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| BPO Industry |
Business Process Outsourcing (BPO)
BPO is a buzzword among the corporates in the world today. Today, corporates benefit significantly from outsourcing of business processes almost everywhere on the planet. Looking to the growth and government's support to it. BPO is being recognized as a specialized sector in India. Over the last few years, outsourcing of business processes has been gaining popularity driven by the fact that US firms have been enjoying much success from adopting this business strategy. European organizations have increasingly been focusing on what they identify as their core competencies and have been looking to reduce costs while maintaining high levels of quality for non-core activities and processes. To this end, two broad approaches had developed.
One, to centralize the non-core processes into an in-house shared service functions to derive benefits of centralization through an in-house process or through a wholly owned subsidiary. Two, to identify an acceptable third party service provider who will handle the processing work. The current economic climate has encouraged the latter trend as the organizations continue to look for more innovative ways to improve efficiency and cut costs in order to survive the turbulent marketplace. Hence, the business process outsourcing.
The non-core business process areas are the core areas of BPO business. Simply speaking, outsourcing of non-core business processes is popular among the corporates today. These non-core business processes areas may inter alias include IT enabled services (ITES), e-logistics, management of facility & operations and legal services. Of these, outsourcing in ITES e.g. software & call centres is amazingly popular across the globe.
Recognizing the growing importance of the business process outsourcing, the Government of India has introduced various policy concessions and initiatives to accelerate the growth of the IT-enabled outsourcing market. Spearheaded by associations such as National Association of Software and Service Companies (NASSCOM), the Indian software and services industry has also taken various steps to ensure that India becomes the global hub for IT-enabled outsourcing in the future.
BPO sector seems to have opportunities which can be capitalised by the company secretaries as well. Apart from the work relating to the mergers & acquisition in BPO sector and Income Tax related matters, provisions of FEMA are also quite involved as more and more foreign multinational companies are entering into this sector, where role of the professionals like company secretaries comes in the picture. Besides, as far as practicing company secretaries are concerned, in the words of outsourcing they are out and out third party service providers. The services rendered by them e.g. consultancy services, secretarial audit, various certifications, reports, issuance of various certificates, etc. and other matters relating to corporate laws are generally outsourced by the corporates on a large scale.
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| Customer Support |
As per the estimates, India is poised to become a No. 1 BPO destination in the Asia-Pacific overwhelming all the so called odds.Particularly, when it comes to ITES-BPO tier. Newspaper and magazine articles and analysts' briefings throughout the globe are reporting the projected strong growth of the BPO market in India. Thus, let us keep our fingures crossed and see that how does the BPO stratregy instill perfection into the Indian corporates.