. Companies outsource work primarily to gain cost advantages, efficiencies and expertise.
Business Process Outsourcing (BPO) is the act of transferring some of an organization's repeated business processes to an outside service provider to achieve cost reductions while improving service quality. The outsourced business process can be a core or a non core function to the company.
With the advancement of information communication technology, outsourcing has become a global megatrend. The BPO industry potential is estimated to be a staggering 150 billion US dollars, which only a fraction of this is actually being outsourced. Counties like India and Philippines have created millions of jobs in BPO sector.
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