Types of Business Process Outsourcing
The business process outsourcing market is expected to grow by USD 40.16 bn from 2020 to 2025. The growth momentum of the market is projected to accelerate at a CAGR of 4% during the forecast period.
Business Process Outsourcing, or BPO, refers to the process of contracting standard business functions to be handled by a party outside of the company. Here are the different types of Business Process Outsourcing:
Front Office Outsourcing
Front Office outsourcing is a type of business process outsourcing that involves the delegation of services that involves the direct assistance of customers at every point in the buyer journey. Services in Front Office Outsourcing are communicating through customer channels via inbound or outbound telephone conversations, e-mailing and messaging, fax, chat, video and other forms of direct interaction with a client’s customer base. Examples of Front Office outsourcing include:
- Market Research
- General Customer Support
- Technical and Service Support
- Plan or subscription renewals
- Telemarketing
- Telesales
Back Office Outsourcing
Back Office outsourcing includes, but is far from limited to, essential support tasks like data entry, Order Payment and Processing, Lead Generation, Appointment Setting, claims and payment processing, HR support services, accounting services, creative services, IT support and technology development. The key difference between Front and Back office BPO is direct interaction with the end customer.
Businesses can also opt to outsource to the following types of BPOs based on geographical preference:
Offshore Outsourcing
This type of outsourcing is when a business decides to outsource to a provider located in a different country.
According to Fortunly, 71% of financial service executives outsource or offshore some of their services. Moving onto the IT Industry, the latest offshoring statistics show that the IT sector is moving toward outsourced suppliers most quickly. In fact, about 64% of outsourced offshore technology functions have to do with software application development. (Fortunly)
Nearshore Outsourcing
Nearshore Outsourcing is when a business decides to outsource to a provider located in a neighboring country.
In the second quarter of 2021, 53 service delivery centers were setup in the offshore/ nearshore market worldwide. During the same period, the number of offshore/nearshore delivery centers in Asia stood at 22 centers.
Onshore Outsourcing
Onshore Outsourcing is the process when a business decides to outsource to a provider located the same country.
Read our previous article for some points how business process outsourcing can unlock business growth.
Connext Global Solutions provides quality Business Process Outsourcing Solutions
Connext Global Solutions provides Business Process Outsourcing solutions to companies looking to streamline operations, increase the bottomline, and unlock growth.
Industries We Currently Cater to:
1. Healthcare Providers
2. Distribution
3. Telecommunications
4. Title and Escrow
5. Property Management
6. Accounting
7. Banking
8. Technology
9. E-Commerce
10. Retail
11. Construction
12. Professional Employer Organization
13. Insurance
Connext Global Solutions powers small to medium businesses by hiring, building, training, and managing offshore remote teams.
Connext Global Solutions handles business process outsourcing talent acquisition, management, and training for you. The company actively sources offshore talent required by the client. Comprehensive assessments, screening, testing, and interviewing are conducted by Connext, ensuring the client the highest level of talent from the pool.
Sample standard roles you can outsource are the following:
- Senior CPAs, CPAs, Staff Accountants, and Accounting Techs
- Real Estate Title and Escrow Specialists
- Information Technology/Web Developers and Administrators
- Nurses and Healthcare Claims Processors
- QA and Data Analytics Specialists
- Graphic Designers and System Engineers
- HR and Payroll Service Professionals
- Technical Support
- Underwriters
- Data Entry Specialists
- Customer Service Representatives
- and More
Partner with Connext Global Solutions today.
