Business
Process Outsourcing (BPO) is a segment that is scripting
its own success story, similar to the software sector
in India. This sector is seeing phenomenal growth in
recent years with the growth in this sector alone in
2004-05 expected to be around 40% taking the industry
to $5.7 bn.The
range of services that have been outsourced to BPOs
ranges from banking services like Account opening, customer
queries, statement and cheque processing etc., to human
resource services like payroll and benefits processing,
hiring and staffing, recruitment screening etc. Telemarketing
services, customer relationship management, claims processing
in insurance services, credit card services etc., are
also some of the other services that are outsourced
to BPO Units.
Outsourcing
of non-core activities by an organization enables it
to focus on its core competency and hence gain a lot
of advantages like cost reduction, risk mitigation etc.
A Chief Financial Officer of an organization is required
to balance and control the internal financial operations,
processes and transactions with external relationships,
expectations and competition.
A
research by Accenture, one of the world's largest management
and technology services organization points out that
high performance businesses that demonstrate "mastery
of finance" use the finance function in a distinctive
manner to drive differentiation and superior results.
Also, such businesses develop their finance organizations
by focusing on key set of capabilities, one of which
is finance operations. The research also indicates that
outsourcing can play a valuable role in developing a
high-performance finance function by removing the routine,
focus-consuming tasks that all finance functions have
to undertake, such as accounts payable and receivable.
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