Indian BPO Service Providers | BPO in India | Data Entry Service Providers

Outsourcing enters legal sector

2012-01-17T20:29:00.000-08:00

Outsourcing is nothing but contracting out a company's non-core, non-revenue producing activities to third party companies. And recently there has been a big shift to outsource intellectually-based service activities like research, product development, logistics, human relations, accounting, legal work, marketing, logistics, market research.

Offshore outsourcing has entered to the legal profession as well. However it had not entered the complex agreements but more fundamental labor. BPO companies lifts the burden so that the firm can focus on the aspects that provide maximum value to its clients such as strategy, negotiations, fact development, drafting, depositions and court appearances. Outsourcing legal work, ranging from legal research to proofreading to organizing and indexing documents for trial has emerged as a hot issue in the legal community.

Any talks or discussions on the offshore outsourcing sector leads to Indian BPO companies. India is at the forefront of outsourcing. This is due to technical maturity, cost advantages and the productivity gains firms receive.Today, India is one of the most exciting emerging markets in the world. Skilled managerial and technical manpower that match the best available in the world and a middle class whose size exceeds the population of the USA or the European Union, provide India with a distinct cutting edge in global competition.

Law firms, legal departments of major corporations and state and federal government are increasingly following the BPO route to reduce cost and increase efficiency. Outsourcing allows them to remain competitive and serve more clients. It has become an indispensable asset to legal community. Moreover Indian BPO companies are more productive because they work six days a week, not five, and they start work 5.5 hours before the UK.

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: Insurance BPO to be in limelight very soon

2012-01-08T21:22:00.000-08:00

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: Insurance BPO to be in limelight very soon: It is a known fact that the call center services outsourcing and telemarketing services outsourcing industry have always ruled the roost in ...

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: Consolidation is the buzz in BPO sector

2012-01-05T00:54:00.000-08:00

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: Consolidation is the buzz in BPO sector: Indian BPO sector is swirling in consolidation waves as a result of fast changing industry dynamics. According to research analysts, conso...

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: Shriram Value Title and Settlement Services

2011-12-27T20:32:00.000-08:00

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: Shriram Value Title and Settlement Services: Any type whether it may be a short term or a long term project, the data that is involved in the real estate and mortgage plan is always a t...

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: What Indian BPO s Posses?

2011-12-05T01:27:00.000-08:00

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: What Indian BPO s Posses?: • Skilled, English-speaking manpower, which is available in excess • Telecom and infrastructure facilities meeting the global standards •...

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: KPO Anticipate Growth in The Indian Market

2011-11-28T03:24:00.000-08:00

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: KPO Anticipate Growth in The Indian Market: The Business Process Outsourcing (BPO) has seen unambiguous growth in the Indian soil. Now the entire world is looking at India as the most...

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: Scope of BPO industry in India

2011-11-24T02:36:00.000-08:00

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: Scope of BPO industry in India: There has been a common misconception among the people in India that career opportunities in the BPO sector is limited. Even though there ...

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: BPO among youngsters

2011-11-14T22:12:00.000-08:00

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: BPO among youngsters: The BPO industry has definietly got projects in their pipe line and thi...

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: Why Choose an Indian BPO Service Providers?

2011-11-07T01:41:00.000-08:00

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: Why Choose an Indian BPO Service Providers?: At present outsourcing is the fastest growing industry in India. It’s not even a decade that outsourcing services has been introduced in th...

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: BPO Services Still in The Limelight

2011-10-31T22:21:00.000-07:00

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: BPO Services Still in The Limelight: There is some good news in the BPO services sector . Many multinational companies prefer setting up offshore IT services and business servi...

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: BPO favours Telecom industry

2011-10-18T04:49:00.000-07:00

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: BPO favours Telecom industry: Most of the businesses have now started depending on the outsourcing phenomenon in order to succeed in their business. And hence back office...

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: Content Development Outsourcing Opens New Doors

2011-10-13T21:35:00.000-07:00

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: Content Development Outsourcing Opens New Doors: There have been enough talks and debates on the advantages of outsourcing to India . Mostly companies dwell on the benfits like the time an...

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: Smarten up talent pool in BPO sector

2011-10-13T21:34:00.000-07:00

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: Smarten up talent pool in BPO sector: Despite churning out graduates and engineers by dozens every year, the Indian BPO industry is fretting over the lack of right talent pool a...

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: Overcoming the outsourcing woes in India

2011-10-10T21:38:00.000-07:00

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: Overcoming the outsourcing woes in India: There has been lots of speculation revolving around the BPO industry across the world. Pouring oil onto ...

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: Social media work steps into BPO sector

2011-09-29T05:00:00.000-07:00

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: Social media work steps into BPO sector: Add caption There is some happy news at the non voice BPO front. Emerging technologies such as social...

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: Overcoming the outsourcing woes in India

2011-09-27T04:15:00.000-07:00

Indian BPO Service Providers | BPO in India | Data Entry Service Providers: Overcoming the outsourcing woes in India

2011-09-18T23:52:00.000-07:00

Outsourcing enters legal sector

2011-09-09T01:36:00.000-07:00

Outsourcing: the meaning within

2011-08-16T21:27:00.000-07:00

Entrepreneurship is the back bone of any economy and with the current shrinking of the entire system there has been a lack of it prominently. Even though there are many businesses that are the foundation of what makes our country work, but it's the small business owner that keeps the economy growing. Back office Outsourcing is one of the answers to many economic growth problems but no one wants to hear about it.

Small businesses are the backbone of the economy and make up a majority of the country's income. Mostly due to lack of skilled work or not enough work to support a larger staff, small companies can't handle all of the work that needs doing. Many businesses that need work can't sustain long contracts with other companies so they use them on a case-by-case basis. Back office outsourcing companies come into the picture when the small companies can't handle large salaries for many employees and also they become unsure of a consistent clientele. For attaining success, the best choices should be made in the company model and business analytics. And offshore outsourcing services are just a means to that end.

People are usually sceptical about the BPO jobs that they believe that outsourcing jobs to other countries means job loss in their country. But that is completely false. Usually the small businesses can’t afford what it takes to support many workers in the first world countries with a higher standard of living. If you can't get the job done with local workers, then look towards outsourcing to get five times of the original work done for almost half the price. Sometimes BPO services simply mean that a business is expanding their services through outsourcing, which will mean greater opportunity for the host country and its economy.

Outsourcing is not synonym to loss of job opportunities. It often means that the work is being contracted out to an agency or service provider. It's a way for a business to get the job done without having to create entire departments, which ends up saving a company millions and keeps them in operation.

Overcoming the outsourcing woes in India

2011-07-29T01:35:00.000-07:00

There has been lots of speculation revolving around the BPO industry across the world. Pouring oil onto fire, a section of media and other organisations have launched a contemptuous attack on the call centre employees, which may prove detrimental for the growth of BPO Industry. Take the case alleged corruption at the call centres and BPOs. If we analyse both the past and present scenario, corruption is rampant everywhere in the world. So there is no use in pointing the finger towards the outsourcing industry alone.

The basic fact is that all the BPO employees are well educated and they are well aware of their responsibilities. The persons, who work with the BPO companies, understand the importance of security. They never breach the rules defined for them by their employers. Now the offshore outsourcing companies are taking strong security measures to prevent any misuse of the details of the customers and all the employees adhere to the rules.

Most BPO companies have certifications and undergo third-party audits at regular intervals. So there is no question of authenticity while hiring the best among the many Indian BPO companies. Moreover outsourcing industry offers job opportunities like no other. It has been noticed that BPO is the best place for women empowerment. Women are given ample opportunities to prove themselves in the BPO sector. This is the only industry, which has witnessed high growth for women and helped them move to the higher positions in large numbers.

Despite all the odds, offshore outsourcing is booming. People abroad understand the importance of outsourcing their business to India since BPO s in the country have displayed their skilfulness and efficiency in handling the works assigned to them. They should be encouraged and motivated to work more diligently.

Outsourcing content management work

2011-07-28T01:32:00.000-07:00

What is the use of good, clean and relevant content in your website? With good website content you get the benefit of clearly depicting what it is you want to share with people. Also, good content and articles will lead people to your site. With more traffic, you get to earn more from your site making it profitable. A sites success, be it for profit or not, is the number of the flow of traffic to your site. The best part with good articles is that they get you lots of traffic since search engines entirely depend on keyword phrases and single keywords to determine the relevancy and based on that information the article is placed in the search results. Hence it become necessary to have well written articles that has the keywords properly placed.

Many companies depend on BPO who serving the content writing sector as they don’t have the time to write their own content. There are many outsourcing companies doing the content writing task and the writers are experts in this style of writing and can greatly help your website to get that coveted spot in the search engine rankings. There are many BPO services in India that offer you their writing services with their team of well trained and experienced writers. They offer writing services for almost every niche possible in order to cover any writing needs.

The offshore outsourcing services companies in India would probably be the best since they have done a good job of keeping their content at a high quality to get them high rankings. But it is also good to search for as many companies as possible and read some of their sample work to get an idea of how much it will cost you.

Social media work steps into BPO sector

2011-07-27T02:06:00.000-07:00

Add caption

There is some happy news at the non voice BPO front. Emerging technologies such as social media is not only changing the way people communicate, but are influencing the services offered by business process outsourcing (BPO) firms as well. With this emerging trend at the offshore outsourcing scenario, the non-voice service offerings are slowly seeing growth. Most of the outsourcing companies indulge themselves with a fair amount of non-voice BPO [such as] back-office email management, chat processing, coupons processing and claims processing, along with voice processes. The social media work is also considered back-office by helping clients in inserting experts into blogs and forums on the web, so that when there's an issue in the social media realm, the BPO insert an expert there to resolve the issue.

Non-voice BPO services are beginning to push the local BPO market to growth, as voice-based BPO services in the country near saturation. The companies that have started doing the social media work in a year or so already have seen green lands and added clientele. Consumers today are becoming pretty demanding and expect a high degree of satisfaction says an expert adding that consumers now expect the same level of service rendered in different kinds of channels—be it through the phone, email or social media. Hence some of the companies are putting some attention into the technology business sector.

This shift towards multi-channel customer service demands a new set of skills from agents but fortunately, the current crop of workers are immersed enough in these new technologies. The best part of this shift in the focus is that the younger generation of employees have familiarity with texting, chat and social media. They have wonderful multi-tasking skills and that's important when you're going to serve clients. Moreover, BPO clients dealing with new technologies such as smartphones and tablets call for more advanced troubleshooting skills.

BPO services surpass IT services

2011-07-26T01:11:00.000-07:00

Acquisitions by Indian outsourcing companies are continuing unabated, driven by an increasing need to both deepen and broaden their capabilities in their search for growth and scale. A key driver of this activity is a little noticed long-term trend that should become more obvious as the years roll by that of the business process outsourcing (BPO) sector growing faster than information technology (IT) services outsourcing. Acquisitions are happening rapidly and mostly finance and accounting sector is on the move. Also BPO firms are joining hands with telecom service providers as well. Most of the experts opine that unlike IT services, the BPO sector was not hit as hard by the downturn of 2008-09. IT services has now bounced back strongly and is growing much faster than BPO as a short-term trend. In the long-term, however, especially given that the IT services market is very well penetrated, it is BPO which will outpace growth, they points out.

According to some reliable data point the worldwide IT outsourcing expense is growing at 4% while BPO is growing or will grow at 6-8%. When you analyse the actual IT spend of companies, you can see that is growing at only around 2%, reflecting their actual growth. On an average, for every $1 billion spent on IT, a company would spend $4-5 billion on BPO. Outsourcing is a much larger market and it is not that well-penetrated. So the long-term road ahead is clear. As with IT services, BPO clients are becoming more demanding and looking as much to solve business problems as to reduce costs. This calls for a deeper industry domain knowledge as well as global capability—the other key factors driving acquisition activity in the space.

Offshore legal outsourcing versus onshore outsourcing

2011-07-25T22:22:00.000-07:00

Outsourcing companies that in recent years added to the financial woes of the American legal profession by sending work to low-cost countries like India are now creating jobs for lawyers in the United States. The American salaries for outsourced work may look meagre compared with the six figures that new associates might still hope to draw at a big firm. But outsourcing jobs typically pay better than temp work — and certainly better than no work at all.

And at that salary range, American lawyers start to look a bit more competitive with their offshore counterparts — and more attractive to potential American clients that might not be comfortable sending legal work overseas. Legal outsourcing companies with offshore office are looking forward to deliver a fantastic client experience by setting up onshore facility. This has been seen as the latest trend by legal BPO s in USA. Some of the leading BPO companies have already set up offices in most part of the state and has lawyers working during United States business hours, on tasks that, because of logistics or American law, can be difficult to perform outside the country like writing and vetting export control documents, military contracts and some patent reviews. Most of the BPO companies have set onshore sites and have been hiring steadily in recent months. And though the industry’s total number of employees in the United States is still estimated to be only in the hundreds, analysts predict fast growth for the field. In the United States, outsourcing companies are hiring lawyers from temporary legal services firms or recruiting them directly out of law school. The pay is often comparable to lawyers’ salaries in smaller cities. And the jobs can come with other benefits, like equity stakes in the company and management opportunities that might not be widely available at conventional law firms. Even though it will put a stake over the offshore outsourcing companies, it will enhance the business globally.

Companies return to growth after the high tides

2011-07-12T21:31:00.000-07:00

According to IT research firm the return of growth has been accompanied by a strong appetite to increase spending on BPO projects. A survey of 600 mid-to-large companies in 14 countries found 54% of the respondents looking to increase their BPO spending this year by 5% or more.Out of this, 20% (of the total surveyed companies) were planning to increase their BPO budgets by 10% or more this year, reflecting at the return of growth. Most companies had put big projects, whether in BPO or IT outsourcing, on hold during the recession."Many of these budget increases are driven by the fact that BPM is focused on improving business outcomes and explicitly meets the objectives of many organisations' return-to-growth strategies,” says the expert.

The results are good news for BPO companies in India and Filipino -- the two strongest players in the international BPO market. offshore outsourcing services refers to the handing over of activities such as handing customer queries and even making sales calls to specialist companies.BPO companies in India is arguably one of the biggest sources of employment for India's millions of graduates.The "return to growth" trend was stronger in Asia Pacific, where 25 percent of respondents were planning to hike their BPO outlay by more than 10%, compared to the 20% for the World as a whole.The numbers are more aggressive than corresponding figures for the IT outsourcing market, partly because companies see outsourced service providers as more crucial to their business expansion than IT.

"BPM project funding comes not from an IT budget but from the line of business budget in 66 percent of cases, and because BPM is focused on business outcomes, many business units are funding it more readily than they are IT-specific projects," expert pointed out.

BPO favours Telecom industry

2011-06-29T22:47:00.000-07:00

Most of the businesses have now started depending on the outsourcing phenomenon in order to succeed in their business. And hence back office outsourcing has become the new key in the present world to expand your business. This trend is reflecting in almost all sectors like banking, insurance, retail etc. Amongst all the businesses profiting from the services provided by outsourcing, telecom industry is one. According to estimates, almost 75% of the telecom business companies have already taken to outsourcing.

In the process of making any major financial or technological policy, outsourcing is a major player. This fact has been unanimously accepted by the telecom executives worldwide. Apart from the fact that outsourcing certain business processes is convenient to the company, it is also true that telecom companies save a lot of money by following this suit. This is very relevant on the network management where half of the finances within a telecom industry are spent. Other segments that require a lot of time and finances include customer care, billing, recruitments etc. With the advent of Business Process Outsourcing (BPO) though, the telecom industries can easily outsource the above mentioned services and processes.

With the major processes outsourced, the telecom companies are then better able to utilize their time and management by focusing into expansion and other company policies aiming at expanding their customer base. This is particularly applicable to telecom industries based in the first world nations or developed nations, where work force is extremely costly. Hence outsourcing their business processes to BPO service providers ensure that all their customers get complete and proper attention, hence assuring a loyal customer base. Then again, outsourcing also ensures that these companies get the latest of technological aid, which would have come extremely costly if the company had decided to do it themselves.

BPO entering retail Industry

2011-06-23T03:01:00.001-07:00

Shifting demographics, well-informed consumers, new channel formats have made the global retail industry to be more complex and changing at an ever increasing speed. Retailers are always under the gun to perform regardless of the economic cycle. Even when the retailing industry is changing with the changing world, it needs to adjust and modify existent models, approaches and processes for satisfying the needs of future customers. Retailing industry essentially needs to modify the offerings to select the customers, win over them and foster greater customer loyalty.

Retailers are constantly facing in-store, customer, technological and environmental challenges. They are often hurdled by stock outs, shrinkages and lower productivity. As a result decentralized operations like non standard processes and lack of property control occur. Also the retail enterprises need to handle ever changing customer preferences and there has been continuous pressure to deliver the value through customization. Moreover environmental challenges like change in demographics, seasonality in business, customer localization and suppliers pressure on margins.

Offshore BPO providers enable retailers to come more close to customer while focusing on emerging market cultures and trends. Be it merchandizing, store operations or customer relationship management, Indian BPO Service providers provide customized solutions covering every aspects. Through excellence in technology, process, industry insights and outsourcing modules, BPO Company in India support retail organizations globally.

BPO- Insurance

2011-06-21T22:07:00.000-07:00

The life Insurance segment is facing various areas of concern like growing claims, increasing litigation, rising labor attrition and nontraditional competitions like brokerages and banks. In this situation, the Insurance companies particularly the ones dealing with Life Insurance need to implement remedial measures. Most of the life insurance companies rely upon B ack Office service Provider for reducing administrative and labor costs through automation and outsourcing. The insurance outsourcing market is enormous with India being one of the most preferred destinations. There are nearly 3,000 insurance companies in the US alone and around 63 percent of India’s outsourcing revenue comes from United States, says Global Insurance Outsourcing report.

Also by outsourcing property and casualty insurance works, the insurers have focal determination of high severity claims management with accurate claim processing, faster business cycle, reimbursements and turnaround times. With the internet playing a major role in expanding insurance segment, majority of the population go for online insurance products than relying on the traditional methods. Consequently, the insurance companies particularly in the Property and Casualty insurance vertical are no longer relying only on Back Office Outsourcing but rectification and strengthening of crucial business processes.

Shriram Value Services, an associate of the multi-billion dollar Shriram Group, headquartered in Chennai, India efficiently delivers insurance industry specific as well as cross industry BPO solutions for clients across the globe. We provide a list of comprehensive solutions to our trusted clientele reaching places far away from just being offshore BPO providers. With our deep domain expertise in insurance processing and diligence, Shriram Value strives to deliver maximum productivity, increased operational efficiency and profitably to our clients.

Relying on BPO in credit card processing

2011-06-20T21:14:00.000-07:00

Customer attrition, ever increasing and complex fraud patterns, increased competition and regulation are some of the hurdles faced in the Credit Card processing sectors. Along with this there are complexities involved with the legacy processing systems due to the inflexibility and inability to adapt quickly to changing market place demands. Also the banking sector has been under constant pressure to reduce transaction costs. Furthermore there has been business and technology convergence, expensive and inefficient distributed card centers affecting the sectors.

The banking companies should control the capital expenditure and become more alert in the credit card offering sector to overcome the hitches. The companies are in need of a business model that is capable of handling a wide range of card processing, operations to define processes specific to market needs, market and regulatory changes, products and services to be customized to the specified needs of the market segments.

Shriram Value has the expertise in processing system that can provide the control needed to optimize approvals in an environment where non face-to-face transactions and consumer controlled delivery manipulate the profitable growth. Our services include Credit card application processing, Credit card servicing, Credit card settlement.

Insurance BPO sector in India

2011-06-16T05:45:00.000-07:00

The Property and Casualty Insurance sector has been experiencing vibes of strong competition. This has been substantiated by the acquisitions and mergers happening in the segment due to the dominant position of large market leaders, ever growing technology and competitive pricing environment. However market conditions remain supportive for underwriting profitability and rates have increases in market segments particularly in Property and Casualty Insurance following catastrophes. All these have resulted in tight competition within the Insurance space.

By outsourcing property and casualty insurance works, the insurers have focal determination of high severity claims management with accurate claim processing, faster business cycle, reimbursements and turnaround times. With the internet playing a major role in expanding insurance segment, majority of the population go for online insurance products than relying on the traditional methods. Consequently, the insurance companies particularly in the Property and Casualty insurance vertical are no longer outsourcing just back office support work but rectification and strengthening of crucial business processes.

Shriram Value understands the segments of Property and Casualty insurance that requires enhancement and renders help in attaining proficiency. We are equipped with knowledge as well as technological competence for delivering comprehensive off shoring solutions.

BPO sector ensues economic growth in India

2011-06-14T21:35:00.000-07:00

When the demand for outsourcing work to India became significant among western companies, it led to the tremendous growth of BPO sector in the country. And this eventually led to the economic growth despite the global recession. The role played by BPOs in boosting India’s economy shows that the IT and ITES sector have been contributing largely to the economic growth of India. Studies prove that the growth in the contribution of BPOs to Gross Domestic Product has shown a steady rise from 1.2% to 5.4%. It is hence evident that the BPO industry is making an impact on the Indian economy.

BPOs in India are focused on the domestic segments and off-shoring. The benefit to the local economy is subject to well-judged utilization of resources existing in these areas. At the same time, BPOs are aiming at contributing towards bringing in more earnings to the country and IP creation. Emphasis on quality services, skilled sets and workers, cost effectiveness, quality product and English speaking manpower are some of the driving forces that account for the increase in foreign investments. However the role played by BPO in economic growth of the country is set towards making a significant impact in the time as well. The setting up of more BPOs is also bringing in more job opportunities for the Indian youth. BPO role in India's economic growth will even facilitate great manoeuvring in the country’s balance of payments.

Finishing schools for BPO training

2011-06-09T21:31:00.000-07:00

A plethora of allied careers on the forefront has been brought out by the BPO boom in India. One of the latest in this ever-growing list of professions is voice and accent training. Log on to any job site and one is struck by the demand. With the Businees Process Outsourcing industry penetrating into smaller cities across India, the demand for the trainers are on the rise. Voice and accent training involves equipping professionals with communication skills required to survive in the globalised world.

Many voice trainers claim that voice and accent training is in fact more about speaking English clearly and neutralising native accents. This is to clarify the common misconception that voal training is all about putting on a British or an American accent. Basically no accent is right if it is not accent neutral. In a globalised world it is not possible to work without a neutral accent. Even Britain has 32 dialects which they do not recognise among themselves, opines the trainers. Some of the courses for the trainers cost as much as Rs 15,000 to Rs 30,000 for a 60-hour programme. Many organisations also employ in-house voice and accent trainers.

The scope for trainers is definitely higher in cities like Bangalore, Chennai and Mumbai but with the number of BPOs on the raise and company’s planning to open in cities like Thiruvananthapuram, the prospects are looking good in the future. A beginner can make anywhere between Rs 250-300 per hour. This can go up to Rs 1000-2000 per hour or around Rs 60,000 a month.

Low cost in BPO sector appeals globally

2011-06-08T21:26:00.000-07:00

India has been a subject for study in almost all industries and sectors across the world. And when it comes to BPO industry, the country has always ruled the roost. It has shown a strong withstand against the rising tide of global recession and surpassed the whirlwinds efficiently. According to a recent study, India's prowess as a low-cost business process outsourcing (BPO) hub continues to attract investors across the globe despite the regulatory issues in the country. The survey has thrown light at the current scenario in India and clearly establishes the country as one of the leading economies where foreign capital will flow into in the coming years. In addition to the overall strong macro-economic fundamentals, India's navigation of the economic downturn over the last couple of years has been strong and steady.

According to Nasscom, India's IT and BPO exports jumped 18.7 per cent during fiscal 2011 to $59 billion. It now accounts for 26 per cent of India's overall exports and 11 per cent of services revenue. Within the high-tech export basket, IT services grew faster (22.7 per cent) than BPO (14 per cent). The software and services export revenue is slated to grow 16-18 per cent during the current financial year to $68-70 billion. The decline in capital intensity of inward investment resulted from strong competition for investment projects and investment pattern diversification, the report said.

Mergers and acquisitons take its toll in BPO industry

2011-06-07T21:36:00.000-07:00

The Indian BPO industry is seeing a spurt of merger and acquisition activities and this shows immense growth of the setcor in the coming years. The BPO veterans are to add more capabilities and are looking at acquisitions to widen their scope of offerings. The cleint base is really strong in most of the BPO companies and with the presence of the mother company across the world, the BPO clients are only a small percentage of that. The business process outsourcing companies continue to have huge headroom in growing with those customers and at the same time they are looking for opportunities. More and more companies are looking for acquisitions and of course the price has to be right.

There has been drastic benefit and oppotunity with the mergers and acquisitons. The companies are definitely looking into all those options. Their argusing point is that when they get so much enamour with the idea with going off with inorganic, they might not take a look at how much they are paying for it. Industry experts also say that several PE firms are looking to exit their investments in BPO companies which means more M&A activity in the coming months. Also analysts expect the BFSI space to witness the maximum deals as clients are now looking to outsource core functions like mortagage processing and core banking. Despite growing by 14 per cent last fiscal, the BPO industry in India grew much slower than IT services as delayed decision making and deal restructuring took its toll. Currently over 70 per cent of the outsourced work to Indian BPOs are basic services like customer interaction and support and this will change as firms move up the value chain.

BPO among youngsters

2011-06-06T21:36:00.000-07:00

The BPO industry has definietly got projects in their pipe line and this can be adjudged by the way in which the sector has generated employment. Business process outsourcing firms have been hiring employees and expanding their manpower resource. Earlier youngsters in the country did not look at call center jobs as a stable career choice. Only college-goers or those who didn't find employment elsewhere worked at the call center. Customer service agents were largely undergraduates, more so in the third world countries. Hence the value for man power became less in the initial stage. However the scenraio has drastcially changed now.

When the economy became lean and companies were expected to shed weight, the call centers were the only units that were hiring. The youth joining the telemarketing sector looks at the BPO industry with a fresh perspective. The BPO services job had a certain stability that was not shaken up by the economic meltdown. Youngsters want job security and that is not something that the other industries like offline marketing or retail were in a position to offer. Moreover, there was a strong sense of purpose in expanding their horizons beyond set parameters. There were more opportunities for growth and the youngsters took the challenge up enthusiastically.

Understanding BPO s and Call centers

2011-06-02T21:32:00.000-07:00

Even though BPO industry has been prominent in the Indian scenario for a long time, most of the people still confuse BPO and call centre. This is mainly because they don’t have a clear understanding of the functioning strategy of BPOs.

Basically a Business Process Outsourcing (BPO) organization is responsible for performing a process or a part of a process of another business organization. To be precise, their major function is to help the client save on costs or gain in productivity.

On the other hand, call centers are a part of the BPO service sector. A call centre, for example, might handle customer complaints coming in over a telephone. They call centre sector performs that part of a client's business which involves handling telephone calls.

However BPO is not only about handling telephone calls. There exist BPO organizations, such as medical transcription agencies, which handle their business through websites, and do not process any telephone calls on behalf of their clients.

Scope of BPO among job seekers

2011-06-01T22:08:00.000-07:00

BPO refers to outsourcing in all the major fields of business and it has become one of the fastest growing industries in the past scenario. Various organizations have set up call centres wherein outsourcing of business process is done throughout cities as well as suburbs in India. There are call centres for customer care services of every other organization, right from telecommunications companies to banks.

A career in the outsourcing field has become a hit among the youngsters of India, thanks to the attractive five figure salaries and incentives! Usually youngsters of the age between 18 and 30 are seen to be indulged in the BPO jobs. According to surveys, more than one million people in India are working in the BPO industry, which is expected to increase to 2.5 to 3 million in the coming years. Factors which have led to the current boom are convenient transport facilities, attractive lifestyle, flexibility in work timings and whopping salary package.

Since the clients expect top notch outcome, training in the BPO sector have become an essential thing. Hence many institutes have started imparting training to develop special skills required for the job, such as proficiency in spoken English, speech, accent and voice modulation, negotiation with clients, marketing skills and communication skills, through short-term diploma or certificate courses. After completing their graduation, job seekers can join any BPO as specialists in Transactional BPO, Comprehensive BPO, and Niche BPO etc. Ample job opportunities are available in customer support services, telemarketing services, technical support services, employee IT help-desk services, insurance services, data entry services, data conversion services and online marketing, in this field.

Smarten up talent pool in BPO sector

2011-05-31T21:34:00.000-07:00

Despite churning out graduates and engineers by dozens every year, the Indian BPO industry is fretting over the lack of right talent pool and quality manpower. The main problem lies in the disparity in learning of the fresh graduates at their colleges and engineering institutions and the actual skill sets required to work in the ITeS BPO industry. However the companies in the Business process outsourcing sector have taken the lead in ensuring that requisite remedial actions are undertaken well in time to avoid any form of talent crisis.

Experts from the outsourcing sector suggest that it has become necessary to enhance the Indian talent pool to maximize the industry's potential and enable the sector to further catalyst the growth rate of the industry. The educational institutions need to train the young graduates on some of the key skills needed to join the ITeS BPO industry. Only then can the fresh graduates be ready to work in the industry from day one, they opine. And the responsibility of training the manpower to be fit for joining the team currently lies on the shoulders of the BPO companies. It has been suggested that fresher’s need to be trained at least two months before they can be taken in to a project. This in turn increases the cost of employment and total turnaround time for the companies and the industry as a whole.

Scope of BPO among job seekers

2011-05-30T21:32:00.000-07:00

BPO refers to outsourcing in all the major fields of business and it has become one of the fastest growing industries in the past scenario. Various organizations have set up call centers wherein outsourcing of business process is done throughout cities as well as suburbs in India. There are call centers for customer care services of every other organization, right from telecommunications companies to banks.

It’s time for vertical shift in BPO

2011-05-29T21:17:00.000-07:00

In order to cater to the changing demands of the outsourcing industry many large BPO firms are widening their vertical or sectoral expertise. With clients now more open to outsourcing sector specific mid- to front-end functions that require deeper domain knowledge, BPOs are enhancing their expertise in such functions. These include areas like mortgage processing, core banking, supply chain and healthcare insurance. For clients, this helps to contain costs and focus on their core business.

Earlier BPOs have been horizontal focused. They offered services like customer interaction and support, finance and accounting, and human resources that are applied across different industry verticals. With the change in the vertical, insurance clients are now outsourcing core processes in underwriting and banking clients want BPOs to analyze risks associated with loans and make decisions on loan disbursements. The BPO giants in India are now focusing on banking, financial services and insurance (BFSI), manufacturing, and telecom, media and entertainment verticals. Plus the outsourcing sector is also scouting for acquisitions in different geographies. Some Eastern European countries are excellent for accounting, while the US is good for healthcare experts. BPOs are also appointing domain specialists to improve their verticalized offerings. For instance, banking sector executives are hired to work on actuarial (risk assessment) roles at BPOs.

BPO in India Survives Recession

2011-05-26T21:48:00.000-07:00

The BPO sector in India has well survived the global economic meltdown. Over the last ten years, the Indian BPO industry has grown to achieve a scale of more than USD 12 billion in revenues. Presently, worth nearly USD 150 billion, the industry employs over 400,000 people. The BPO industry of India is expected to undergo many minute changes. The key challenge ahead of it now is to keep up with the competition being posed by new countries that are emerging as outsourcing hubs and at the same time remain cost competitive.

The veterans in the BPO industry affirm that the business opportunity is significantly large. Hence they are focusing on domain expertise and build really deep capabilities. They also have plans to bring IT, BPO, technology, infrastructure all completely integrated, bundles solutions is what the clients are looking for. The opportunity of the BPO industry is on a rise with the growth and opportunity in emerging economies expected to present over USD 300 billion worth of business opportunity. The future seems to be bright for BPOs. India offers capability that probably no other country in the world does. In India there is huge population that is highly educated. At the same time the industry is moving so far up the value chain that the price that has been charged for the services now is much greater than it was before.

Content Development Outsourcing Opens New Doors

2011-05-24T21:53:00.000-07:00

There have been enough talks and debates on the advantages of outsourcing to India. Mostly companies dwell on the benfits like the time and money you can save, which could be spent more productively in building the business. Many kinds of jobs have been outsourced the last ones to join the race is content development. It is absoultely possible to confidently outsource a wide variety of content writing projects to India. India has a large number of graduates who speak English as a first language, who think in English and write fluently in English.

India’s thriving media and entertainment industry, combined with the IT revolution, has created a large pool of highly skilled and proficient creative and technical writers, journalists, story story writers, script writers, copywriters, editors and proofreaders. Well-educated teachers in India have the experience and qualification to write textbooks in English on most subjects. India is by far the best choice for outsourcing English content development . No other country compares to the English speaking and writing capabilities found in India . Top notch kind of quality and reliability is available in India. However there are firms that can not produce the quality expected. It is always a good idea to test vendors and once a good one is discovered, be loyal and stay with them.

Significance of Infrastructure in BPO

2011-05-23T23:25:00.000-07:00

The Indian BPO Industry has the potential to drive India's economic growth through the next few years. The strength of the BPO s in India lies in experience, language proficiency, entrepreneurial zeal, skilled workers, expertise in new technologies and a cost advantage. The services offered by the BPO companies are in HR, finance and accounting, transaction processing, content development, engineering, design, remote education, market research, data search, network consultancy, etc. Indian BPO industry is essentially still in the early stages of evolution. The Indian BPO market is in its early high growth phase and is growing at an astronomical pace.

The main attraction of BPO or business process outsourcing players came in primarily for low cost and high quality services; the second feature was the rapid ramping up of operations and a modern BPO infrastructure, which propelled India's economic growth to a new horizon. Improved infrastructure is another important factor which has helped India to achieve tremendous success in the field of IT/BPO. There has been tremendous growth and improvement in telecom, power and roads infrastructure in the last few years in India. Relevant telecom facilities are an important precondition for the success of the software and BPO industry.

Significance of training in BPO industry

2011-05-22T21:10:00.000-07:00

Since the BPO industry is growing at a drastic phase, there is a need to maintain the standards. The outsourcing services sector exceeds expectation in many sectors. Owing to the high profile job, attractive pay scale and growth opportunity, most of the young minds in India have been shifting their focus towards BPO jobs. In order to deliver desired services to customer, who is 10,000 miles away, it is important to have good amount of business knowledge and required expertise.

The business process outsourcing industry is expected to generate more than a million jobs by 2015 and hence training is needed for ensuring the high quality performance. Moreover, there has been high attrition rate in this sector due to unsatisfied employees, monotonous work, unused talent, inadequate technical expertise etc. Also the uprising of high profile BPO jobs has triggered the need for better training.

In order to retain the employees thereby reducing the attrition rate, most of the companies have given prior importance to training. Some of the problems faced by employees from the outsourcing sector are flexible shift timing and job stress. This in turn leads to de-motivation. Well designed training program with clear career path increases the job satisfaction among the young professionals and help them in becoming efficient and effective at the work place. So companies should handle such challenges of meeting training needs, although, the sector is taking a lot of initiatives in conducting training for new joiners. Most of the BPO s in India feature elaborate training infrastructure with computer based training sessions led by specially trained and qualified in-house trainers. The training session tries to identify the strength and weakness and emphasis more on the personality, problem solving skills and leadership skills of the employees.

BPO s coping with the recession

2011-05-20T21:24:00.000-07:00

Business experts confirm that Business-process outsourcing is getting redefined and will expand rapidly over the next five to seven years outpacing growth in technology services. These days’ companies are looking to outsource a wide range of services including human resources and accounting. In order to meet this demand, outsourcing companies are rushing to build up their expertise. Several companies have taken the acquisition route while others are opting to develop these services internally, says one of the veterans.

Talking about the recession, experts believe that the global economic meltdown largely depend on customer’s economic cycle. Some of the clients have been severely affected by the economy while there are hopes that they will recover very soon. Outsourcing volumes will increase gradually as customers come out of the downturn in the economic cycle. However, on the other hand, looking at the business in totality shows that the business has not shrunk, they opine. Companies continue to look forward in outsourcing services in industries like banking, financial services and insurance sectors. Also technology, telecom and manufacturing have their share in the bread as well. In addition, clients are interested in focusing on their very core businesses and they seek specialised providers. Most of the Indian BPO companies focus on existing sectors and later on expanding to adjacent areas.

Economic growth safe in BPO hands

2011-05-18T21:19:00.000-07:00

Looking at the recent developments it can be confirmed that the Information Technology-Business Process Outsourcing (IT-BPO) service industry continued to provide sound support to the economy. Based on the surveys it has been found out that total revenues estimated at US$8.3 billion, higher by 30.6 percent than the US$6.3 billion receipts reported in 2008. While the growth rate recorded may have slowdown from those of previous years, it is still robust compared with that of other industries in the country.

In addition there has been a double digit growth rates in revenues in outsourcing sub sectors like contact centre, transcription, animation, software development and others. Contact centres accounts for half or 50.9 percent of the industry's receipts. At the same time the main driver of outsourcing services contribute 21.6 percentage points to the industry's growth, says the report. Simultaneously transcription and animation services also posted dynamic growth amid the expansion of transcription companies and the production of more local animation films.

Further the survey pointed out that IT-BPO exports have increased by 45.9 percent to reach US$7.7 billion. Export earnings comprised 93.4 percent of total industry revenues, an increase from the previous year's 83.6 percent export-to-revenue ratio. Except for the animation sub-sector, all other sub-sectors recorded higher export-to-revenue ratios, with the highest at 96.1 percent for transcription.

BPO in a nutshell

2011-05-15T21:27:00.000-07:00

In the context of cost effective recession, outsourcing is the wisest resolution and it has been predicted as much prominent in the area of fiscal management. One of the great benefits of BPO services is that it helps companies to pay attention to core areas.

It is to reallocate accountability and control costs that companies generally outsource ways. In this manner, the management is within a much better position to pay attention to core areas, and never keep itself engrossed in the areas. In addition, outsourcing likewise helps companies to prevent capital expenditures that are particularly essential in non-core areas that could need new systems or more gradation. Basically companies always want to invest their money and time into core areas. Hence the need for outsourcing back office work arises. The Business process outsourcing service providers offer quantifiable advantages through enhanced efficiencies, lower expense, reduced payroll and gain expenses, and less capital investments. Other BPO rewards include assurance of guidelines, skills and technologies.

Generally BPO companies provides use of proprietary work-flow techniques, process reengineering skills, and revolutionary staffing and shipping models, in conjunction with world-class technology delivered by experts. Another advantage of BPO is decrease in costs. To put it in simple words, BPO is a process of giving the less significant yet crucial work to a third party to running an amount well.

What Indian BPO s Posses?

2011-05-11T21:29:00.000-07:00

• Skilled, English-speaking manpower, which is available in excess

• Telecom and infrastructure facilities meeting the global standards

• Strong quality orientation among resources and their ability on measuring and monitoring quality targets

• The scope of offering 24x7 services based on the country's unique geographic location that allows for adjusting time zone differences

• Hands-on and positive policy environment which encourages ITES/BPO investments and simplifies rules and procedures

• An open tax structure, which places the ITES/BPO industry on par with IT services companies.

What are the scopes of BPO?

• Customer care has always been a strong basement of offshore outsourcing services and it will continue to do so in future

• With the entry of outsourcing possibilities into vale added domains like insurance claims processing, the financial services are expecting greater growth

• HR outsourcing services are already contributing its share on the BPO sector

• Administration services including back office administration are surely going to increase in the future

• Getting into creative field, content development outsourcing is something that will shine brightly in future

Some facts on back office outsourcing

2011-05-08T21:28:00.000-07:00

For the assortment of advantages it offers, back office outsourcing has gained immense popularity over these years. Businesses outsource their back office jobs since they can save the money that they would have to spend for acquiring these tasks carried out in-house. Back office outsourcing companies in India enable business experts to concentrate on core organization activities by lessening the administrative responsibilities of business experts. To be precise outsourcing back office jobs costs much less and yields greater results.

Leading health care facilities, insurance firms, educational institutions, government agencies, organization establishments, legal firms, banking sector, financial, accounting firms and other people take benefit of the outsourcing services. There are numerous well-recognized outsourcing companies offering outstanding back office services. The best thing with the back office outsourcing firms is that they deliver consistent and competent service. They are always equipped with innovative technologies and software. Also a team of professionals which includes information conversion professionals, accountants, auditors, editors, proofreaders, quality controllers, monetary analysts and others with profound understanding about distinct file formats, accounting, auditing rules and data conversion tools and methods compliment the work of BPO in India. They have the capability to competently manage even complex back office projects and deliver good results within the specified time limit.

Overview of outsourcing industry in India

2011-05-06T22:05:00.000-07:00

The ITES sector in India has flourished over the past decade. Due to its low cost but qualified workforce, Indians’ fluency in the English language, governmental support and a stable legislative and economic framework, India has enjoyed its dominant position in the global BPO segment. What more, the 12 hour time zone difference with the primary originator of most BPO jobs, the United States, is an added bonus, as day and night shifts can be carried on as routine. Moreover enhanced competitiveness in the BPO services sector has been increased due to the governmental drive to offer subsidies and tax relief benefits to the ITES industry.

It has been estimated that more than one million people have been employed in the outsourcing companies sector and it has generated revenues beyond expectation. United States holds the most prominent clientele with United Kingdom closely following it. One of the notable features is that majority of the clients are typically engaged in either the IT, financial services or telecom industries.

Challenges faced by the offshore outsourcing industry are significant in the real estate and infrastructure costs. The worst fear being the skyrocketing of construction costs in the main cities. This escalating cost has been resulting in unsustainable going forward. Hence many BPO companies in India have been migrating to suburban cities and even rural areas. Yet another threat is the expanding outsourcing operations and cheaper services by countries like China, Mexico and Vietnam.

Future of Finance BPO Services Shines Brightly

2011-05-04T21:16:00.000-07:00

India has the potential to reach a market size of $250 billion in the outsourcing industry, according to a study by global consulting and research firm Everest Group, titled “Role of Global Sourcing in Financial Services”. The report further suggest that India will play a key role in global Business Process Outsourcing in the financial services sector.

Over the years, India, Philippines and China have evolved as mature locations for financial services outsourcing, while Eastern Europe, Central America and South America are witnessing the fastest growth. The financial services BPO sector is a $16-18 billion market comprising nearly 40 per cent of the $40 billion global sourcing market. The BPO in India continues to play a key role in the offshore outsourcing space and offer attractive arbitrage opportunities compared to onshore locations in US, UK, and Europe. The availability of skilled individuals, process excellence, and improved service levels are the bait that Indian BPO companies posses.

Furthermore, the report hinted that challenges have had a very minimal impact on global outsourcing. The most notable ones being the constraints in the United States associated with the Troubled Asset Relief Programme (TARP) and data protection measures in the European Union. The study has analysed the global sourcing phenomena in detail on areas like capital markets, insurance outsourcing and also analysed labour savings and other factors offered by different on and offshore delivery locations.

Change is Inevitable and BPO industry is no Exception

2011-05-02T21:23:00.000-07:00

The Outsourcing business in India still leads the global IT outsourcing market and its advantages over other regions are distinct. Rising from the periphery to emerge as a viable, high-potential opportunity for the country's IT-BPO services sector, the Indian domestic market has undergone a transformation over the past decade.

According to the government statistics, India continues to dominate global outsourcing market with market size estimated to be worth about $52 billion. Banking and financial services contribute nearly 40 percent to India's outsourcing industry. Even though the offshore outsourcing industry has been facing bottlenecks like cut-throat competition, severe shortages of trained and skilled manpower, more investment needed in infrastructure, need of higher level of control, maintenance of higher quality standards, the BPO service sector has slowly gone past the hurricanes smoothly.

However, experts suggest that India's outsourcing industry is on the cusp of a significant change, shifting to knowledge-intensive and value-added services that call for a new way of functioning. In the global outsourcing market labour or cost arbitrage has been the constant concerns. But when it comes to outsourcing business in India, need to scale rapidly, greater focus on core competencies, enhanced productivity, heightened competition and reduced time to market that is driving domestic demand.

There now seems to be shift in the services that are outsourced. Earlier the not-so-important and tedious back office works were outsourced while now the outsourced services are now the areas that require experts. What has triggered the companies to search for experts to offload functions beyond their know-how is essentially the growing competition and market needs. This is not only helping organizations save time and gain value for money but also helping them scale up by capitalizing on their proficiency, says reports. To be precise, the Offshore BPO industry is standing at an interesting focus-shift point. BPO service providers are now adding the knowledge component into the mix in an attempt to deliver greater value.

BPO Services Still in The Limelight

2011-04-24T21:30:00.000-07:00

There is some good news in the BPO services sector. Many multinational companies prefer setting up offshore IT services and business services subsidiaries once again post all the trauma of recession. Mainly companies want to tap talent in low-cost locations. The subsidiaries popularly known as the captive centers in the outsourcing industry because they meet the in-house services requirements of companies. This can be back office outsourcing or even the core services outsourcing.

According to report, the focus of these centers has shifted from mere cost-cutting to innovative development and building deep business expertise which local outsourcers are not always able to provide. Recent trend suggests that companies prefer a hybrid model for offshoring that combines captive centers with outsourcing to local service providers. The BPO service providers continue to be a key element of the global sourcing strategy of organizations. In Asia alone around 62 new captive centers were set up and many were expanded.

The setting up of new captive centers, and expansion of existing ones, will happen in multiple markets and will often be driven by the opportunity for companies to push their products and services in those markets. Experts opined that captive center has the skills in-house to hire staff, and knowledge of the market it operates it, making it more suitable for launching domestic sales operations. Also Offshore BPO service providers tend to do work for a number of customers in the same industry, such as financial services, insurance services etc.

Cost Efficiency with Outsource Marketing Services

2011-04-23T00:38:00.000-07:00

Marketing is absolutely necessary to make a living wage whether it is offline or online in the business industry. In this age of internet communication, without online marketing there will not be any profit in the business. There will be no traffic and the business becomes dead. But it has been stipulated that many entrepreneurs and small business owners just do not have the time to do it all themselves. Hence they consider outsource marketing.

As established earlier, outsourcing marketing services are nothing different from back office outsourcing. It is the process of hiring people to perform online marketing duties. Outsourcing is one way to get more finished and retain your sanity as the owner as there are many areas of expertise in marketing and advertising and sales that can be outsourced realistically.

It is not a herculean task to find reliable virtual assistants in the marketing field. You can outsource the paperwork that is needed in the marketing field or you can consider hiring a foreign English-speaking employee to reduce your load and keep up with the day-to-day smooth functioning of your business. Your choices for hiring outsource internet marketing are many and varied. There are graphic designers who can design your emblem, website online, or supporting materials. Or you may choose to hire somebody that has a strong education in computer technology – a person who has strengths in HTML and coding issues, and/or an SEO optimization expert – who can help get your website up to the top end of the search engine rankings.

Insurance outsourcing services and its offshoots

2011-04-20T21:17:00.000-07:00

Most of the insurance companies are in constant run to meet their parameters like attaining customer satisfaction, operational effectiveness, and market advantage that will ultimately drive the bottom line. Subsequently insurance outsourcing services offers a convincing business model that insurance companies can rely upon any time. Generally insurance companies are constantly worried about customer retention since the market is highly competitive and differences in policy premiums are insignificant. They focus entirely on retaining the existing customers for a long time.

It can be even said that the insurance industry has born out of the need to outsource one’s risks. Driven by increasing comfort with vendors and the need to reduce costs, the Business process outsourcing (BPO) is growing within the insurance industry. If you look at the insurance outsourcing services industry closely, you find that there is much scope for the Non – Voice BPO in insurance which classifies into non-core services and core insurance services. Specific operational areas like underwriting, policyholder and agent services, and claims come under the core insurance services and non-core services include areas such as HR and benefits administration, as well as enterprise services like property management and purchasing.

Insurance BPO Services @ Shriram Value Services

2011-04-04T23:04:00.000-07:00

The insurance Industry is facing a huge pressure with increasing competition and consolidations. To meet the company’s demands, to attain maximum results and to get best output in a cost effective way many insurance companies are seeking other alternatives. Among many options outsourcing seems to the best choice. Shriram Value - BPO service providers offer End-to-End Insurance Services in Life and Property - Casualty Insurance sector.

If you want your insurance organization to gain a competitive edge, consider Shriram Value BPO Services. We help your organization to attain greater heights through increased proficiency.

Our Services Include:

Life Insurance

New Business

• Application Processing

• Data entry

Policy Set Up

• Policy processing

• Policy issue and dispatch

• Policy administration and maintenance

Policy Changes

• Renewals processing

• Customer service

• Maintenance of customer information database

• Surrenders

• Renewals follow up

Premiums

• Receipting premiums

• Premium reconciliation

Claims

• Claim processing

• Survival benefits

Payments

• Agent commission payment

• Refund

Property and Casualty

New Business

• Scrutiny of proposal

• Followup with Channels/sales team

• Premium Calculations

• Sales/ Quotes acceptance & conversion

• Underwriting

• Customer Retention/ Cross and up-sell

• Customer Enquiries

• Verification / Validation

• Policy Issue

• Delivery Requirement

Policy Servicing

• Customer Service

• Name/ Owner/ Address Changes

• Certificate Re-issue

• Adjustments/Endorsements/ Rider & Coverage Changes

• Renewals and Quotes

• Cancellations

• Refunds

• Premium Mode Change

• Bank Changes

• Collections followup

Claims

• First Notification of Loss

• Claim Set-up

• Investigation/ examination

• Review & assessment

• Coding

• Reserves

• Policy Specific emergency assistance

• Excess/ Deductable Management

• Settlement Agreement

• 3rd Party Claims (property damage & bodily injury)

• Subrogation

Payments & Accounting

• Settlement Payments

• 3rd party payments

• Closing Payments

• Premium Audits

• Remittance exceptions

• Reconciliations

• Billing

Analytics

• New Business Analysis

• Premium Analysis

• Claims Analysis

• Agency force Analysis

• Channel Analysis

Shriram Value Services is best choice for Insurance outsourcing services because of:

Expert services
Well Organized process
Quality control processes
Adapted services
Experienced workforce
Domain expertise

Shriram Value Services is offering a wide outsourcing services across a vast range of industries and has years of experience and expertise in providing quality insurance services. Organizations in the U.S and U.K who have outsourced insurance services to us are able to focus more on their core business tasks while getting access to excellence insurance services.

Why Choose an Indian BPO Service Providers?

2011-03-17T02:46:00.000-07:00

At present outsourcing is the fastest growing industry in India. It’s not even a decade that outsourcing services has been introduced in the country but it is considered as the best place to outsource the business needs. Today, Indian BPO outsourcing companies are chosen to carry out some of the most vital business endorsement work.

There are many reasons to affirm that Indian BPO services are the best in providing outsourcing solution. Here are the major reasons to choose an Indian BPO outsourcing companies to outsource:

Young and educated youth plays a vital role in the countries outsourcing services. India’s fifty percent of the population is young and most of them are certified graduates with good quality English speaking ability. Majority of them are employed in multinational companies and other outsourcing service companies giving an outstanding progress in Indian BPO industry.

Several BPO companies in India are capable of offering 24-Hour Business Services. Few companies started to provide other services to meet the various requirements of the customers in exceptional quality.

Indian BPO Service Providers invest on advanced hardware and software to deliver best of the service and following tough quality checks to ensure error free and excellent service.

As per the industry standards many Indian companies provide numerous outscoring services. It has been proven that outsourcing services to be very advantageous for organization as it develops business performance, increase productivity and work flow. In addition to all these benefits they also offer other benefits like integrating high practice, progress technology, well equipped infrastructure and professional handling services.

The Industry is also encouraged by The Government of India by providing essential infrastructure and logistical support.

This is the reason that Indian BPO service providers are considered as the best service providers in the world and are chosen to carry out most of the business backing work globally. No doubt that it would continue to hold the top most position even in the future.

Shriram Value Title and Settlement Services

2011-03-16T02:19:00.000-07:00

Any type whether it may be a short term or a long term project, the data that is involved in the real estate and mortgage plan is always a thorough process and needs a vigilant system for performing complex numerical calculation and updating procedure. Shriram Value Services provides the best Title and Settlement Services without any fear of loss of data and deeply analyzes the documents that are sent in any form and capacity. Once the task is done, the updated and formulated data is sent back to the client within the specified period in compressed format which is easy to manage and download.

Our Title and Settlement Services include:

• Appraisal review

• Property disclosure reports

• Comparables and recent sales

• Verification reports

• Mortgage recording support

Our clients from United States are among the leading real estate information providers across the country. The client’s company provides a detail and accurate information about the real estate transaction to all. The projects include huge amounts and it needs a strong attention in each and every step we perform. Starting from extracting the details from the document, checking and verifying the data before it is being updated. By mistake if any details are entered incorrectly then the client could lead to legal action.

The task starts off with a simplification of the document. The client sends the documents in an unedited soft copy where we can extract the details. Generally the extracted details include vendor’s name, Property address, sold price, estimated value, comparable values, legal explanation and financial details about the property. The following details are then updated in the software. Before submitting to the client, the updated software undergoes a quality control check to make sure that the update is done flawlessly and then forwarded within the specified time.

For the past few years Shriram Value Services are involved in many real estate and mortgage projects and also other projects like legal, financial, insurance data entry and blogging and site content structuring. We offer services round the clock and assist you in managing the entire process very effectively and efficiently.

The Indian Outsourcing Industry will not be Impacted to a Large Extent by Japan Disaster

2011-03-11T21:22:00.000-08:00

From an IT perspective, Japan is the third largest IT market globally. However, India's IT exports to Japan are still small at around $ 1 billion or 2% of total IT exports. The Indian outsourcing industry will not be impacted to a large extent, but business to individual companies, especially small and medium firms with Japan exposure, could be affected.

Click here to Read more

Scope of BPO industry in India

2011-03-10T21:54:00.000-08:00

There has been a common misconception among the people in India that career opportunities in the BPO sector is limited. Even though there are numerous job opportunities, not many look forward for long term future in BPO industry. But in fact there are boundless career opportunities in BPO in India. This is evident from the fact that over the years the scope of services has grown from providing just voice based marketing and customer relationship management services to transaction processing in finance and accounting, human resources, insurance, retailing etc.

India has been evolved as a popular offshore location for outsourcing many sensitive functions due largely to cost benefits and the availability of an appropriate skilled talent pool. Today many BPO companies in India are creating comprehensive roles for employees by expanding globally and providing them the opportunity to work on multiple industry verticals. The industry nurtures challenging entrepreneurial environment as it is fast growing and provides ample opportunity for growth. Since there has been a role shift for BPO from telemarketing to providing high end specialized services, skilled employees are much in demand. This has followed a demand in capability development in the industry as well.

Professionals have opportunities to work in domain specific back office processes in analytical, advisory and consulting arena. Thus a clear relationship between the BPO industry and the academia can be established. This in fact trains the future workforce to make them industry ready.

BPO services making a change in its own way

2011-03-09T03:08:00.000-08:00

Is Business Process Outsourcing services solely for multinational companies? The answer is a complete no. Even though the multinational companies are the prime beneficiaries of the BPO services largely, the benefits of BPO are supporting even the small business to make products and services more affordable, ultimately aiding the customers.

Generally the multinational companies outsource their noncore processes to service providers located onshore as well as offshore. Outsourcing a part of their work which are non pivotal helps the companies to reduce operational costs which in turn helps in reducing costs of producing products and services. And this in turn helps the businesses to produce products and services in a cost effective manner. At the same time, BPO services not only support the business and the service providers, they are functional for customers as well. Since customers all around the globe consume products and services offered by multinational companies, they are always in look out for goods at affordable rates.

Third world countries as well as some of the developing countries suffer from shortage of food, oil etc. even though BPO services can merely contribute anything to improvise the food and oil conditions, it can help in providing products and services at an affordable rate. In this way, BPO service providers are lending a helping hand towards developing countries.

Steps in Choosing The Right BPO Service Providers

2011-03-04T20:40:00.000-08:00

At present a large number of companies provide outsourcing services at an effective cost. The only reason is business process outsourcing services allow businesses to cut down the costs in areas like production, labor and marketing. It also allows better efficiency, which is essential in implementing strategic plans and helps business owners to offer their customers with more affordable products and services.

Countries like India, Sri Lanka, China and Philippines are leading in the outsourcing field and also include the best BPO companies in the world. India has a huge number of BPO companies in Asia which functions in several countries offering cheap services to their clients. The number of BPO outsourcing companies in India is increasing each day. Yet, not all companies fulfill the commitments that they have made with their clients. So if you want to outsource your work to a reliable BPO services provider firm, it is always better to do a little inquiry about the company before deciding.

Here are few tips that will help you in choosing the right firm.

Before choosing outsourcing services it is important to know and understand the nature of the tasks that you want to be outsource. Also determine the time required to complete the task because the BPO outsourcing companies should help business firms to save time aside from costs of production.

Next you need to look for service providers who are well experienced professionals and those who can complete the task effectively and efficiently within the given target period.

Infrastructure and location also plays a significant role for the reason that an ideal BPO Service Providers should have high end amenities plus 24 hours customer service for a smooth and real time communication with their clients.

In addition to all these things BPO outsourcing companies should provide multiple BPO services under its wing as this may help you to avail multiple services for your business's needs in future.

For more information visit http://www.shriramvalue.com/BPO.html

Cloud computing and BPO go hand in hand

2011-03-04T01:09:00.000-08:00

There has been much ado over the cloud computing and most people have no idea what it is. Even though is pretty hard to comprehend, in simple terms, cloud computing is internet based computing whereby shared resources, software and information are provided to computers and other devices on demand. We have seen a paradigm shift from mainframes technology to client servers and later client servers to web based applications. Precisely, cloud is a metaphor for the internet and has become an alternative to in house computing system.

The potent combination of cloud computing and BPO will yield more benefits in the sector like agility, scalability and cost arbitrage. BPO players have been providing process consulting and delivering business processes for clients and if the process can be clubbed with the shared technology infrastructure options of cloud computing, the entire outsourcing business can be facilitated. Hence forth the BPO will see some transformation as it benefit from the associated application platform into the cloud. As the outsourcing process move into a cloud based platform, companies don’t have to worry about the legacy systems, significant investments in maintenance and upgrades and also become cost effective.

Most service providers of cloud based solutions offer variable pricing and when it joins hands with BPO, the end result is higher cost arbitrage, and even higher scalability. The model is pay per use and the costs can be constantly monitored to be maintained at an optimal level. This is really a relief from the burden of infrastructure costs that BPO companies have been suffering since years.

Insurance BPO to be in limelight very soon

2011-02-27T20:16:00.000-08:00

It is a known fact that the call center services outsourcing and telemarketing services outsourcing industry have always ruled the roost in the outsourcing sector. And the insurance BPO has had lagged behind these dominant players. However, recent trends suggest that the insurance process outsourcing industry is fast catching up and is set to outsmart many of the contemporaries in the near future.

The insurance process outsourcing industry promises a bright future as it has already achieved the distinction of being the fastest growing outsourcing sector. The compound annual growth rate (CAGR) marked by the sector is approximately 32.9% and this is actually a good sign (telegenisys.com). Nonetheless the critics may argue that most part of the growth is contributed to onshore outsourcing and only 10% from offshore. But even this pattern reveals that there is plenty of scope for offshore outsourcing. It is just a matter of time before the inevitable happens as the current scenario is favoring offshore insurance BPO services.

The insurance BPO industry is all set to become a leading player in the world wide outsourcing market since it is expected to generate revenues worth billions by next financial year globally. However for conquering the market, it has to overcome certain hurdles like cultural barriers, legal compliance issues, risk management etc.

Many offshore insurance process outsourcing firms have put in efforts to rectify critical issues like infrastructure modernization, cross culture training, date security and many others. All these efforts are helping build a better brand image and allowing offshore insurance process outsourcing firms to establish themselves and compete with onshore outsourcing firms.

DM Services Outsourcing Is Always On The Move

2011-02-20T20:41:00.000-08:00

Outsourcing has flourished everywhere with the DM service outsourcing becoming more sought after. Even though they have become quite popular, there is plenty left to be achieved. There are certain factors that hamper the growth of data management outsourcing further like the belief that only large businesses can go for DM services outsourcing. However with many small scale companies benefiting from DM services, this myth has been debunked.

Nevertheless there are some other factors that have emerged as hindrances for the growth of outsourcing of DM services. The fear that the prevailing recessionary trends will escalate and completely annihilate the industry is constantly affecting the sector. Many businesses who have already outsourced their task believe that if recession strikes back fiercely, they may find it difficult to transfer outsourced processes back to the onshore location. This fear is continuously holding back the business.

But DM services outsourcing had already proven the credibility as the basic necessities like cost reductions and efficiency and accuracy improvements have always followed the sector. These basic needs will prevail as long as businesses are there. Since data management services outsourcing help in meeting those needs, the growth of the sector is always guaranteed.

Future of data entry outsourcing services shines brightly

2011-02-17T21:13:00.000-08:00

Even though the data entry services outsourcing has faced a gloom following the recessionary trend, the highlight many critics have missed is that the business have already approved billions of dollars for essential BPO services over the years. Critics like to point towards the financial data entry outsourcing services as it has faced a downturn but the entire data entry services sector is still a sought after service. Mere survival of many companies has become a big issue after the fall of some financial giants and hence more businesses are making their preferences felt for time tested techniques like outsourcing esp data entry.

The data entry services outsourcing is not facing any immediate risk; however the industry skippers are implementing proactive steps to counter all potential threats that are expected to arise in the near future. Precautionary steps like increasing their reliance on newer, more efficient and more cost effective technologies and systems are in fact helping them to achieve and deliver improved results for their client businesses. Although the roads ahead for data entry outsourcing services are not as smooth as it was, it is sure that they will survive and emerge as winners. In fact they would even help the clients businesses achieve similar results.

Industry today, be in any sector has been facing challenges and issues due to the financial crisis. However the right remedy for most problems and issues arising out of recessionary trends would be easy availability of advanced and affordable systems and technologies. Hence there is obviously bright light shown towards the data entry outsourcing services.

KPO Anticipate Growth in The Indian Market

2011-02-13T20:26:00.000-08:00

The Business Process Outsourcing (BPO) has seen unambiguous growth in the Indian soil. Now the entire world is looking at India as the most sought after place for Knowledge Process Outsourcing (KPO). Many overseas companies have been eyeing Indian market for outsourcing their high tech knowledge based jobs. Same as in the case of BPO, benefits like operational cost saving, pool of talented workforce, infrastructure improvement and favorable government policies have been responsible for KPO to flourish in India.

Today’s economy being knowledge economy, KPO is a continuous procedure of creation and dissemination of information by bringing together the information industry leaders to create knowledge and see meaning in information and its context. This information driven outsourcing is known as KPO.

Experts suggest that the global KPO industry is expected to reach USD 17 billion of which almost 70% would be outsourced to India alone. Keeping this in mind, Indian KPO sector has already taken steps in employing highly educated and talented people and number of KPO professionals are expected to cross more than 2 lakh by next year compared to the current statistics. In fact the growth in the KPO segment would be higher than the BPO segment, reveals research.

India has a large pool of knowledge workers in various sectors ranging from pharmacy, medicine, law, biotechnology, education and training and even intelligence services. This proves that not only Indian companies can handle software services but capable of almost anything. However, long term success of KPO in India largely depends on a holistic approach to the issue.

HR Business outsourcing gets a new face

2011-02-08T02:37:00.000-08:00

Full spectrum outsourcing came into existence in the end of 90s and since then has left a mark in the HR BPO sector. Any process that includes the transfer of transactional elements of five or more major HR processes to an outsourcer at one time comes under the full spectrum outsourcing. On the whole, any company that gives the outsourcer control of any combination of HR functions, including benefits, health and welfare, performances, measurements and rewards technology and so on is making use of full spectrum.

But recently the HR BPO sector has seen a drastic make over with radically transforming how HR services are delivered. Organization relying on the outsourcers sheds the burden of holding transactional, repetitive yet important but low vale added parts of HR and concentrate on the five essentials; sourcing, hiring, training, rewarding and developing human capital. According to Naomi Lee Bloom, an expert in the HR BPO industry, about 10% of Fortune 500 companies have some kind of HR BPO deal that covers full spectrum outsourcing.

In fact many experts unanimously believe that HR BPO is the fastest growing segment of the overall business process outsourcing market. And henceforth it has become enormously competitive as many vendors are seeking the deal. Being a profit endearing industry, the outsourcing business has attracted a large number of vendors in the recent years and has been leading towards consolidation. Reason being this demand is mainly because HR BPO can lower the total cost of HR service delivery by 20% to 30% for the part of the service that is outsourced.

How India shines in BPO industry?

2011-02-01T22:20:00.000-08:00

When it comes to a combination of wage levels, education, fluency in English and sheer numbers, India stands first in BPO industry around the globe. This is the reason why Indian BPO sector is always in demand even when it faces competition from other countries.

Take the case of Philippines, which has been evolving as a strong competitor is good in English language and has a strong American accent and hence captures much of the voice based services. But coming to the IT skills, they are backward. On the other hand, countries like China, Russia and Eastern Europe have good IT skills, but they are very strong in English. Here India exceeds in language fluency as well as IT skills.

Report suggests that India’s work pool consist of 200 people who are now 15 years or younger poised to enter its workforce in five years. By then the working age population will drop significantly in the US, Europe, Japan and China. Hence India is sure to shine in the field even in the years to come. Moreover India produces about half a million engineers every year. Even though South America and South Africa have BPO skills and time zone advantage, the Indian companies have set their delivery centers there even. In the current downturn, there are many midsized technology services in US and Europe that can be acquired at relatively low prices.

Consolidation is the buzz in BPO sector

2011-01-27T20:37:00.000-08:00

Indian BPO sector is swirling in consolidation waves as a result of fast changing industry dynamics. According to research analysts, consolidation will likely hit the business process outsourcing sector in the coming months. Some of the companies are already planning to move to different business lines since they face some bottlenecks to cope with changing dynamics. The $12 billion Indian BPO industry has been facing stiff competition from countries like Philippines, say analysts.

Recently, many of the domestic BPO companies have been broadening their service portfolios as part of their competitive strategies. Report suggests that BPO providers are aiming to differentiate services via broadening their service portfolios to provide end to end services. Also they are utilizing investments in technology for point solutions automation and business process utility services.

The process management sector is expected to see high growth as it offer good business opportunities along with cross selling scopes for domestic BPO entities. Moreover the sector is expected to be worth over a billion dollar in the coming years. According to analysts, the process management segment is expected to be worth about $1.7 billion by 2014. However, challenges like rising wages and increasing IT costs have been choking the BPO sector lately.

Business Process Outsourcing industry to glow in 2011

2011-01-21T21:41:00.000-08:00

We have seen the growth of Indian BPO industries in the recent years. Even though the industry has matured from offering non core activities, there is a huge global market that is yet to be explored. Since the domestic and export sector in India constitute to 5% of worldwide technology products and services related spend of USD 1.5 trillion in 2009, the level of growth opportunity is distinctively high (myiris). Hence with innovative service models, the BPO industry in India can broaden its geographical reach and spectrum.

For widening their service offerings, BPO industry has adopted the inorganic growth route and thereby entering new geographical markets. Consolidation is taking a new dimension with many third party and captive BPO units acquiring small size companies to ramp up revenue, acquire clients and expand business segments and geographical reach. This trend is expected to continue in the near future mostly by the robustness of the Indian players.

Since BPO companies in India are focusing towards a market shift, they are changing their business from core markets like UK and US as these markets face a slow down owing to global recession. Indian companies have begun exploring markets like Australia, Netherlands, Philippines and Brazil. Even though these markets are just flourishing, they are expected to grow in future. Moreover by focusing on different regions, there are less market risks even.

Geographical shift is not confined to markets but even the delivery centers are moved toward rural areas in India. Due to lower cost of operation and growing real estate construction in rural areas, many companies are setting up their centers there. Furthermore they are also moving up the value chain in terms of service offerings from data management tasks to content creation and validation.

High performance in the retail industry through outsourcing

2010-12-03T22:14:00.000-08:00

It is obviously the dramatic cost savings and the enhanced focus on core competencies facilitated by the BPO companies that attract the consumer goods and retail companies towards it. However any serious concerns related to outsourcing should address common concerns like the common belief that outsourcing entails a loss of in-house expertise. The argument goes that since the process is outsourced to an external service provider, there will be a reduction in process expertise and capability as a result.

However companies with many years of experience in outsourcing have strongly voted against the belief by proving that gains rather than loses in functional expertise leading to higher business performance has been seen. Most of the retail companies operate in a competitive market where fluctuations are sudden, systems are complex, thin margins and handiness is mandatory. In such a scenario only a rare enterprise can stand against the tide and afford any loss even if it is only for a brief period. Hence companies prefer outsourcing to promote process excellence as it reduces costs.

Many companies who have partnered with the BPO companies have admitted that they have noticed significant levels of expertise equal to or often greater than those enjoyed prior to outsourcing. The impact of outsourcing on innovation, key skills, and access to cutting edge technology and tools for managing a process has been prominent and profitable. Many surveys conducted on this subject matter have produced results favorable to the BPO service providers. The bottom line is that most of the companies achieve high performance through effective outsourcing partnerships.

How to know the data confidentiality at outsourcing centers?

2010-12-02T20:13:00.001-08:00

In the financial service industry many companies are skeptical about the security of their data while outsourcing. The uncertainty cannot be belittled since data confidentiality and security is of prime importance particularly for regulated entities in the financial service sector. Hence it becomes mandatory for the buyers of outsourcing services to closely examine the physical and information technology security, as well as data confidentiality processes maintained by the BPO companies.

The basic thing that comply the security and safety is infrastructure. Companies should look for secure and controlled data center environment with fire suppression, emergency power supply, cooling and building security. Also they need to know what all procedures need to be undergone by the personnel to enter the data centers. The place needs to have video surveillance that will be properly monitored. Moreover there should be no rights to privacy policy in place for processing sites and data centers.

Coming to the data security within the process, the companies should make sure that only authorized users have access to the data. Moreover the BPO Company should necessarily be certified and independently audited. The authenticity of the data confidentiality implied by the outsourcing service provider can be checked by knowing the measures used to secure data transfers between all related parties and also the presence of a secure processing environment.

Outsourcing soon to enter the public sector

2010-11-25T01:01:00.000-08:00

The waves of offshore outsourcing have been hitting the commercial as well as public sector in many countries. Even though it has been relatively prominent in the commercial sector, it has started entering some limited zones in the public sector. The public sector has been in the need for services that will enhance efficiency and enable cost reduction. These perks have already been delivered by the BPO industry. Hence there is more temptation to outsource the public sector jobs to offshore locations.

The offshore outsourcing has already been used extensively in the US commercial sector particularly in Insurance and Financial sector. Kobayashi-Hillary, an advisor on globalization points out that the Australian, Philippines and Canadian government have been sending works to India. Even though the UK government has not directly outsourced the works, many offshore locations deliver parts of wider contracts, he says. It has been seen that the administration and data entry processes of a finance and accounting firm jointly owned by the UK department for health has been outsourced to India.Application development, application management and noncore administrative process like data entry jobs are largely outsourced to India.

In the whole, the offshore market is expanding with the delivery model expanding into new territories to deliver to new geographical locations. With the introduction of cloud computing, where the end result is provided as a service over the internet, offshore outsourcing is no more a concern for many companies. As long as the service is delivered as expected, clients are not concerned about the location from which it comes.

Back office services are safe in BPO companies’ hands

2010-11-22T20:28:00.000-08:00

Outsourcing of back office services have become one of the major sectors in the BPO industry. Basically companies rely on the BPO service providers for managing specific and not so crucial office tasks. Back office services outsourcing gained momentum with the newly emerged management trends and with the success of outsourcing in various other sectors. According to the field of services the back office works are being outsourced. Financial and accounting services, bookkeeping service, customer care and support, call center, email support, web research services are often given in the hands of BPO companies at various geographical locations.

As the BPO companies deliver efficient results, the field of services of back office operations is expanding. Hence many companies are seeking support from the outsourcing companies. The main advantage is that the outsourcing of back end operations reduces the working costs and help to achieve competence at reasonable prices. Since man power is available at lesser costs in the outsourcing locations, efficient services are ensured at low costs. This is reason why many multinational companies outsource their back office services to India. Moreover the companies can also save some quality time and utilize it for other process as they outsource less important work.

As the offshore outsourcing companies have creative talent pools, they are efficient in delivering smart back office services using innovative business processing methods. Furthermore, certain operating methods are automated with software tools. In that way the BPO companies carry out the work by reduced man power and labor costs.

Rapid change sweeps over Finance BPO sector

2010-11-19T21:02:00.000-08:00

The good news is that the number of finance BPO services being signed is increasing at a rapid rate of around 30% (Deloitte Consulting Outsourcing Advisory Services Analysis). And furthermore, the highlight of the advancement is that not only the FORTUNE 100 brands are holding the torch but the smaller companies have started moving down the path. Even though the growth has been expected, there are certain key factors contributing to the accelerating rate of finance BPO services.

Analysts suggest that the emergence of the middle market have contributed largely to the growth rate of finance BPO engagements. Strong bonds of contracts have been established as a result of increasing proportion of mid size projects taking place. The trend is expected to continue for the following years which would enhance the BPO sector.

Now the second factor contributing to the success of the BPO sector can be the shift to on-sourcing and off shoring. Many large companies with a firm ground in the BPO sector have been adopting small scope establishments to enhance their sourcing mix. Moreover the rapidly growing off shoring industry has become a commodity and the operations are handed over to small scale service providers.

Thirdly many companies have been adapting the volume based pricing in the way in which the finance BPO contracts are priced. Following the labor arbitrage in the sector, many service providers are moving towards gain sharing. This means the suppliers are pricing for the services based on variable inputs like transaction volumes. Also in this way, the provider gets the profit from the gains accumulated from the efficiencies achieved.

BPO insurance services: India to rule the roost

2010-11-11T00:50:00.001-08:00

Initially the insurance companies have been more conservative in their attitude towards business process outsourcing. Particularly in o ffshore outsourcing, the insurance industry has been lagging behind. The main reason behind this hiccups were the myriad challenges arising from the intense competition, rising regulatory compliance and growing payouts due to scams and natural disasters. However, owing to competitive pressures the BPO insurance services will flourish in the coming years.

The insurance industry is poised for significant growth in the next three to four years. The banking and financial services had been adapting the outsourcing services lately and insurance industry had also been in the scenario for some years. With expected cost savings and other significant advantages like focusing on core competencies and access to skilled labor, the insurance sector would soon set the foot firmly on business process outsourcing.

According to analysts, the Indian revenues from offshore insurance BPO services were expected to rise from $690 million in 2006 to about $2 billion by the end of 2010 (Valuenotes database). And this rise of income would in turn increase the employment rate from 41, 600 in 2006 to 100,500 in 2010. The BPO insurance industry is poised for higher growth than it has witnessed so far. This is mainly triggered by the need to reduce costs and differentiate products in an increasingly competitive environment.

A major part of the current offshore business in India is generated from insurance carriers in US and the rest comes from UK and Europe. The UK and Europe share are expected to increase thereby initiating business from the area. Moreover in India itself many of the domestic insurance companies have begun to outsource which would surely accelerate the competition globally.

Creativity takes a turn in BPO sector

2010-10-29T21:37:00.000-07:00

Creativity is the new buzz in the business process outsourcing industry. Various industrial sectors are opting for BPO to fulfill the business requirements.The BPO firms were focusing on sectors like finance, insurance, HR and data management and has been tremendously successful. Considering the benefits attained through the outsourcing services, different business sectors are shifting their focus towards BPO services.

The introduction of innovative ideas is mostly seen in the call center scenario with enterprises related to advertising, multimedia, animation and so on. In the computer gaming industry, tremendous growth has been seen with them being an indispensable part of children’s life. The task of developing exclusive gaming contents has been outsourced. The same is the case with the production work of the animation films.

Most of the gaming firms in the western countries outsource their projects on a constant basis to the BPOs. There are many benefits like the outsourcing firms having the right infrastructure and also the rates are very cheap. The demand for BPO service is just expanding over a large number of domains which are related to the creative aspects. What the businesses seek is high end manufacturing services at highly affordable costs.

The BPOs are famous for their commitment in work, quality and also timely delivery of services. Since outsourcing in the insurance, banking and HR sectors have contributed to a major part of the revenue; many leading BPO companies are focusing on adapting creative changes in their strategies thereby initiating more business.

BPO industry is no more under the shadow

2010-10-29T21:34:00.001-07:00

Business process outsourcing is no more considered as a side kick of any enterprise as the businesses have realized that the outsourcing is a critical sector that requires specialization in various domains. From being a mere subsidiary of some established ventures involving call centers or support centers, BPO in India have evolved to be a business model in itself.

The BPO sector in India is booming with findings reflecting that the nation contribute to a substantial amount of share in the overall worldwide BPO industry. It has also been expected that the total export of BPO services will grow drastically in the coming years. Here the domestic BPO market is in the limelight as it indicates tremendous growth rate over the years.

What is more innovative is that the industry is undergoing transformation and the organizations are moving way from being the mere back offices to business partners to the clients and even clients are encouraging this transformation waves. The transformation is not only in the business but also in the mindset of the employees joining the firm. The BPO sector is not a fun place anymore and people are opting for long term career option than considering it as a stepping stone. This trend is prominent in the knowledge process outsourcing like the medical transcription.

Initially the banking, insurance and financial services were the flagship of the business process outsourcing industry as they contributed to majority part of the revenues. However in the coming years, the focus would be shifted towards delivering innovation and business outcomes.