INTRODUCTION:
What is a KPO? A typing error or a glorified abbreviation to replace BPO?
Knowledge Process Outsourcing, a new high growth industry is growing at a rapid pace India. Simply put, it is the upward shift of the BPO industry in the value chain. It requires advanced analytical and technical skills as well as a high degree of specialist expertise.
It is one step ahead of Business Process Outsourcing (BPO). It started emerging in India around the turn of the century, when the global industries realized that apart from software development and technical support, knowledge work could also be outsourced. It involves transfer of business processes to other geographic locations; specialized domain specific knowledge and business expertise of a higher level rather than just process expertise. KPO is more like a challenge as it demands advanced and expertise skills on part of its employees.
As we move further into the Information Age, our success lies in our ability to apply the knowledge that we have obtained. Some of the changes that are occurring in Information Technology are astounding, and will change the face of the business world forever.
OPPORTUNITIES:
As you can see, there are a number of lucrative opportunities for Chartered accountants who are willing to take advantage of this market.
CA's are sought after professionals because of the vast amount of diverse knowledge they possess or are supposed to possess. Our course essentially covers everything that can be outsourced: ?
- Accounting- The top echelons of a Firm need not sweat their balls for this unproductive function. They can easily outsource this function to none other than yours truly, CA's. It doesn't end there. The financial statements analyses, YOY comparison, CAGR extrapolation, growth prospects, future growth predictions, etc.
- Financial Services - Includes Equity Research and the likes. You handle the Investments for a client. Manage his portfolio. Help himMAKE MONEY
. Interesting isn't it? Now who is the doyen of holistic Financial Management expertise? A CA.
- Legal and Allied services- CA's are the go to place for all your Commercial law problems. So many firms have moved outward. Outsourcing your problem works out for a better CBA than having a dedicated in-house legal and compliance team.
There are certain skills required in an Indian Chartered accountant to be a part of it, which are as follows:
1. Accounting procedures followed by companies in USA, UK or other countries.
2. Knowledge of accounting related softwares likeQUICK BOOKS, MYOB, SAGE and other accounting solutions. These are some softwares used as per international standards.
, MYOB, SAGE and other accounting solutions. These are some softwares used as per international standards.
3. Skills in using tax return softwares i.e. Ultra Tax or Irish
These are few of the softwares which are used in preparing Tax Returns and annual accounts for individuals, corporations or private organizations. Below are brief on what are the services which can be outsourced:
1. Business accounting
2. Maintenance of books and records
3. Asset accounting management
4. Financial analysis
5. Bank reconciliations
6. Payroll management
7. Different types of reports on daily basis.
8. Financial research and investigations.
Trends are changing and many professionals who don't want to join the rat race, are today opting for a KPO, as an alternative career. The remuneration is also high. Somebody with one-two years experience can get about Rs 6-8 lakh a year while an experienced professional in project management can expect between Rs 15 lakh and Rs 20 lakh in two years.
The global KPO industry is still in a nascent stage. The sectors that are expected to 'shine' within the KPO industry include data search, integration and management services, financial services, research and analytics, technology research, computer-aided simulation and engineering design and professional services, such as business research and legal services.
Unlike established industries, the KPO sector being relatively new does not function under established rules and structure. This provides a unique opportunity for innovative and entrepreneurial youngsters to experiment and set new standards of excellence.
Nevertheless, the actual number of skilled professionals opting for it as a long term career option is still limited. Several KPO divisions are now planning to tap potential at the early stages.
Top 10 KPO companies in India are listed below:
1. GENPACT – Started as a business unit of GE in 1997, they have now become a global leader in BPO and technology management. Their KPO services extend to the areas of analytics and market research, media services, legal services, engineering R&D, database generation and many others. They have strength of 55000+ employees across the world.
2. EVALUESERVE – Incorporated in the year 2000, the company started its operation in Gurgaon, India. They have offices now n Chile and Romania. They offer services around marketing research,INVESTMENT research, Business research, Legal support, and financial analytics. They have more than 2500 people employed around the world.
research, Business research, Legal support, and financial analytics. They have more than 2500 people employed around the world.
3. UGAM SOLUTIONS – Ugam Solutions has its operations in India, US and UK. They provide KPO services in the area of market research, surveys, data processing and report writing. They are served by 1000+ analyst across the world.
4. WNS GLOBAL SERVICE – WNS was established in the year 1996 as BPO and is now one of the leaders in BPO. They entered the KPO by the year 2003. KPO services of WNS include content services, research and analytics, legal research, financial andINVESTMENT research. KPO unit is served by more than 5000 people with operations in India, US and UK.
research. KPO unit is served by more than 5000 people with operations in India, US and UK.
5. 24/7 CUSTOMER – 24/7 provide kpo services around consumer behavior analysis, data mining, language processing and marketing campaign management. They have presence in India, UK, US and Australia.
6. First Source – FirstSource formally known as ICICI OneSource provides kpo solutions in business research, collections and data mining. They operate in India, UK, US and Australia with around 20,000 employees.
7. EXL SERVICE – EXL services headquartered in US also has operations in India, Philippines, Romania, and Singapore. With more than 10,000 professional analysts they offer solutions in consulting, analytics and market research.
8. COPAL PARTNERS – They provide service in the areas ofFINANCE, consulting, market research and data mining. Founded in the year 2001, they operate in India, US, UK, Hong Kong, China and UAE.
, consulting, market research and data mining. Founded in the year 2001, they operate in India, US, UK, Hong Kong, China and UAE.
9. PANGEA3 – Pangea3 provide legal services such as patent preparation, research and analytics, IP licensing support and business development. The company is headquartered in US and has operations in India.
10. TECHBOOKS – the firm is into the business of content production and publishing. They have been in the market for more than 20 years. The company is headquartered in US and has operations in India.
SOURCES:
Wikipedia,
www.quora.com
Economic times
www.blog.kpoweb.com
answers.yahoo.com
www.bpmwatch.com
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