Business Process Outsourcing from the Modern Perspective of Mutual Partnerships
- December 15, 2016
The concept of business process outsourcing has witnessed a quantum shift in the last five years. The traditional BPO models were based on cost optimization techniques without giving priority to quality and customer feedback. Today, there has been a significant change in the concept of outsourcing. Rather than reducing cost, it is more quality intensive and focuses more on satisfying the expectations of the customers. Today, Fortune 500 Corporations are outsourcing a significant portion of their billing and customer management services to outsourcing partners. They also ensure that a high level of training is imparted to the outsourcing partner who would be handling the different layers of the service delivery module.
Today, outsourcing opens up a new world of possibilities in front of businesses. The chance to work with a new skill set adds to the overall productivity of the company. The outsourcing partner also adds added working hours especially if they come from a different time zone. Such outsourcing models hold a lot of value in the IT sector where 24×7 availability gives an additional edge to companies in a hyper-competitive market.
From a futuristic angle, we can say that the concept of outsourcing would be replaced by the word ‘Partnerships’. Along with outsourcing, it would also involve a substantial amount of knowledge sharing between the concerned parties. Knowledge Process Outsourcing has already paved the way for sustained knowledge transfer between corporations, individuals and agencies. The same level of cooperation will pave the way for a better business future.
The power of partnerships is time tested and has helped many organizations with remarkable results. Japanese companies have always used the concept of partnerships to enhance their productivity in the early 1970s and 1980s. The same approach has been used by companies across the globe to forge outstanding relationships yielding long and short term profits in highly challenging market conditions. Partnerships and outsourcing flourished even during the period of the great economic recessions 2010-2012.