BPO Full Form
The Full form of BPO is Business Process Outsourcing. BPO is a contract of a company with the third party or an outside provider of services with respect to its operations and responsibilities of business processes. It is a cost-saving measure that allows companies to outsource the non-core tasks of its business. Outsourcing of routine or peripheral business functions is in vogue and At Present, there is hardly any multinational company which is left untouched from outsourcing its business operations. Over the time, Business Process Outsourcing (BPO) has gained ample importance, by providing services related to customer support, technical support, marketing, human resources etc. There are three different types of BPO options such as:1. Onshore outsourcing (Also known as domestic outsourcing) – In this BPO services are obtained from someone within the same country. 2. Nearshore outsourcing – It refers to obtaining BPO services from someone in the neighbouring countries. 3. Offshore outsourcing – It refers to obtaining BPO services from an external organization in another country except the neighbouring countries. A significant and massive cost reduction is the major and the most important reason for which outsourcing is implemented. It reduces the cost of the tasks that a company requires. Some benefits of Business Outsourcing are; the company can focus on its core business, overhead expenses are reduced, availability of outside expertise, efficient and cost reducing, increase in revenue etc.