What is Business Process Outsourcing
Bio-Technological Industry in India-Functions
* Bio-Technological is a combination of technology and science pertaining to the field of biology * The application of biotechnology is done in order to transform, natural and genetic systems for a particular use * The biotechnology sector comprises of several fields such as bio agriculture, bio pharmaceuticals, bio fuels, etc. * In India few companies have discovered biotechnology-based medicine pertaining to diabetes and cancer * The agricultural sector is immensely benefited by this biotech industry * The development of transgenic crops such as rice, chickpea, and corn is one of the success stories of the Indian Bio Technology sector * Bt cotton is one of the most significant genetically modified crops grown extensively in India * The total area under the cultivation of Bt cotton in India is more than 6 million hectares * The growth of the transgenic crops sector is highest in India, nearly 200 %, where as the international average growth in this sector is 13%
Biotech Industry in India
Over the years, the biotechnology industry in India has witnessed asignificant increase in the number of merger and acquisitions. It is said thatdue to the country’s high-skilled labour and other low-cost advantages, manybiotechnology firms in India gained numerous export contracts and otherresearch and development related biotechnology services.The Biotech Industry in India can be categorised into five different segments. * Biopharma: Biopharmaceuticals are generally proteins, drugs and antibodies that are used for diagnostics and therapeutics. * Bioindustrial: Bioindustrial sector is related to enzymes, yeast and yeast-based products and organic amino acids. * Bioservices: Bioservices refers to research-based contract, manufacturing contracts and clinical research contracts. * Bioagri: Bioagri sector is related to biofertilisers, biopesticides and genetically modified seeds. * Bio-IT: This sector is related to different products and services that represent bioinformatics.
List of Top 10 Biotech Companies in India
Here are the most popular biotech companies in India:
Alphabetical List of Indian Companies
Business Process Outsourcing (2021 Guide + 7 BPO Trends)Business process outsourcing has become incredibly popular with companiesranging from Fortune 500s to startups over the last two decades.Businesses in every industry can now outsource non-core processes whileapplying more resources to core business functions. As the BPO industrycontinues to develop, we should expect several interesting trends to surfacethis year.In this article and video, I’ll highlight: * What is business process outsourcing? * Why use BPO? * Types of BPO * BPO services * How to pick a BPO vendor * 7 BPO trends to expect in 2021
What is Business Process Outsourcing?
Between 2012 and 2016, the global business process outsourcing (BPO) industrygrew at a compound annual growth rate of 4.4% to reach total revenues of$140.3 billion in 2016.Business process outsourcing is a subset of outsourcing that involvescontracting third-party service providers for various business-relatedoperations and responsibilities. While manufacturers initially used BPO,pretty much every industry you can think of around the world now uses it aspart of their business models.Why?Businesses across all industries have adopted BPO because business processoutsourcing solutions provide an array of opportunities for cost reduction andbusiness growth.
Top BPO Companies
Triniter is the most reputed and reliable company in the BPO industry. It alsohas the highest clients satisfaction rate.Accenture is one of the largest IT solutions company which also has a BPOdivision. It is based in Dublin.Wipro is an India based IT service company which also has a BPO department.
Advantages of BPO
Cost EfficiencyOutsourcing operations lead to more cost savings than hiring your ownemployees for several reasons: 1. Outsourced service providers can complete business processes at lower costs because of economies of scale, specialized processes, low-cost countries, and so on. 2. American organizations can accrue tax savings through outsourcing. 3. Organizations that outsource their business processes can adopt variable-cost models such as fee-for-service plans, instead of being bound to fixed-cost models. 4. BPO decreases the amount of office space needed to accommodate employees, saving real estate costs.Higher FlexibilityOutsourcing noncritical functions allow organizations to use their internalresources for core competencies and essential business functions.BPO also enables businesses to react faster to changing market dynamics byadapting their processes as the market changes. For example, if you don’tinvest in in-house servers, you don’t have to worry about outdated tech.Better Quality and PerformanceBusinesses can hire specialized BPO service providers for different processes.The quality of work completed by external service providers such as webdevelopers or content marketers will be specialized and thus better. They willalso be more productive.More Competitive AdvantagesSince companies typically outsource non-critical business processes likefinancial services, they can allocate more time and effort to the processesthat distinguish them in the marketplace.Increased Diversity of SkillsHiring outside of one’s city or country often lends the opportunity for a morediverse set of skills and specializations. Outsourcing makes it easy to hire aspecialized candidate perfect for the job.More Global PresenceBPO enables companies to provide services in multiple languages acrossdifferent time zones. As I mentioned in the video above, credit card companieslike MasterCard use BPO for customer service.The availability of multiple languages not only enhances customer experienceand customer satisfaction but also gives them a more extensive globalpresence.
Onshore vendors are located within the same geographic borders as the companybut may be positioned in a different city or state. For example, a company inDenver, Colorado hires a provider in Seattle, Washington to perform non-coreprocesses.
Nearshore vendors sit in bordering and neighboring countries to that of thecompany. For instance, business process outsourcing services in Canada andMexico are considered nearshore vendors to the United States.
Knowledge process outsourcing takes place when a company outsources work to aservice provider for their specialization and expertise in the process. Thisexpertise may expand past process expertise, into business and domain-basedexpertise.
Trend 3 – Startups becoming BPO Customers
The past few years have seen an enormous surge in startup growth. Startups areunder a lot of pressure to succeed under time constraints with limitedresources.With a small budget to hire talent, these small businesses often look overseasfor cost-effective labor.Companies such as Slack and AppSumo have used the talent outsourcing model tobuild their successful business ideas.Startups and BPOs have become more mutually dependent, and this trend isbecoming more pronounced in 2021.Startups rely on BPO for providing talent at lower costs, completing tedioustasks such as recruitment and trading.This, in turn, helps outsourced businesses improve their quality of work,utilize the most recent technologies, and produce higher revenue.
Trend 6 – Continued Growth in Top Outsourcing Countries
Established outsourcing destinations like India, the Philippines, and Malaysiawill continue to see growth in 2021, coupled with a few challenges.