What is Peer Group? What is a Peer Group?
A peer group is a group of individuals, typically of the same age bracket, culture, and social class, with whom a person interacts and who are likely to affect a person's views and behavior. Peer groups are different from your family, school, and community. Between peers, people learn to establish relationships on their own. Peer groups also provide an opportunity to explore interests that adults can not express or authorize with their children.
A peer group offers you insider access to knowledge gained by other industry executives that you can go to school and use for your gain. As a result, you will be able to scale your company quicker and easier than you would have hoped. Importance of peer groups in call centers
Peer group interactions in call centers often result in higher interpersonal interaction and enhanced moral relations. Therefore, coworkers who celebrate each other's wins and assist when things get tough are key players in creating an inclusive work climate.
Peer networks have a massive effect on the personal and social changes of individual groups. They have a viewpoint outside the point of view of the person. Part in peer groups often learns how to establish relationships with people in the social system. Peer groups in community members have been valuable social reference points. The peer groups teach the customs, social expectations, and diverse philosophies of the members.
What is Business Process Outsourcing (BPO)? What is Business Process Outsourcing BPO?
Business Process Outsourcing (BPO) is the engagement of services from a third-party provider. BPO uses various technology-enabled services to hasten the delivery of services. The business activities could be back-office such as, but not limited to, payroll, accounting, human resources, or front office jobs like customer service, sales, and marketing, etc. In the case of content providers, these business activities could mean hiring writers, remote editors, or virtual assistants.
BPO speeds up processes and enhances efficiency. Companies that outsource some of their business activities use their time on core services and competencies. With this shift in focus, companies improve their current processes that may result in improved customer satisfaction. BPO helps companies divert their resources to more critical business strategies. Often, companies find it impractical to hire a full-time position in-house because of the cost associated with doing so. How does Business Process Outsourcing work?
When a business engages an external specialist to manage and operate some of its internal processes, it's referred to as business process outsourcing. Such ‘processes’ include customer service, accounting and finance, or sales. It is different from hiring an agency to do specific tasks, as the outsourcing provider (BPO) is more concerned with the ongoing production of labour-intensive tasks, instead of the higher-level strategy and guidance.
Now, business process outsourcing has broadened and is more akin to staff augmentation, or staff leasing. What are the benefits of business process outsourcing?
There are many benefits to outsourcing, as well as some downsides and risks. The common benefits include: Cost savings: significant savings of up to 70%, leveraging the lower global salaries Global market: access to a bigger employment pool of talent Global presence: having operational across the globe increases trade opportunities Flexible workforce: reduces internal local labour and employment compliance obligations Leverage skill: leveraging the skills of other specialist companies Focus: enables the client company to focus on their core functions
Business process outsourcing examples
The business process outsourcing sector is a vast industry, generating over $200bn annually, and employing many millions of people worldwide. Some examples include: Big enterprise
Facebook and Uber outsource many of their operational functions, including content moderation for Facebook, and customer service for Uber Medium-size businesses
A medium business with 50-500 staff might outsource the labour-intensive accounting and finance functions to a team in the Philippines. Small business and entrepreneur
It is common for small business owners to have a Virtual Assistant (VA) working for hem full time, remotely from the Philippines. What are the different types of BPO?
The type of business process outsourcing can be characterised by their specialisation, location, and size. Generalist or specialist BPOs
Business process outsourcing is in the human resources and professional services sector. However, their services extend across all industries. The majority of BPOs are generalist, in that they offer a full range of professional services, although some specialise in certain verticals (ie accounting, or animation). Location
Business process outsourcing typically operates form developing nations such as the Philippines, India, and Colombia. They typically have cheaper cost-of-living and bigger populations. Different locations offer different advantages. Size of BPO
The bigger BPOs employ more than 250,000 people. They are huge, global operations. Medium-sized BPOs range from 500-5,000 staff and offer a full range of services. The smaller BPOs might have 1-500 people. Functions of business process outsourcing
Collectively, business process outsourcing provides any kind of staffing solution. Common functions of BPO include: Finance and accounting: operational, technical and specialist functions Healthcare: various functions of the backend of the healthcare and health-insurance industries Creative and content: everything from post-production of Hollywood movies to newspaper and website content Tech, IT and development: network management, web and app development and maintenance Sales & customer support: ongoing sales and customer operational support and delivery Marketing: ongoing marketing, communication and branding activities Talent and HR: externalising the management of company HR, recruitment and compliance Administration: general business administration and operational activities Business Process Outsourcing (BPO) services
Outsource Accelerator is the most trusted source for independent information & advisory for Business Process Outsourcing (BPO). We have over 4,000 articles, 200+ podcast episodes, and a comprehensive directory with 700+ BPOs… all designed to make it easier for clients to learn about, and engage with, business process outsourcing.
What is Entrepreneur? What is an Entrepreneur?
An entrepreneur is the founder or creator of a new business, bearing its risk and enjoying its rewards. They build a company (possibly from scratch), and aggregates capital and labor in order to produce goods or services for profit. They also play a key role in any economy, and depending on the success of their business, they provide employment and growth opportunities.
The entrepreneur is primarily responsible for how the company runs and operates. An entrepreneur who regularly launches new businesses, sells them and then starts new businesses is called a “serial entrepreneur.” Examples of successful entrepreneurs
Here are some examples of famous and successful entrepreneurs: Steve Jobs of Apple
Bill Gates of Microsoft
Ariana Huffington of The Huffington Post and Thrive Global
Jack Dorsey of Twitter
Emily Weiss of Glossier
What is Domestic Outsourcing? What is Domestic Outsourcing?
Domestic outsourcing, or more commonly referred to as onshore outsourcing, is a strategic form of business process outsourcing where a company outsources its business functions to a third-party provider located in the same country where the business is headquartered. Back office functions like customer service, IT operations, and accounting are usually the roles outsourced to these third-party providers.
Domestic outsourcing keeps a company’s core team focused on their main responsibilities, and it reduces the worry for additional employees’ equipment, benefits, office space, and so forth. It also helps save on costs, while hiring an outsourced dedicated team with the right educational backgrounds for the job. Domestic outsourcing vs offshore outsourcing
Offshore outsourcing is the complete opposite of domestic outsourcing. It is the other form of strategic solution that refers to when a company outsources its business functions to a third party provider located in a far-off country, most commonly Southeast Asia.
The top outsourcing destinations in Asia include the Philippines, India, China, Singapore, Malaysia, Thailand, and Singapore.