Is a capital crunch hindering you from growing your business? Is it tough finding skilled personnel resources? Is your competitor already outsourcing to a Knowledge Process Outsourcing in US? In this world of technology and innovations, it is a fact that any organization that wants to succeed will have to keep up. Outsourcing gives organizations access to top-quality services at low operating costs. Many organizations now consider KPO Outsourcing services as a viable option to increase operational capacity, access precise knowledge and reduce costs. Competitive knowledge is increasingly being outsourced and these services are increasingly considered a crucial process for companies of different sizes to remain competitive in a rapidly changing business environment.
Knowledge Process Outsourcing is a higher-end version of outsourcing of business processes and refers to the outsourcing of high-end processes and complex tasks to specialised service providers. Examples of core processes performed by the KPO sector include the following: project management, market research, data integration, equity research, radiology, legal processes, animation, web development, engineering services, supply-chain management, data processing, accounting, HR and other vital processes, management of IT infrastructure, education, and research, and nanotechnology, application operations, IT security and maintenance, etc.
Trends in KPO
KPO outsourcing services are predicted to grow to anywhere between $10 and $17 Billion (USD) internationally . Areas that are experiencing growth in this arena include: data search, data integration, market research, remote education, project management, radiology, medical transcripts preparation and legal processes. Some of the factors driving the growth in this sector include the adoption of global standards for qualifications, access to a huge pool of skillful and experienced professionals abroad and improved remote project management competences due to improvements in telecommunications as well as other enabling technologies. The industry may touch $30 billion on the back of growing demand for such services. The future of KPOs is not only restricted to the ITES sector alone, though, spans other sectors like business research & analytics, Clinical research, market research, publishing, etc. Most global banks & insurers are also expected to adopt KPO strategies.
Importance of such services for Business Growth
The main benefits is increased revenue and improved competitive advantages as a result of having access to experienced and dynamic professionals in knowledge intensive industries.
Other benefits include:
• Increases productivity: Organisations that do everything themselves have high research, growth, marketing, and distribution expenses, all of which must be passed on to clients. An outside provider’s cost benefits can give your firm a competitive advantage.
• Controls capital costs: Such services controls cost to the company, releases capital for investment in other business functions and allows you to avoid huge expenses in the early stages of your business.
• Focuses on your core functions: Every business has restricted resources, and every manager has limited time and manpower. KPO Provider can aid your business to shift its focus from peripheral activities to core activity that serves the client, and it can help managers set their priorities more clearly.
• Reduces labour costs: Hiring and training staff for short-term assignments/ projects can be very expensive. Such services let you focus your human resources on important activities where you need them most.
• Access to the efficiency and expertise: Most small companies simply can’t afford to match the in-house support services that big companies maintain. These services can help startups and small companies act “big” by giving them access to the right expertise, efficiency and knowledge that big giants- companies enjoy.
• Reduces risk to the Company: Every business carries a certain amount of risk. Global competition, markets, government regulations, technologies and financial conditions, all change very quickly. Third-party providers manage this risk for you, and they generally are far better at deciding how to avoid risk in their parts of expertise.
Knowledge Process Outsourcing can allow companies to focus on increasing revenue growth. It offers a great opportunity to outsource analytical intensive processes that support to the development of new products, new services and evaluate new markets. Therefore, more and more companies are embracing outsourcing as a great source to overcome the challenges and become true knowledge competitors. With the right company as your partner, you can get access to proficient services at a lucrative price and within a quick turnaround time.