What is BPO?

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Today, STAFFVIRTUAL's CEO Ike Stranathan talks about the business process outsourcing (BPO) industry. What is it? What can it do for your business? Watch the video to learn more.

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Video Transcript:
Hi there guys, this is Ike Stranathan, the CEO of STAFFVIRTUAL, we are a business process outsourcing (BPO) company from California, with offices in the Philippines. I often get asked “What is business process outsourcing”. This acronym. What does it stand for? What does it mean? A lot of people fully don’t understand the term. But business process outsourcing is the technical term for offshoring our outsourcing services providers, oftentimes located in lower-cost countries like here in the Philippines, or in India. And, business process outsourcing is essentially when a company outsources a specific process, whether it be back-office, customer support, IT processes, creative processes, to a third-party vendor. So, business process outsourcing companies aren’t necessarily located offshore. Many companies use onshore providers. So a company in New York City, for example, might partner with a call center in Nebraska, where the labor is a little bit less expensive to get that process done. Other companies go a step further and go offshore to further reduce those costs and increase efficiency and profitability for that business. So, to summarize business process outsourcing is the moving of a critical process offshore to a third-party provider. This is happening for a lot of reasons, the number one reason is cost-saving, also you’re seeing efficiency gains, scalability, and of course business continuity. That’s another big reason why we’re seeing this explosion in the business process outsourcing industry.