What is Business Process Outsourcing and Why?
Business Process Outsourcing or BPO refers to the business model where a firm chooses to hand over a part of its operation to a third party. In other words, it is the process where a firm purchases a service from another firm. Most often, it is adopted to improve the quality of work done. Companies generally opt for BPO either when they do not have qualified staff to handle the business processes or when they are well established and wish to hand over operations to a third party to reduce costs. The BPO industry offers a wide range of services, and the variety has grown over the years.
How Does BPO work?
Companies may choose to outsource either their back-end or front-end operations. Back-end operations include IT services, financial services, HR-related services, employee-training services, and so on. On the other hand, front-end services relate to customer relations and operations such as customer care helplines, marketing, advertising, and sales.
When a company purchases its services from a foreign firm, the process is Offshore Outsourcing or in one word, Offshoring. On the other hand, the process of procuring services from a company within the country is Onshore Outsourcing.
Business Process Outsourcing can also be categorized Knowledge, Legal and, Research Process Outsourcing namely, KPO, LPO, and RPO. KPO is when a company purchases not just services but also knowledge, whereas LPO enlists legal services and RPO is used to procure all kinds of research-related services.
The ProsOne can attribute the growth of the BPO industry to a large number of benefits that it presents to a company. Since companies procure services from developing countries where they are a lot cheaper, the costs come down substantially. Additionally, the quality of work and the time taken for the completion of work also comes down, and clients enjoy better overall access.
The ConsDespite all the benefits that a company may avail from BPO, it puts the company at risk of data and information breaches that may end up costing a lot to resolve. Further, BPO may also make the company overly dependent on the external service provider, thus leading it to be affected by the geopolitical changes in the country of the provider and high costs if it tries to revert to handling operations on its own.
Everyone wants to be an entrepreneur! It doesn’t matter if you’re a tech-savvy person inspired by Elon Musk or an aspiring businessman who follows Jack Ma. All it takes is a spark, to ignite passion and a flow of new ideas.
Millions of aspirants try each year but fail. Somehow all their efforts just don’t seem to work.
So what is it? Could it be a lack of research, lack of confidence, lack of skills, lack of strategy, lack of conviction, or perhaps all of them?
Your business is a billion-dollar-baby in your eyes but if you can’t make the world view your idea in the same manner then something must be going wrong.
Here are 3 major points which will help you successfully get your business digested by the consumers:-
- Your Product Should Be Specific But Dynamic
Yes, you need to focus on one product. Your product or service type has to be specified at the same time dynamic.
Confusion? Let me explain.
A successful product or service type is simple but helpful. Microsoft, Amazon, Facebook, Space X, and Alibaba, are all successful companies because they work under one specification but at the same time provide diverse services.
2. Choose Your Target Audience
I can’t stress enough how important this one is. If you don’t know who your client is, how do you expect the client to know who you are? Select a targeted audience based on the following factors –
- Age group
- Geographic Location
- Consumer Product Preference
- Economic Status.
Dig a little deeper into all the factors enlisted above and start working on them immediately!
3. Be Unique And Creative
If you’re a conventionalist, don’t try to start a business! Everyone is searching for something new.
Try to create something different. Think from the customer’s perspective. What would he want? To think creatively you have to be able to –
- Think Out Of The Box
- Create Something Different
Always remember, jewels are expensive because they’re unique. No one is willing to pay thousands of dollars for plain rock or coal.
Getting business digested in the customer’s preference is different. If done skillfully it can pay off pretty well.
Good luck with your future endeavors! May you contribute something new to the world and make a name for yourself!
As they say “Too much of anything is good for nothing” applies to technology too. It has connected the world as well as destroyed a part of it at the same time. Yet we cannot live without it as it helps us to coordinate our imagination with reality.
Now for example just think that you want to start your own business and now for that all you need to do is go into the internet, create your own website and start selling your products. Boom! You started an online store within minutes. Therefore it has made our physical work very easy one needs not even move from one place to another to get the work done. All he needs to do is sit in front of the screen and press the buttons. Additional to this it has made our mental work easy too with reference to the above example if one starts a business online but does not know how to handle the website or get fresh ideas for making the website more attractive all he needs to do is just Google and search for ideas. It will give him more than just a simple idea that too within minutes. But because of this one forgets that these technologies are made by human hard work and intelligence and not the vice versa.
This is a greater concern as due to this there is a loss of social skills, creative minds, and the ability to interact with the world beyond the internet clique. We have all become natives with the internet as a basic necessity. We all call ourselves tech-savvy but we still don’t get that a tech-savvy isn’t the one who uses the internet for his or her advantage but it is a person who is very proficient in the usage of modern technologies such as computers, television, etc.
However, there are always two sides to a coin. All modern technologies have their own benefit too. They give us easy portability, accessibility, and availability to a lot of information which in turn boosts our knowledge. Therefore it is no harm in involving technology in our day to day lives but revolving around gadgets leads to the destruction of one’s physical and mental health.
Just remember that time and tide waits for no man. A lot of people just use technology to a point that they waste a lot of precious time in their lives. They forget that there is an actual world that exists surrounding them. They get deep into the virtual world that coming out it seems to be an impossible task but remember nothing is impossible
So the solution to this is a clear setting of the duration of hours needed to be spent on the internet and setting boundaries for it at the right time. Additional to this one can even talk to the people around them and try to spend more in the real world and get new experiences. This will keep you fresh as well as healthy physically and mentally.
Although the world is at a stop during this period of a pandemic it has also kindled the ideal minds of students to keep fighting COVID-19 and to keep the world on going even it is actually resting.You see student inventions are always so exciting because they provide a glimpse of future innovation. So during this time of COVID-19, certain student inventions are not only relevant but also of absolute necessity right now. Just as that being said one of the student innovations from Jamaica is an ultraviolet device that helps kills bacteria on doorknobs. The student name is Rayvon Stewart, a final year student in the school of computing and information technology at Jamaica’s university of technology. He started developing his creation well before COVID-19 sources say. The sources also tell us that he got this idea of the invention during the Klebsiella outbreak in Jamaica five years ago. His creation name is XERMOSOL. It is a simple device that kills bacteria when attached to doorknobs with ultraviolet light technology. This device can be fixed at any doorknob at any place such as hospitals, schools, and offices to destroy the viral cells. Now if we look at coronavirus which can live up to three days on stainless steel metal, XERMOSOL provides a quick and safe method to kill bacteria at a critical contact point and it is 99.9 percent effective. However, XERMOSOL now faces the classic challenges of commercial development which is funding and mass manufacturing. Therefore, Scotland proposes the 54 member countries go into partnership with the Global Innovation Fund to help young innovators like Rayvon. Although, now Rayvon already has a provisional patent on this technology and is currently developing with his team in Jamaica. Other than XERMOSOL students from Moroccan school of engineering sciences (EMSI) had developed three medical inventions that have made a great significance on the show the Hackathon Virtual MacroCoid19 competition. These inventions help healthcare for easy medical checks and in the healthcare process against COVID-19.The first student invention is African Savior. It is an app-based system that delivers nasal swab test kits via drone to patients with COVID-19 symptoms. This allows healthcare professionals to remotely test for the virus without putting themselves at risk. Then there is a digital medical respiratory system that delivers information about the patient’s respiratory system to doctors. Doctors can now remotely adjust pressure and respiratory flow and be alerted in critical situations.The third invention digitizes medical prescriptions. It is called the Moroccan Electronic Perspective. Doctors can now use an app to send prescriptions directly to a pharmacy. To receive the medicine, all the patient needs to do is identify their pharmacy with a QR code.This three invention and the above invention has made a huge impact on society as well as the world we live in. More advanced technology becomes and the number of inventions increases in the time of need, the more we are safe in having a great future ahead of us.
Retail businesses sell commodities to people or provide services to their customers for their consumption, use, or pleasure. These businesses date as back as civilization started. Initially when the currency was not in existence people used to practice barter systems. In the barter system, people used to exchange goods or services with each other. After the invention of money, the old traditional barter system stopped and every good and service started getting a value which used to get paid by currency. Due to the lockdown triggered by an outbreak of the pandemic caused due to COVID-19, each and every industry and sector faced a severe shutdown. The effects of the shutdown are tremendous as all the sectors have suffered major financial loss. Talking specifically about the retail sector, governments all over the world have declared all the retail shops to shut down except the general stores and the pharmacy. The retail businesses of fashion, toys, clothing, etc. are facing a real hard time due to lockdown. The customers who buy goods from these retailers are avoiding stepping out of their houses due to the fear of catching the infection of coronavirus. In the current situation customers are avoiding going to the shopkeepers, which ultimately contributes to the financial losses. Many of these retailers due to financial loss in their businesses are removing the extra help they had hired before the lockdown. This ultimately contributes to unemployment. Top analysts have estimated that the retail industry might take around 9-12 months to recover from the losses they are facing amid lockdown. The number of unsold inventories in case of groceries might have reached their expiry dates resulting in huge financial losses. These losses might take more than a year to be in curred.
In this era where there is very heavy competition in various fields, bulk texting becomes an important part of the marketing strategy to fulfill your customers’ requirements and beat your competitors. It is a very useful method for not only pulling in customers but keep them satisfied for a long time.Well, bulk texting is nothing but sending text messages simultaneously to groups of contacts using SMS service. This SMS may include Promo codes, Offers, and other important information and announcements. It has no limits of sending to a particular number of people. Therefore, it helps in building and keeping up good marketing as well as to keep maintaining the loyalty of the customers. It is the best add on technology that exists in this era that helps in a drastic rise in sales of the company as well as provides them with new customers. Moreover, it can provide a personalization effect as it can mention the person’s name or the company. It is also very cost-effective as it is one of the cheap marketing tools. It also has no bounce back problem as the customer will see the message when they are available. Additionally, these messages go to fixed destinations so there will be no mistakes of delivering it to someone else. It can be managed single-handed and is very reliable. Now we know its importance and how it is a gold mine in marketing, the question arises that where do you get this service? Well, you can get this best service at Mickey creations who will connect you with specialists needed for this strategy. They will not only help you provide SMS but will also get feedback from your customers for better growth. The best part is you don’t need to worry about losing a lot of money as there are many available packs from which you can choose from.So what are you waiting for? Grab the service here and make your Company reach great heights.
Imagine going through this epidemic without our phones. Sounds so boring right? So I think it is rightly said that when you lose something only you get to know its importance. Speaking of importance let us see why technology has been so important during this time.First and foremost the identification of the diseased person is important in order to treat them. So for this digitalized thermometer has been developed. This digitalized thermometer identifies the person’s temperature with thermal sensors. Therefore this thermometer not only helps in identifying but also helps in maintaining the distance. After this when the diseased are identified they are treated with the help of ventilators. Although these ventilators take time to manufacture, due to the new technologies developed by people they are able to manufacture it faster. Now once the diseased are put in a safe position there is always a need to inform the others about this disease as well as inform them about the safety measures that need to be taken. For this purpose, the Aarogya Setu application has been developed by the government to help people understand the disease better and connect them with health services if needed. And for further prevention hands, a free sanitizer dispenser unit has been developed.Moreover, due to the stay in order by the government and driving people to “work from home,” there is always a need for connectivity. And so for these technologies like zoom, google meet, go-meeting has been developed in just a few weeks. There have also been technologies or machines to collect data of the diseased and non-diseased. Lastly, there have been apps and websites developed for taking care of our mental health during our stay in order.Therefore the above-mentioned points show us that without technology we would not be where we are today curing thousands and thousands of people through it. Technology will always be a boon if used rightly.
You would be surprised at the no of people that uses the internet in a day. There are millions and millions of users all connected through this internet and therefore digital marketing becomes essential for the growth of businesses. One can understand digital marketing better once they are able to understand its importance. And so by saying that let me take you through the importance of it.
1) Reaches People where they spend a lot of their timePeople almost spend 37% of their time interacting with branded content. Therefore it becomes an essential means to market your product online to reach your customers.2) Helps small business Digital marketing helps small businesses to compete with large businesses with just smaller budgets. And when they manage easily it gives them control over how to spend their money effectively. Therefore when one has this control it allows them to grow more successfully.3) Getting to the targeted audience When you do target marketing you create a relevant ad that is highly relevant to your target market. As it is relevant it creates a more general level that general advertising can’t. These connections help one to make decisions very easily.4) Personalization E-mail marketing is widely used nowadays as customers feel the sense of control that makes them more comfortable in signing up for your emails or buying your product. This feature allows them to mention their name and give them a personal feel.5) Easy to adaptFor small businesses, it becomes easy to adapt and grow due to their low budget investments and high reach.it gives them the power to sustain between the large companies.
Now at Mickey Creations, you can develop your digital status with all the advantages mentioned above in just INR 1999. We cover all platforms including profile completion, content, and PCC marketing with 24*7 support and assistance. So why wait to build your brand now at Mickey Creations.
Presently there has been so much buzz about how every company wants to outsource their business process to third party companies. And therefore it is important for one to know why it is important why do MNCs and corporates want to use BPO service. BPO service is nothing but a process where an organization hires another company or an individual to handle business activities on behalf of them. This service has shown to be very profitable for companies. So now we know what it is, let us discuss its importance.More availability of resources The best part of BPO is savings. When companies do BPO they are able to save enough money to buy as much as new equipment’s as possible to grade up to their competitors. Therefore, ultimately leading you to get more resources. Low cost for wagesThis point is related to the above-mentioned point as this also saves a lot of money. In BPO service the providers’ team already works with high-skilled professionals so there is no need for any pieces of training. Sharing RiskLaunching a product always has its risks. It can be a huge hit or a big flop. So when you outsource the risks are minimized or eliminated. You can always ask the outsourcing provider to discontinue whenever you want.More time for internal team When the employees are allowed to do what they are best at then they will be more productive ultimately leading to the growth of the company.While you can manage your internal team we are here to manage your business activities. Now at Mickey Creations, you can get this service with just INR 99 per client. It includes customer feedback calls, a platform for customer cards, and credit card campaigns with 24*7 support and assistance. Visit http://mickeycreation.com/ to learn more.