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 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

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

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 Back 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

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

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

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

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.