“The transfer of management and execution of an entire business process to an external service provider, including technology, people, and process. In engaging BPO services, clients are buying access to executed business processes and business outcomes from their BPO providers” (IDC)
“The delegation of one or more IT-intensive business processes to an external provider that owns, administrates and manages the selected processes that are based on defined and measurable performance metrics” (Gartner)
Today’s globally competitive business environment is forcing organizations to take a harder look at their business functions in order to compete effectively. As a result, senior executives look at their business functions with an eye.
Back Office functions such as IT, Finance and Accounting, Customer Care, transaction processing and other similar functions in particular have posed more specific challenges that executives have to overcome.