Knowledge process outsourcing (KPO) has been in the Philippines for years now. This trade has added billions of pesos in revenues to the economy of the Philippines. However, many are still unaware of it and the gains it can offer to every business. So, to learn if KPO can be your business’s best friend, check out this beginner’s guide.
What is Knowledge Process Outsourcing?
KPO is a means of allotting high-level tasks to an outside firm or a different group in the same field. In fact, it’s a high-end business process outsourcing (BPO).
BPO and KPO are two distinct fields often confused with the other. A few think they came from the same trade while others argue they differ. To help set the record straight, listed below are a handful of the differences between BPO and KPO.
Why Make the Most of the KPO Growth?
1. Improves Productivity
KPO allows you and your staff to focus on your core business procedures. It saves time and helps you explore new revenue areas, speed up other projects, and focus on your clients; thus, refining your firms’ overall output.
2. Optimizes Resource Use
KPO promotes optimal use of scarce resources. The readiness of skilled staff and edition of new technologies helps capture new efficiencies and re-allocate your resources.
3. Reduces Costs
Cost reduction is possible through sequence improvements, re-engineering, and use of tools that cut and bring operation and other costs under control. It can help your firm keep the rates lower with better services; thus, giving you a better market spot and competitive edge.
4. Improves Human Resource
A cost effective manpower is yet another vital factor in KPO. With outsourcing, you can save on costs based on your priorities. It can give you access to highly skilled and trained staff with lower pay rates.
5. Caters Changing Client Demands
Many KPO companies offer flexible services to meet your client’s changing needs and to support future acquisitions, mergers, and joint ventures.
KPO Industry Growth and Insights
Based on the latest report from Grand View Research, the global KPO industry size was valued at USD 28.94 billion in 2016. Pros expect it to grow over the forecast period as shown on the graph below using the largest market player, the United States.
The rising demand for pro services such as training, research, management, and maintenance plays a big role in speeding up the knowledge process outsourcing industry. In emerging economies such as that of the Philippines, many outsourcing firms, including Outsource-Philippines, have highly skilled experts. They offer a wide range of outsourcing services. Chat with us or visit our services page to know which of our KPO services suits your business needs better.
Sources: whatis.techtarget.com | yourarticlelibrary.com | grandviewresearch.com