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Video transcription – A report:

Video transcription otherwise know as BPO is the process of leveraging technology vendors in various third world or developing nations for doing a job which was once the responsibility of the enterprise. Or simply put, Video transcription is the process of shifting an internal job process to an outside/external company which might have a completely different geographical location.

Generally the processes being outsourcing as part of BPO are backend jobs like call/help centers, medical transcription, billing, payroll processing, data entry and the like.  Most of these Video transcription are outsourcing by first world nations like USA and UK to third world nations like India, Philippines, China, Malaysia and some eastern European countries.

These nations have a good pool of English speaking youth who receive accent and job related training before they are inducted at a salary which is much lesser than what their counterparts in first world nations would demand. This allows first world organizations to get higher profits and provide better services by lowering the prices and by recruiting more labor than they could possibly do otherwise. In addition to benefiting Video transcription the first world nations, business process outsourcing has also benefited third world nations by generating much needed jobs.

Offshoring Video transcription :

Outsourcing of all types, offshoring of business processing, offshore contract manufacturing and globalization in general continue to create massive change in the world of business. This revolution creates both opportunities and challenges for organizations, managers and professionals of all types. Our new Outsourcing & Offshoring Industry Almanac and our online Outsourcing & Offshoring Industry Research Center cover these sectors in detail including special research report on outsourcing to India and outsourcing to foreign countries – projections for the years 2006, 2007, 2008, 2009 and 2010.

Our coverage includes business trends analysis and industry statistics. We also include a Video transcription

outsourcing and offshoring business glossary and a listing of industry contacts, such as

industry associations and government agencies. Next, we profile hundreds of leading companies.

Our company profiles include complete business descriptions and up to 27 executives by name and title. Both online and printed versions of Outsourcing & Offshoring Industry 2006 & 2007 enable you to search, filter and view selected companies and organizations, and then to export selected company contact data, including executive names, either online or via the CD-ROM that is included with the book versions.

The exciting new book and Online Research Center cover competitive intelligence, market research and business analysis—everything you need to know about the offshoring, outsourcing and BPO business, including:

 

Analysis of outsourcing and offshoring business trends and markets

Outsourcing and offshoring industry statistics and tables

A discussion of globalization, trends in world trade, and the use of offshore services

and manufacturing centers, such as India, China, Ireland, the Philippines and Eastern Europe.

An analysis of trends in offshore engineering, research and development (R&D), including information technology (IT) centers in Bangalore and elsewhere in India and biotechnology  research centers in China.

Profiles of major technology and software consulting and outsourcing companies, such as Wipro TATA and Perot Systems

Profiles of leading financial services outsourcing and payment processing companies

Profiles of leading contract manufacturers, including makers of consumer electronics

Profiles of global outsourced logistics, distribution and supply chain companies

An analysis of BPO, business process outsourcing

And much, much more about the offshoring, outsourcing and offshore business

 

Video transcription Worldwide – research report 2007 :

Global competition is the most important issue facing top decision makers in some of the

world's largest companies today. To meet this challenge, leading companies worldwide are focusing their resources on their core competencies as a business strategy to compete

profitably in a global market. Business Process Outsourcing (BPO) is paving the way for Video transcription

leading companies to compete globally and increase profitability into the new millennium. The practice is gaining widespread acceptance throughout the United States, Europe, South America, and Asia Pacific as an important new management tool to improve performance and profitability, gain competitive advantage in the global marketplace, and ultimately build shareholder value.

Indian Video transcription Outsourcing:

India is one of the hottest destinations for Business process outsourcing and has to its Video transcription

name a host of fortune 500 and fortune 1000 companies that have set up their BPO units here. India BPO outsourcing is at present seeing a huge expansion with many companies moving up the value chain to provide low end as well as high end BPO services that include Knowledge services. Most BPO vendors in India are now in a position to handle an entire BPO process on their own. Let us look at some advantages of India BPO outsourcing;

India has a relatively cheaper workforce as compared to any other nation

Indian workforce is well educated, computer savvy and has good English speaking skills.

India has a good communications and internet infrastructure.

The Indian Government is very supportive of foreign investments and has devised many investment friendly laws and taxes.

Individual State Governments in India are constantly developing their IT and networking infrastructure in order to attract more BPO investment.

India has many quality certified software firms and agencies that act as BPO vendors

These are the very reasons why India and it outsourcing are considered synonymous and the Indian BPO outsourcing market is booming at such a great speed and is Video transcription to grow even more and clinch a huge market share by 2007.

 

BPO Outsourcing Market :

 

The BPO market has grown by huge proportions in the recent years but there has been an increased backlash against BPO in the US and UK. With the elections nearing the Bush administration which had for a long time supported BPO and other kinds of outsourcing, has had to take some (if not major) measures to keep the situation under control.

The primary step in this regard taken by the US senate was to stop federal government outsourcing by the treasury and transport departments. Another bill passed in the 2003 which is soon feared to become a law could halt all federal government outsourcing to offshore destinations.

Although the BPO market seems unaffected as of now by these moves by the US government. According to recent estimates by Assocham-IDC, the BPO market is expected to reach a huge $1 trillion by the year 2006 with US alone accounting for 60% of the market. An estimate that sure seems to be coming true looking at the way companies are competiting among themselves to outsource business processes.

About BPO:

In general, BPO comprises such functions as finance and administration, HR and training, customer care, manufacturing, logistics, and regulatory compliance. In more industry specific instances, BPO includes insurance subrogation and college sports marketing.

BPO involves an entire end-to-end process, not just a task, as is often the case with IT outsourcing. Furthermore, the processes are usually repeat non-core activities that require long-term (3- to 5-year) contracts.

As a result, successful BPO has been known to increase shareholder value. Asserts Robinson: “The main difference between BPO and traditional IT outsourcing is that BPO can help companies achieve transformational outcomes more quickly.” Indeed, that usually happens when a BPO provider goes beyond just managing a process, and instead re-engineers the process, and introduces new technology, to make it better.

Video transcription Opportunity :

Video transcription is becoming the new revolution as company's of all sizes are seeking to take advantage of this source of competitive advantage.

This book provides a step-by-step approach to understanding the application of Business

Process Outsourcing, assessing the BPO opportunity in the company, and then managing the transition to BPO. It serves as a guide to implementing BPO and as a reference source to solving the variety of issues that may arise during a BPO initiative. Each chapter features a case study, insight from a practitioner, focus on how BPO affects people, and ethical considerations.

Discusses both the how and why of business process outsourcing with a straightforward

“how to” approach. Provides managers with the tools to analyse the BPO opportunities for their own firms, as well as techniques and strategies for managing a BPO initiative.

Empowers businesses of all sizes to take advantage of this all-encompassing business revolution.

Video transcription Sector:

Worldwide spending on Business Process Outsourcing (ITES-BPO) services totaled approximately US$ 712 billion in 2001. IDC projects that by 2006, the potential ITES-BPO market may increase to US$ 1.2 trillion, with an overall compounded annual growth rate (CAGR) of 11 percent. While traditionally the key driver for ITES-BPO activities has been cost reduction, companies are increasing viewing these services as strategic and essential elements for organic growth.

India is a popular choice for customers seeking outsourced services because it is able to offer a 24X7 service and reduction in turnaround times by leveraging time zone differences. In certain Remote Services categories, Indian players have achieved high productivity levels with the emergence of BPO vendors with deep process skills and the ability to offer integrated outsourcing solutions. At the core of India's great attraction as the outsourcing destination is its unbeatable value proposition – PQR (Productivity, Quality and Rate) factor.

India has emerged as the most preferred destination for ITES & BPO with revenues growing well above industry average at a rate of 59% this year contributing about 25% to the total software and service exports.

Captive ITES-BPO players have almost doubled their share, growing by a phenomenal 90%. Captive units grew from US$ 710 million to US$ 1350 million

Third Party Vendors have increased their presence from US$ 769 million in 2001-02 to US$ 985 million

Absolute growth in the ITES-BPO segment increased from US$ 549 million in 2001-02 to US$ 856 million

 

BPO Industry:

 

The increasing demand and sustained supply of cheaper manpower, the Indian ITES and BPO industry is poised for a big leap in the future, says NASSCOM's report ‘Indian ITES-BPO:

Vision 2010', released at NASSCOM's ITES-BPO Strategy Summit 2005 held in Bangalore last week.

The Indian ITES-BPO (IT enabled services and Business Process Outsourcing) industry continued to be a high potential, high growth segment within the country's overall information technology and telecom industry, contributing close to 20 per cent of the IT-ITES industry's revenues in 2004-05.

The industry entered its third phase of evolution, moving towards a higher level of specialization, greater degree of depth and competition during this period.

The signs of a maturing, evolving industry were there for all to see. ITES-BPO companies entered into long term engagements with customers, expanded their portfolio of services offerings, built scale, evolved their pricing models and took head on, Video transcription debilitating issues such as attrition over the last two years.  The industry achieved consolidation, driven by a spate of M&A activity which strengthened the cause of offshore outsourcing and set the stage for leading global IT and non-IT companies to establish their presence in the Indian ITES-BPO market.

Types of BPO :

Business Process Outsourcing (BPO) means delegating the ownership, administration, and operation of a process to a third party. BPO is about solving a business problem. BPO aims to raise a client company's shareholder value because it is about delivering outcomes—that is, higher-performing business processes. Companies essentially have three kinds of processes: core processes (which give strategic advantage), critical, non-core processes (which are important but are not competitive differentiators), and non-core, non-critical processes (which are needed to make the environment work).Video transcription few advisors suggest outsourcing core processes; they recommend investing in them. Many do recommend outsourcing critical, non-core processes to providers who specialize in those processes because they will invest in them and aim to make them world-class. And most advisors recommend outsourcing all non-core, non-critical processes. However, outsourcing does not mean handing over an entire process.

It generally means turning over to a BPO provider the “how” aspects of a process—the systems, infrastructure, administration, execution, and some of the design of non-core processes. The company retains the “what” aspects of the process—the governance, Video transcription policy-setting, decision making, and strategy of these processes. The intent is to outsource the execution of a process while retaining the direction-setting part.

Companies generally outsource four types of processes:

processes that link to suppliers (supply chain management) processes that link with customers (sales, marketing, and customer care) production processes (R&D, contract manufacturing) support processes (finance, HR). Examples of processes now outsourced include human resources, employment, accounting, finance, procurement, travel, the order-to-cash process, cafeterias, payroll, landscaping, real estate, manufacturing, advertising, and on and on—any process that is not core and should improve if managed by a specialist.

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