Part 2/9:
BPO stands for Business Process Outsourcing, which involves delegating specific business functions to third-party organizations. This practice has been around since the 1940s, initially aimed at helping manufacturing companies manage their operations. Today, BPO encompasses a myriad of functions ranging from customer service, HR, finance, and accounting to research and knowledge management.
The industry is currently valued at around $300 billion, projected to exceed $500 billion by 2030. Companies like Accenture, Tata Consultancy Services (TCS), Cognizant, and Infosys play prominent roles in this vast market, serving a variety of sectors including retail, healthcare, telecom, and logistics.