BPO full form or meaning is Business Process Outsourcing.
Business process outsourcing refers to awarding a particular task or part of a business to a third-party service provider on contract.
BPO ie Business Process Outsourcing proves to be very helpful in running and leading any business properly.
Because by using this service, a businessman can give full attention to the basic work of his business and can give the other less important part of the business to a third party on a contract basis, which makes his work very easy.
Let us assume, for example, that there is a software company whose job is to build, maintain and sell software.
This company has a total of 500 employees, and now it needs a call centre to provide technical support to its customers where 50 people can solve the problem of customers on the phone.
For this, the company has two options, either create its own space, and hire people to get them to work as call centres, or outsource their call centre work to a call centre expert company on a contract basis.
Here you can see that the expenses of building the office of that software company, the cost of hiring employees and training them, everything is saved, and some agency starts their call centre work with very little money.
Business process outsourcing can save both time and money for any company.
Many people consider BPO to be a call centre, whereas it is not
Many services can come under BPO, many of which are also technical.
BPO in India
Today, many multinational companies from all over the world outsource their many services.
BPO companies in India get a large share of outsourcing.
There are many BPO companies in India and due to the very low value of the rupee against the dollar, foreign companies find it very cheap to outsource their business in India.
And it is also a good opportunity for BPO companies in India because many youngsters in India are looking for a job after studying and it is a little easier for them to get a job in BPO.
In India alone, more than 5 million people work in the BPO industry.
Types of BPO
There are two categories of BPO, using which a business can transfer his non-core activities to the third party.
- Back Office Outsourcing
This process of Business Process Outsourcing involves internal business functions. this type of processing requires specific technical skills in the third party employees to handle multiple tasks.
some key functions are-
- Finance and Accounting
- Human Resources
- IT solutions
2. Front Office Outsourcing
This process of Business Process outsourcing involves business functions, that are customer functioning related.
here the third party employees require general communication skills and not specific technical skills.
Many times people also define such outsourcing as a call centre.
Some key functions are-
- Customer support
- Technical Support
Necessary education and skills required for BPO Job
A lot of people have such misconceptions that anyone can join the job of the BPO sector.
While the truth is that you need different skills for different BPO profiles.
minimum qualification for BPO Jobs-
For Back office- Minimum Graduation in the specific field
For Front office- Minimum 12th or intermediate from any stream
Basic Skills required for BPO Jobs-
- Communication skills- written and spoken
- willingness to help
- discipline- have to work in any shift
Benefits of Business process outsource
Business process outsourcing is very beneficial for both a company and a BPO company. Some of the major benefits are as follows-
- BPO gives a company a chance to work on its core strength.
- BPO helps in reducing the expenses of a company.
- BPO gives a company a chance to increase productivity.
- BPO saves the expenses on the recruitment and training of a company.
- BPO can provide 24 * 7 service which is necessary for customer service related operation.
some other BPO Full forms
BPO- Business Process Outsourcing- in Business
BPO- Broker Price Opinion- In the stock market
BPO- Bankers Pay Order- in Banking
similar full forms-