What is BPO (Business Process Outsourcing)?
Business Process Outsourcing, or BPO, refers to the process of contracting standard business functions to be handled by a party outside of the company.
BPO functions most commonly outsourced include:
- customer service
- human resources management.
Companies can often benefit from implementing the practice of BPO, meaning more flexibility and cost efficiency can be achieved. Third-party providers set up for a dedicated task such as payroll perform more efficiently and are able to transfer those cost savings to their clients.
What is the difference between BPO and a Call Center
Call centers are a type of BPO. For example, a manufacturer may outsource their customer service to a call center. But business process outsourcing isn’t limited to customer service, or to call centers. The same manufacturer might use BPO to outsource payroll, accounting, and similar administrative tasks.
What is BPO in real estate?
BPO is used to outsource front-office administrative tasks like property listing, and back-office tasks like research or accounting. This allows brokers the freedom to spend their productive time with the work for which they’re specialized, rather than being constrained by administrative duties. Consequently, BPO can drive down the costs of asset summary, loan sizing, lease abstraction, and so forth.