With the advent of globalization, business underwent drastic transformation. Once isolated market now became part of global market place. Historically restrictive trade barriers have opened up and due to globalization; outsourcing has become one of the main component of a business strategy.
With the right system and right people in place, industry players started sourcing core business functions as well. Outsourcing is not just restricted to basic routine business process. Many new concepts developed like Engineering Process Outsourcing (EPO), Legal Process Outsourcing (LPO), Recruitment process outsourcing (RPO), and Knowledge Process Outsourcing (KPO).Off shoring and shared services are concepts which have emerged from the base of outsourcing.
APO services play a crucial role in the present business environment. Business owners are under acute pressure to cut costs across their business operations. As a result, in today’s challenging business environment, an increasing number of companies are outsourcing their accounting services requirements.
APO service providers are consulting companies who provide end to end services to enhance, standardize, and automate core business processes in the F&A domain. These services primarily revolve around:
Advantages of APO services are Cost effectiveness, Increased innovation, Strategic and competitive advantages, Economies of scale, On-time competition, Access to superior capabilities and best talent of the APO, contractual Job, Access to global talent and Reduced errors.APO plays a strategic role in the success of an organisation. Thus, it becomes paramount to select a good APO service provider. The following factors can be useful when deciding on the right APO service provider:
The global BPO market is expected to grow at a compound annual growth rate of 8.2%. The outsourcing industry has exhibited this in the past and will continue to do so in future.