Banking Bots - Exploring Conversational...
Posted in Business Services by Adolf on Dec 31,2013 8
In today’s date, most of us often calls on numbers for some kind of need or assistance, be it related to query or complaint of product, service, direction or for finding out the correct information we want about a particular thing. The voice on the other side notes down our enquiry as well as grievances and assures us about solution in particular period of time or instantaneously. Or sometimes you receive calls on mobiles or phones telling you various offers about some products and services attached with them. These helpline setups are generally known as call centers or BPOs. The term Business Process Outsourcing or BPO as it is commonly known, cites to outsourcing in all domains. A BPO service provider generally administers and manages a particular business process for another company.
Indian BPO companies offer varied services, such as, customer support, technical support, telemarketing, insurance processing, data processing, forms processing, bookkeeping, internet and online web research. They are often information technology-based, and are referred to as ITES-BPO, where ITES stands for Information Technology Enabled Service. Customer support services can be 24*7 inbound or outbound service that address customer inquiries via phone, email and live chat. Telemarketing mainly interacts with potential customers and creating interest for the customer's services, products, Up-selling, promoting and cross selling to existing customers and completing online sales processes. Non-voice or back office processes include data conversion services and data entry and data processing. Additionally, Knowledge Process Outsourcing (KPO) and Legal Process Outsourcing (LPO) are some of the sub-categories of this industry. The growth of this industry has aided a lot other sectors. Due to its expansion, there is a surge in demand of computer hardware and software components. Plus the real estate has also benefitted as IT complexes are required to setup these offices. But above all it has been the main employment generator as companies are hiring large number of people. The industry recruited around 230,000 jobs in FY 2012, thus providing direct employment to about 2.8 million, and indirectly employing 8.9 million people. Today literally all the sectors are dependent on this industry in a direct or indirect manner as most of the enterprises are having tie up with them mainly for service related purpose. Some of the major companies that are running their operations in India are WNS, Dell, Wipro, Patni, TCS, Firstsource Solutions Ltd, Genpact India Pvt. Ltd, Aegis Ltd and Aditya Birla Minacs Worldwide Ltd. Nasscom are the main regulatory body which decides the policy and functioning of this sector.
The Business Process Outsourcing Industry in India has seen a fourfold success in the past few years. The numbers have been quite encouraging. This $20-billion industry is expected to clock a double digit growth, around 12-15%, for the financial year 2013-14, driven by high end transformational services. According to industry experts, BPO companies are laying a big bet on divisions like banking, financial services and accounting, supply chain and healthcare to drive its next phase of growth.