By 
Today’s economy demands changes in the way we do business. The growth in the BPO industry is a sure indication that the economy has indeed transformed our perspective on the way we should do things. Today, companies choose to outsource non-essential parts of their business, preserving their money and ensuring that they remain competitive, both in the local and global markets.
Business process outsourcing arose when companies began to realize that they were doing some processes that, while very important and essential, were not really connected to the type of business they were running. Money was being spent to train people and buy equipment that those people used in the performance of their duties. This was not an ideal situation, and in the 1990s many organizations simply had to cut costs where they could survive the harsh business climate. Although some processes have already been outsourced, BPO boomed during this decade and beyond. Today, the industry is estimated to be worth $180 billion.
Outsourcing companies recognized the need for quality office services, and these companies have spurred growth in the industry. There are a plethora of business process outsourcing services to choose from today, and many of them are provided by offshore companies located in countries like India and the Philippines.
Customer support services are a big part of the BPO industry. Instead of speaking with an actual employee of the company, customers with concerns ranging from sales to technical issues speak with a representative of that company. These representatives are employees of outsourcing companies with current contracts to provide call center services to their customers. They are specifically trained for the account they handle, ensuring quality services are maintained.
Financial services and accounting are increasingly becoming part of business process outsourcing. These processes are very important for a business. It covers asset management, financial management, accounting and financial analysis. While these processes are critical to a company’s financial health, they are not for a company that deals with, say, manufacturing and production. Rather than hire accounting professionals and spend on an in-house accounting department, many companies choose to outsource these areas.
Outsourcing companies also provide human resource management. Human resources deals with areas such as recruitment, benefits administration, payroll administration, or training. Large companies have a separate human resources department, but smaller companies cannot afford the maintenance and equipment that human resources need to operate successfully. BPO companies include this in their services and many organizations respond positively.
Transcription services are one of the processes that companies choose to outsource. A medical transcription company produces medical reports, discharge summaries, and other documents in the medical field. Similarly, legal transcription companies provide transcribed versions of affidavits, legal proceedings, or witness statements. The process is simple: a client sends a sound file (MP3, WAV or other format) of the document to be transcribed, and the BPO service provider returns the transcript within a few hours. This provides a great benefit for clients who need the transcript immediately.
Business process outsourcing has many benefits that save the client company money. The industry offers many services that help a company deal with the core parts of its business. In fact, a company that employs a third-party company to do some of the off-site work gets an easy solution to many problems. All indications point to the possibility that BPO is here to stay.