NEW DELHI: Move over night long slogs on mundane outsourcing jobs. The $9-billion business process outsourcing (BPO) sector has graduated to the third generation services, or BPO Ver 3.0. Thanks to moving up the ladder many of the over 5,00,000 staff now see a meaningful career in outsourcing and companies are able to get tasks with higher billing rates. Sample the work in BPO 3.0: developing structured products for investment banks, using Monte Carlo simulation (statistical tools, in common lingo) based patent valuation, providing actionable legal and engineering reports for products that can be launched in multiple global markets and more.
This is far too complex from what the industry started with — that is, transcribing medical records, answering phone calls and data entry (BPO Ver 1.0). Later the firms graduated to doing problem solving and decision-making tasks such as processing insurance claims or enhancing limit on credit cards. That was BPO Version 2.0.
While the third version is being incorporated by BPOs over the last few months, it is still in its infancy. What distinguishes itself perhaps from the other versions is that the companies are recruiting experts with up to 15 years of experience and the higher billing rates.
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