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business process Outsourcing , refers to - sometimes webbased - applications to optimize business processes in a company or corporation to slim down costs for operations and improve customer care. Deutsche Webdesign introduced these products in late 2006 and called it "web 4.0".
business process outsourcing, the increasing trend of relocating entire business functions to either self-owned or third-party service providers, typically in low-cost locations - higher end BPO functions are also called knowledge process outsourcing.
Business Process Owner, the owner of a business process
Business Practices Officer The Officer within a company that is responsible for investigations into business policy breaches that are Ethical, Compliance and Criminal related.
broker's price opinion often used by real estate agencies or home loan banks to estimate the value of a home. Generally not as in depth as a value estimate provided by a licensed appraiser |
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Business Process Outsourcing (BPO) is the contracting of a specific business task, such as payroll, 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 its position in the marketplace. BPO is often divided into two categories: back office outsourcing, which includes internal business functions such as billing or purchasing, and front office outsourcing, which includes customer-related services such as marketing or tech support.
BPO that is contracted outside a company's own country is sometimes called offshore outsourcing. BPO that is contracted to a company's neighboring country is sometimes called nearshore outsourcing, and BPO that is contracted within the company's own country is sometimes called onshore outsourcing.[1]
The most common examples of BPO are call centers, human resources, accounting and payroll outsourcing.
Use of a BPO as opposed to an application service provider (ASP) usually also means that a certain amount of risk is transferred to the company that is running the process elements on behalf of the outsourcer. BPO includes the software, the process management, and the people to operate the service, while a typical ASP model includes only the provision of access to functionalities and features provided or 'served up' through the use of software, usually via web browser to the customer. BPO is a part of the Outsourcing Industry. It is dependent on Information Technology, hence it is also referred to as Information Technology Enabled Services or ITES. Knowledge Process Outsourcing, or Legal Process Outsourcing are some of the sub sets of Business Process Outsourcing. |
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