The convergence of innovation and globalization has changed the way business is done and made the new business a chance in the international marketplace.
Business process outsourcing (BPO) has expanded with time and the widespread development of innovation. The BPO trend is speeding up. It is a subset of outsourcing that includes the contracting of the operations and functions of a particular business process to a third-party service provider. Initially, outsourcing was connected with manufacturing firms, for example, Coca-Cola, which outsourced huge portions of its supply chain.
BPO is commonly classified into back office outsourcing, which includes inside business responsibilities, for example, human resources or finance and bookkeeping, and front office outsourcing, which includes customer-related services such as contact center services. Also, other outsourcing portions inside the worldwide include business services, energy, innovation, social insurance and pharmaceuticals, retail, travel and transport, and telecom and media.
Even so, many organizations are clearly perceptive about having people on the opposite side of the world helping critical business functions. However, some of the best outsourcing providers have reduced the risk and directs the issue that customers may have about putting their work offshore through their innovative project management strategies.
While there has been pushing over from U.S. consumer concerning to poor service at certain international call centers, plainly clear that the more a company is willing to think globally, they open themselves to greater profits. The BPO model should be expected to grow for years to come.
The Business Process Outsourcing is a progressive and fastest growing sector in the Philippines. Every year the growth of the Philippine industry is increasing. Economically, BPO industry has a fastest growing sector in the country and expected to overtake OFW remittances in 2017.
The rapid expansion of Filipino BPO industry will probably keep on improving the country’s GDP, employment and services also make new opportunities to the young college graduates. The BPO business should stay adaptable in adjusting to innovative change.
The risk of automation to simple work intensive jobs such as data entry and medical transcription should encourage reflection on how to move up the value chain in the future.