Make a Lucrative Career in the BPO Industry
- May 12, 2014
The $20-billion Indian business process outsourcing industry (BPO) is one of the exciting and challenging platforms for all young, dynamic professionals to embark upon a career. It is one of the fastest growing segments of the ITES i.e. Information Technology Enabled Services industry. With several competitors in line such as Australia, China, Philippines and Ireland, the Indian market has still managed to be the favorable market for BPO companies.
Incepted in the mid-90s, the BPO industry has expanded at a rapid pace with the boon being credited to low labor costs, economy scale, superior competency, availability of pool of talent and expertise, English speaking proficiency, investor friendly tax structure and others.
Referred to as outsourcing in varied fields, the BPO industry has unleashed enormous job opportunities for aspiring professionals to kick start their career with right usage of their potential, educational and professional skills.
Statistical Report of the BPO Industry
Presently, India is the leading player in the BPO industry with majority of the companies in UK and US outsource IT associated business, processing to the Indian service providers. In fact, it is now the 2nd largest industry in India to offer employment. According to the report of Research and Market on April 2014 “The IT BPO sector in India has aggregate revenues of over 100 Billion+. Telecom & BFSI are the largest contributors to the growth of BPOs in India. The Telecom sector contributes almost 25%-30% of call centre business.”
Certain other interesting facts about BPOs:
About 74,400 Indians have been offered employment in the BPO industry in India and it is still growing. It is expected that soon it will offer employment to over 1.1 million Indians.
- The demand for this sector grows at an annual growth rate of 50%
- The sector is estimated to have touched 54% growth in revenue
- The Indian BPOs is said to handle 56% of the world’s business process outsourcing work
The continuous innovations and expansions and several significant factors such as good work culture, attractive salary package, additional perks etc have all fostered the tremendous development of the BPO industry.
Services the Indian BPO Companies Offer
- Customer support services: It offers 24×7 inbound and outbound call center services framed to attend customer queries via the phone, chat or email. Trained officials are appointed to attend the calls and respond effectively to the queries.
- Technical support services: Professionals offer varied technical customer support like product support, troubleshooting, installation, usage support, problem resolution and running support for hardware, software, peripherals and internet infrastructure.
- Telemarketing services: It accounts for communication and interacting with potential customers and trying to convince then through creating interest for varied customer products and services. It also includes completion of online sales as well as promoting, cross selling and up-selling to the new and existing customers
- IT help desk services: Officials appointed in this post attend to issues like system problem resolutions, office productivity tools support, multi-channel support, technical problem resolution, system problem resolutions, performing remote diagnostics and answering product usage queries.
- Insurance processing: It caters to offering services for new business acquisition, promotion purpose, policy maintenance, claims processing, and policy management.
- Data entry and data processing: The work is related to data entry from books, paper, E-books, images, business cards, web sites, yellow pages, software applications, mailing lists, catalogs, printed documents, bills, receipts and others
- Bookkeeping and accounting services: The job is associated with maintaining of accounts receivables, customer’s general ledger, financial statements, accounts payables, assets and equipment ledgers and bank reconciliations.
- Data conversion services: This field caters to job like data conversion for databases, spreadsheets, word processors and software applications. It also includes conversion of raw data into HTML, PDF, Acrobat formats and Word.
- Form processing services: This sector offers services such as online form processing, medical billing, payroll processing, medical forms processing and insurance claim forms processing
- Online research: It is related to conducting product research, surveys, market research, internet search, web research, analysis and mailing list research.
Skills to Master
- Effective communication skills: Wannabe candidates wishing to join the BPO industry must possess the essential communication skills which include listening, speaking and writing skills.
- Taking responsibility: The candidates must have the desire to take up new responsibilities and execute them professionally with perfection. BPO employees need to be on time and complete work schedules within the given deadline.
- Compatibility: Employees need to possess the potential to handle several assignments at a time. Moreover, they must have the flexibility to adjust their time and type of work thus, being compatible with shifting. The interest to learn new skills and applying them at work is also important.
- Planning and organizing skills: Innovative planning work, perfectly organizing the work and execution of the plan are vital skills that are highly demanded in this sector. Employees must have the ability to plan a project, make the estimation and the required analysis and complete it before time with perfection. Thus, setting the goal and meeting it with competence is well appreciated.
- Think out of the box: The world needs innovation and is constantly looking for novel and interesting ideas that will draw the attention of all. So, if you wish to make a mark in your career then start thinking something different that startles the customers and brings in great revenue.
- Problem solving skills: Several major and minor issues crop up that requires an efficient handling. Such situations are unexpected hence; require prompt solutions without any loss of time. In a BPO sector you quickly need to make a note of the concerning issues, analyze the situation, collect the information and offer the best solutions, applying them to recover within a reasonable time.
- Teamwork: Having the skills of working in a team with perfect co-ordination and managing the responsibilities effectively is a must quality for all. This brings in highest results as several efficient people work together in complete harmony to complete a given project. Also, developing inter personal skills proves to be beneficial.
Top BPO Companies (in no specific order)
- WNS Global
- IBM Daksh
- Tata Consultancy Services
- Aditya Birla Minacs Worldwide
- TCS BPO
- Wipro BPO
- First Source Solutions Ltd
- EXL Services
- Infosys BPO
- Serco Global Services Ltd
- HCL BPO
- EXL Service Holding
The Bright Future of BPO
As per Business Standard—the IT-BPO sector is estimating combined revenue of $300 billion by 2020 and the BPO sector has its target of $50 billion in revenue by 2030. The industry is now gradually shifting its attention towards smaller towns, cities and sub urban areas with the objective to grow and offer galore of opportunities. Presently, 6 among the top most BPO global cities are located in India with Bangalore leading them. Expanding its horizons to far flung areas, the sector attracts professionals from diverse sectors like finance, commerce, media, in-house IT support, media, marketing and trade.
Witnessing the major shift in this industry, the BPO industry is expected to evolve and expand to integrate major business operations that will accelerate the next echelon of growth.
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