The internet revolution started off a series of dramatic changes and improvements in information technology. One of these innovations is the rise of Business Process Outsourcing or BPO.
Business Process Outsourcing is the term that refers to the method of using third-party services to handle one or few of your business operations that require specialised skills. In its earlier stages, BPO applied primarily to manufacturing companies. For instance, a shoe manufacturing company that outsources labour from other countries where labour is cheap.
However, since technology practically took over our lives, BPO now applies to a host of services chiefly using the World Wide Web to complete tasks. Outsourcing means the process where the services of a third-party service provider are contracted for various business operations.
Thanks to the Internet revolution, BPO came to indicate the process of leveraging the skills and expertise of technology vendors in low-cost economies. Their goal is to accomplish internal tasks that were once the responsibility of a particular business enterprise.
Business Process Outsourcing (BPO) is also generally referred to as ‘offshore outsourcing’ as the outsourcing process is sent to another country. If the business operations are outsourced to a neighbouring country the term is called ‘near shore outsourcing’.
Does BPO help in making a business successful? Check out Scott Stavretis’ story on how outsourcing proves a winner. Read his story at: http://www.afr.com/technology/outsourcing-proves-a-winner-for-young-rich-lister-scott-stavretis-20161019-gs6f8h