Knowledge process is a value processes chain where attaining objectives is directly proportional to the skills, domain knowledge and experience of the executives who take part in it. Hiring external expertise for this activity is termed as Knowledge Process Outsourcing (KPO).
Specialized, Domain-Pertinent Knowledge
Efficient KPO requires the application of specialized, domain-pertinent knowledge of a high level. The different components of KPO include Business Processing Outsourcing (BPO), Research Process Outsourcing (RPO) and Analysis Proves Outsourcing (APO). Leading KPO organizations attain efficiency through knowledge depth, experience and judgment.
Factors That Gave KPO a Boost
The success of BPO that was all about size, volume and efficiency paved way for KPO, encouraging business organizations to also outsource business process operations to India. The factors that encourage these companies to consider outsourcing knowledge processing include the availability of highly skilled and talented workforce, operational efficiencies and cost savings.
Extent of KPO Services
KPO is not restricted to Information Technology (IT) or Information Technology Enabled Services (ITES) sectors. It extends to sectors such as Legal Processes, Intellectual Property and Patent-related services, Engineering Services, CAD/CAM Applications, Web Development application, Business Research and Analytics, Legal Research, Clinical Research, Market Research etc. Many organizations have done it with roaring success and you have to decide whether you could emulate them.
Why India is the Top Destination for KPO
India has emerged as the top destination for KPO, thanks to the blend of high-quality human resource and cost-efficiency. This process is now throwing up jobs such as engineers, CAs and architects. This is unlike the first wave of outsourcing that was more about entering data and answering phone calls. KPO-oriented jobs require domain expertise.
Legal Process Outsourcing
You can collaborate with a company that has earned a reputation for high-end legal drafting, analysis and research. Their staffers would include experienced lawyers, skilled paralegals, subject matter experts, legal document specialists and coders. These professionals have a thorough understanding of the legal system of the United States and other European countries. They are well-versed with the legal procedures and have the ability to handle large volumes of work within a tight deadline.
Data analytics refers to the segregation of chunks of data through different processes like examining, cleaning, altering and modeling. This process helps discover patterns and make pre-calculated business decisions. Comprehensive data analytics services help capitalize on the transformational potential of raw data and dig out actionable insights.
Adequate market research provides businesses crucial intelligence on real-time market conditions and challenges. The services generally include customized surveys, market research reports, competitive analysis, SWOT analysis, PEST (political, economic, social and technological) analysis, market sizing study, sector research, business environment assessment, industry analysis and profiling, company analysis and profiling and they support various industry verticals such as retail, real estate, banking, information technology, automotive, pharmaceutical, insurance, media and more.
Roping in external expertise is often a gamechanger for companies. Facing problems such as talent crunch and escalating costs, they see knowledge process outsourcing as a remedy for their ills.