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Amar Kumar 8 years, 1 month ago
Business process outsourcing (BPO) is a subset of outsourcing that involves the contracting of the operations and responsibilities of a specific business process to a third-party service provider.
Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, human resources (HR) or accounting, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain their position in the marketplace.
BPO services:-Two categories BPO is often divided into are-
Back office outsourcing, which includes internal business functions such as billing or purchasing. Back office outsourcing offers organizations services to help manage tasks like data entry, data management, surveys, payment processing, quality assurance and accounting support. Back office tasks are integral to a company's core business process and help keep business running smoothly.
Front office outsourcing, which includes customer-related services such as marketing or tech support. Front office outsourcing services deal with customer interactions. Examples of front office tasks include phone conversations, email, fax and other forms of communication with customers.
Pros and cons of BPO:-
Advantages of BPO are:-
- saved money and increased time to focus on the core business.
- Some other benefits include: Speed and efficiencies of outsourced business processes are enhanced
- Organizations using BPO get access to the latest technology
- Freedom and flexibility to choose the most relevant services for the company's operations
- Quick and accurate reporting
- Save on resources related to staffing and training
Disadvantages of outsourcing business processes include:-
- Data privacy breaches
- Underestimating running costs of services
- Overdependence on service providers
- Communication issues that delay project completion
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Street Traders : These retailers generally display their articles on busy street corners, bus stands, pavements, or in and around commercial areas. They sell articles like books, diaries, pens, newspapers etc. Sometimes they may have ready made garments, handker chiefs, and other things of daily use. These products are generally low priced and of common use.
Street Shops : These shops can be defined in terms of their location. Street shops are those shops which are situated at street crossings or on main roads or on corner of colonies. They may be set up near to markets also. They are also known as street stalls and are located just about anywhere. These retailers display their goods on a table stand or by fixing a shelf on the wall.
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Business finance is a term that encompasses a wide range of activities and disciplines revolving around the management of money and other valuable assets. Business finance programs in universities familiarize students with accounting methodologies, investing strategies and effective debt management. Small business owners must have a solid understanding of the principles of finance to keep their companies profitable.
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Shivansh Shaw 8 years ago
1Thank You