Business Process Outsourcing, or BPO, refers to the process of contracting standard business functions to be handled by a party outside of the company.
The global business process outsourcing market size was valued at USD 232.32 billion in 2020 and is expected to register a compound annual growth rate (CAGR) of 8.5% from 2021 to 2028. (Grand View Research)
The outsourcing market is categorized in the following segments:
- Finance and Accounting
- Information Technology
- Supply Chain Management
- Human Resources
- Customer Relationship Management
- Back-office functions
The most popular functions in business process outsourcing are Finance, HR and IT, largely due to the transactional nature of their business processes and that the roles require technical skills and specific skill sets requiring in depth industry and process knowledge.
Back-office functions are also common functions in business process outsourcing. Some standard Back-office functions include: Order processing, payment posting, eligibility verification and the like.
Types of Business Process Outsourcing Based on Geographical Location
Businesses can opt to outsource to the following types of BPOs based on geographical preference:
1. Offshore Outsourcing: As the name implies, this is when a business decides to outsource to a provider located in a different country.
2. Nearshore Outsourcing: this is when a business decides to outsource to a provider located in a
neighboring country.
3. Onshore Outsourcing: this is when a business decides to outsource to a provider located the same country.
The Importance of Business Process Outsourcing
Businesses outsource primarily to increase efficiency (24%) and receive assistance from an expert (18%). (Clutch)
Aside from these, organizations also outsource to increase productivity, streamline processes, reduce cost structure, and increase capability through digital transformation, make way for agile operations and solve staffing challenges.
Outsourcing business process services to Connext enables client growth with a 100% tailored solution where the client can personally select the remote staff based on the clients’ preferences and needs.
With the Connext three-tier screening and recruitment process, Clients are ensured they are hiring, training, and managing the right people for the right roles.
At Connext, we understand the clients’ need to rapidly scale operations in today’s dynamic business landscape. Clients start their own offshore (captive) teams with the scalable options to start we allow clients to start at any size and scale as they see fit.
Clients get the excellent custom business process outsourcing staffing and process solution at a much lower cost. There is a 60% reduction in the client’s average cost through outsourcing services via Connext.
Cloud-Based Outsourcing Solution
Businesses can benefit from Connext since the company utilizes cloud-based meeting technology such as cloud-based software and training systems to facilitate cooperation between the executive team and the remote teams.
Connext is equipped with secure state of the art monitoring and technology to support cloud-based connectivity platforms and systems to ensure seamless operations.
Some popular cloud-based connectivity platforms commonly used for client communication are:
- Zoom
- Microsoft Teams
- Google Meet
- Webex
- Skype
Below is a list of outsourcing services offered by Connext:
- Connext Back Office Outsourcing
- Connext Customer Service Outsourcing
- Connext Accounting Outsourcing
- Connext Virtual Assistants
- Connext Healthcare Outsourcing
- Connext IT Outsourcing
Get started on outsourcing to Connext and receive a 100% customized outsourcing solution.
Follow us on:
Facebook: Connext
LinkedIn: Connext
Instagram: @connextglobalsolutions_
Twitter: @ConnextPh
