From being a mere $7 billion industry in 2006, to currently being estimated at about $120 billion, the growth prospects in BPO are tremendous, and has shown a lot of promise. So what is so fascinating about this industry that has attracted so many businesses and resulted in this form of growth?
In spite of the challenges in the BPO industry, one of main reasons behind its success is the availability of a large number of talented English speaking individuals at very low costs. This has turned countries such as India into highly sought after destinations for business process outsourcing. As a top global outsourcing destination, India owes its success to well-educated individuals, the majority of whom are very young, and it's unique location and time-zone advantage. Today, most of the US and UK based companies outsource their requirements to Indian service providers.
The reason for companies to outsource their business processes is pretty simple. Business Process Outsourcing enables business owners to reduce the burden of work and concentrate on other core aspects of their operation. Outsourcing to a third-party company, which is already well-established and has the relevant experience in providing services, is a much more convenient option. Outsourcing your business processes comes with a series of advantages. Some of those include:
Outsourcing BPO services has become a significant part of almost all businesses these days. The BPO industry has been responsible for providing cost-effective services to a lot of businesses. The wide range of business domains in which the BPO industry serves include:
Due to the numerous advantages of the BPO industry, it has seen tremendous growth over the years, and estimates reveal that this growth will be seen in the near future too. Currently the BPO industry is responsible for creating the second highest number of jobs, and it is estimated that overall worldwide BPO market will cross a staggering $400 billion by 2020!
Today, with in-depth data analytics at their disposal, global businesses are poised to significantly improve upon their offerings, while ensuring backend tasks are taken care of by professional outsourcing service providers. Due to this reason opting for BPO services will become an attractive option for both small and medium businesses alike in the coming years.
At Flatworld Solutions, we understand the difficulties a business has to go through while handling numerous processes at hand, and are well-aware of the various advantages and disadvantages of BPO. With an experience of over 17 years in the BPO industry, our services have been altered to address the changing scenario of the industry.
Our team of highly experienced BPO professionals follows a structured process to understand even the smallest requirement of the client and customize the service accordingly for enhanced satisfaction.
If you have any kind of BPO requirement, feel free to get in touch with us.
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The growth of Philippines economy is directly related to how the BPO industry has managed to make its presence felt in the island country.