Business Process Outsourcing or BPO started off with the shifting of manufacturing goods to countries providing cheap labor, but in today's technology-driven world, the definition of BPO has taken a new dimension wherein it involves the contracting of a process to a third-party service provider. This process is beneficial to both the outsourcing company and the service provider.
The work generally involves outsourcing of internal business functions such as human resources, finance, and front office in the form of customer-related services.
The main advantages of outsourcing are the flexibility it provides to the organization in terms of utilization of its employee strength by focusing on core competencies, rather than performing non-core or administrative processes; increased efficiency, speed, quality, and lower costs in delivering the end product; and real-time access to skilled people.
The work generally involves outsourcing of internal business functions such as human resources, finance, and front office in the form of customer-related services.
The process of outsourcing work to India began in the early 1990s. The major reasons that contributed to India's success in this industry is: Abundant, skilled, English-speaking manpower; high-end telecom and infrastructure which is at par with global standards; strong focus on measuring and monitoring quality targets; fast turnaround times and the ability to offer 24x7 services based on the country's unique geographic location that allows for leveraging time zone differences; and a positive environment which encourages growth of ITES/BPO industry.
Transcription is one of the sub-segments of BPO. Transcription is the conversion of recorded speech into a written or electronic text format. Transcription services are provided for business – earnings calls; legal – courtroom proceedings; general – podcast, media, IT & engineering transcription, symposiums, interviews, presentations, lectures; or medical – patient summary.
Transcription services are provided for a wide variety of audio and video media, ranging from traditional analog tapes to high-definition digital media of various formats.
High-quality transcription is characterized not only by an ability to listen and comprehend diverse vocabulary, but also by an ability to collect relevant information.
Transcription services are charged depending on per line, per word, per minute or per hour basis. Other factors that go into providing a custom quality professional end-product to the clients are: Prompt and professional service, quick turnaround time with highest possible accuracy, and cost effectiveness.
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Thanks for the tip, Ayesha.
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