According to by Gartner, Inc., the worldwide business process outsourcing (BPO) market is set to grow at 5 percent in 2012. The key drivers for such growth are “scalability, the infusion of best-of-breed processes and technology, faster time-to-market and improved quality of service”. Firms offering multi-diverse BPO services covering areas such as human resources functions, document conversion, medical and legal transcription, search engine optimization, financial and administration processes such as billing, insurance coding and collections, data entry, call center operation and more will rule the roost. Public and private sector professionals in the health care and legal industry and corporate world are resorting to back office outsourcing to benefit from these solutions.
that Live Up to Expectations
However, there are many instances when outsourcing relationships have failed to live up to expectations. The reasons range from poor quality of delivered output to rising management and administrative costs. Sometimes, the service provider just doesn’t have the technological capability to keep up with the competitive demands of globalization
A BPO company offering multi-diverse solutions can succeed only if:
- They can ensure their client a competitive solution, that is, it must be cheaper for the client to outsource back office tasks than perform them in-house
- Quality is crucial and depends on the service provider’s capability to provide state-of-the-art services using advanced technology
- A skilled team of professionals with top quality English as well as relevant technical skills on the project
- Customized solutions in standard formats to meet client requirements
- Timely solutions to meet important deadlines, especially significant in the case of the legal, medical and insurance industry
- Cost savings for clients of up to 30-40%
Focus on Improving the Value of Client Businesses
Fourth generation business process outsourcing companies are focused on utilizing industry experience, technology and innovation to provide their clients with value added, industry-specific services to increase their cash flow and improve their bottom line.