In today’s world, software as a service (saas) is everywhere. This software is often accessed through the internet, and it relies on cloud computing to
The Hidden Gem of Knowledge Process Outsourcing: Expertise and Efficiency
Knowledge process outsourcing is a business model that has become more popular in the past few years. KPO is about knowledge management, knowledge transfer, knowledge application, and knowledge sharing. KPO can be done internally or externally. If you are considering KPO to increase efficiency and expertise within your organization, this blog post will discuss some of the benefits of KPO so you can make an informed decision.
Introducing Knowledge Process Outsourcing (KPO)
There are many benefits to knowledge process outsourcing. The first benefit is increased speed and efficiency when knowledge process outsourcing, knowledge management tasks such as knowledge collection, knowledge transfer, knowledge application, or knowledge sharing. This increase in pace within your organization can make all the difference when you need an answer fast! Another great example of this benefit comes from a client who needed knowledge process outsourcing for knowledge management with clinical trial information. This client is a global pharmaceutical company and was looking to rapidly move through the stages of their drug development business model. KPO knowledge processes allowed them to do just that!
Another benefit of knowledge process outsourcing is increased productivity within your organization because you are able to hire experienced individuals or teams to knowledge process outsourcing knowledge management tasks. This increased productivity is a huge benefit because you are able to hire experts who have an understanding of your company culture and goals. They also bring that knowledge with them which helps increase the speed at which they complete the knowledge management task, thus increasing their efficiency as well!
The final benefit we will mention is KPO can result in significant cost savings. The knowledge management tasks that you outsource will be completed faster and more efficiently than an internal knowledge manager who is learning on the fly, thus requiring less time from internal staff to complete their other duties while knowledge transfer or knowledge sharing processes are occurring. If this still does not make sense consider a scenario where knowledge management practices are not executed properly and knowledge is lost or transferred incorrectly. You pay an internal knowledge manager for the work they do, so you would essentially be paying twice for this mistake! This does not happen with knowledge process outsourcing because all of your knowledge transfer processes will be done correctly the first time around.
KPO vs BPO
In knowledge process outsourcing, knowledge workers are involved in the KPO. In business process outsourcing, information technology (IT) support staff, as well as sales and marketing employees, help BPO customers to improve their services or product offerings.
- Knowledge Process Outsourcing is a form of knowledge work where knowledge professionals perform tasks that require an advanced level of knowledge, such as knowledge of specific business processes or advanced knowledge of a particular domain.
- KPOs are often employed by large companies to help improve internal company operations and/or provide knowledge-based goods and services to customers.
- KPO is a form of knowledge work where knowledge professionals perform tasks that require an advanced level of knowledge, such as knowledge of specific business processes or advanced knowledge of a particular domain. KPOs are often employed by large companies to help improve internal company operations and/or provide knowledge-based goods and services to customers.
One of the biggest differences between a KPO and a BPO is the knowledge process outsourcing is done by knowledge workers. In business process outsourcing, information technology (IT) support staff, as well as sales and marketing employees, help BPO customers to improve their services or product offerings.
A KPO can be a part of many different industries that are in need of expert knowledge including: financial planning & analysis; data management; accountancy & taxation; legal research; data analytics, etc. KPOs improve internal company operations and/or provide knowledge-based goods and services to customers.
KPOs improve internal company operations and/or provide specialized knowledge-based goods and services to customers.
What's the best option a KPO or BPO for your company?
Deciding on using a KPO or BPO really depends on your companies current (or future) needs. A knowledge process outsourcing KPO is for companies that do not have the knowledge or expertise to accomplish their knowledge-based tasks. If your company has this knowledge and expertise, then it would be more beneficial to use a BPO which will allow you to focus on creating strategies, developing new products/services, etc.
However, knowledge process outsourcing KPOs are becoming more popular because they allow companies to focus on their core competencies. The knowledge-based employees in the knowledge process outsourced team will be able to handle all of your company’s knowledge-based tasks and take care of any issues that may arise.
Using a BPO is perfect for companies that are looking to reduce costs or save time through outsourcing knowledge-based tasks. This is due to the fact that BPOs have lower overhead, cheaper rates, and overall better quality of work than KPOs. However, some knowledge process outsourced services do not allow for this flexibility because they contractually require knowledge workers with certain skills sets which prevent knowledge process outsourcing companies from being able to provide the flexibility needed.
Having a knowledge process outsourced (KPO) is perfect for when you have little knowledge in specific areas and want to focus on what your company does best.
The knowledge process outsourced team is also able to handle any changes or issues that arise due to their knowledge-based tasks which can be highly beneficial for companies who need flexibility in order to complete knowledge process outsourced tasks on time and with high quality.
Popular KPO services and BPO services
For KPO’s generally require a high level of knowledge, knowledge process outsourcing is associated with knowledge-intensive work. KPO’s are also known as knowledge service providers, knowledge services companies, or knowledge industry consultants.
The most common types of expertise provided by KPOs include financial management, information technology consulting and advisory services (ITO), customer relationship management (CRM), business intelligence & data warehousing (BI), knowledge process outsourcing (KPO), market research, and business process management (BPM).
The main advantage of KPO’s is the knowledge transfer from one country to another. And since knowledge-based tasks such as knowledge link analysis or knowledge engineering can be easily automated, they provide a high degree of efficiency compared with non-knowledge-based processes such as traditional call centers.
BPO’s will be able to provide specific knowledge-based skills but in many cases provide a more general set of skills. BPO’s great in providing services such as human resources, customer service support, lead generation, and call center functions. However, a lot of BPO’s have been moving towards providing more general knowledge-based services.
KPO industry growth
In the past few years, the KPO industry has seen significant growth. KPO companies are constantly increasing the number of projects they work on. KPO industry growth has been fueled by increased demand for expertise in technology, finance, and accounting services. KPO providers have evolved into a market that is more competitive than ever before with new players entering the industry every day.
- KPO Companies are constantly working on new projects
- KPO industry growth has been fuelled by demand for expertise in technology, finance, and accounting services
- KPO providers are more competitive than ever before with new players entering the market every day.
Amid the COVID-19 crisis, the global market for Knowledge Process Outsourcing (KPO) estimated at US$53.9 Billion in the year 2020, is projected to reach a revised size of US$156.5 Billion by 2027, growing at a CAGR of 16.5% over the analysis period 2020-2027.
Analytics & Market Research, one of the segments analyzed in the report, is projected to record a 15.6% CAGR and reach US$53.8 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Engineering & Design segment is readjusted to a revised 16.4% CAGR for the next 7-year period.
- Introducing Knowledge Process Outsourcing (KPO)
- KPO vs BPO
- What’s the best option a KPO or BPO for your company?
- Popular KPO services and BPO services
- KPO industry growth
- Looking for a KPO or BPO provider?
Knowledge process outsourcing is a business model that has become more popular in the past few years. KPO is about knowledge management, knowledge transfer, knowledge
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Looking for a KPO or BPO provider?
If you’re looking for a BPO or KPO provider then you are in the right place, MySource solutions is one of the top BPO providers in the Philippines with the ability to provide KPO services as well.
We work with companies from around the world to help them achieve their goals.
If it’s a BPO or KPO service you need then MySource solutions has the expertise to get the job done right, contact us today and we can discuss how BPO or KPO services may be able to take your business to new heights.
Contact us via email at email@example.com or call us at 844-468-3330