Top 5 KPO: Knowledge Process Outsourcing Companies

Knowledge Process Outsourcing (KPO) deals mainly in areas where expertise of a specific subject manner is required, but on a much higher level. It also require the ability to make and execute decisions relating to the area in question. The outsourced individuals typically have advanced education degrees and have a lot of experience. Unlike other areas associated with BPO, that mainly require process expertise and a reduction in internal staff in order to reach a company’s intended financial goal, KPO requires very unique specialized analytical skills.

What Kinds Of Services Are Handled By KPO?

Since KPO requires a special skill set the services that can be outsourced are numerous. The following is a list of the most common.

Market Research
Data Analytics
Investment Research
Legal Processing
Business Operations
Financial
Investment Research

The Benefits of Knowledge Process Outsourcing

Probably the most sought after benefit of KPO is the promise of higher profits and the ability to remain competitive within a particular industry. This form of outsourcing allows almost any company the unique opportunity to have access to highly educated, and skilled professionals at a much lower cost. Additional benefits include flexibility for a company to increase or reduce KPO staffing at anytime without sacrificing time or increasing costs.

KPO Trends

The U.S. is the number one buyer of outsourced services. KPO is considered an extension of some sorts of BPO. The trends suggest this area will continue to grow. With expenditures for KPO in the billions, it is an area that businesses are becoming more and more comfortable with. However, the option to outsource KPO is heavily dependent on the health of the economy. When the economy slows, organizations spend less and the growth subsequently slows as well.

The Areas Where KPO Is Growing

The trends indicate the following areas will continue to experience continued growth:

Market Research
Project Management
Radiology
Legal Processes
Remote Education
Medical Transcripts
Data Search and Integration

Offshore vs Onshore

The cost reduction companies experience when choosing to outsource offshore is still the determining factor when it comes to choosing an outsourcing provider. Knowledge Process Outsourcing is no exception to the rule. With the vast improvements in the ability to communicate using various technology, the access to highly skilled professionals overseas makes the decision to KPO offshore the best option for looking to save money in the long term while still getting high quality returns on their investment.

The Risks

The risks involved is an ongoing problem that many companies have either unable of unwilling to find a workable solution for.

Decreased employee moral, can create an environment of mistrust and empathy toward employers. Internal staff may feel threatened and seek employment elsewhere. Thereby creating a potential for high employee turn over rates.

In the U.S. the word “outsourced” has become synonymous with “out of work Americans.” A company that chooses to outsource particularly overseas has to deal with bad public relations issues constantly.

The lack of available talent can be a problem for outsource providers who will ultimately go out of business. A lower number of talent can drive the cost for KPO up, forcing businesses to reconsider their outsourcing strategies.

Conclusions

The need to remain competitive is so crucial in many industries. Top notch, educated and experienced professionals come at a much higher price if hired the traditional route.

KPO allows even small companies to keep up with their larger competitors by having the same options to utilize skilled talent.

However, the key to a successful KPO experience is to manage the process itself right from the start.

Maintain constant clear communication with the Knowledge Process Outsourcing provider to mitigate problems quickly and keep the process running as smoothly as possible.

Top 5 KPO: Knowledge Process Outsourcing Companies:

PHARMAKPO

Pharma KPO provides a portfolio of business process outsourcing (BPO) and knowledge process outsourcing (KPO) services, with a wide range of back office functionalities to customized consumer engagements adhering to industry standards and best practices.