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The future of any organisation depends upon its capable workforce and to retain such workforce one has to spend a considerable amount of investment. This expenditure may at times increase the cost of production or functioning of the organisation. The organisations use many types of cost management and cost reduction techniques to keep their expenses minimum. This practice also applies to the legal industry.
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The global sub prime crisis will force financial institution to offshore more work to cut cost. Business Process Outsourcing BPO from the financial services sector will increase 40 to 45 times the current market size over the next five years, with key drivers of growth coming from cost pressures and the timely advent of more vertical specific offerings by offshore suppliers, predicts the Everest Research Institute.
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Despite adverse market conditions, global banking major Standard Chartered has decided to further strengthen the call centre operations of its outsourcing hub Scope International in India.StanChart plans to double its staff strength of its Indian call centre division from the current 1,100 by the end of this fiscal, the bank said in a statement.
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In a bid to grow its share in the USD80billion global business process outsourcing BPO market, the BPO of the Indian IT giant Infosys, is mulling on options to acquire captive operations of its customers. Infosys BPO has acquired the back office operations of Philips, which assures around USD250 million in revenues over the next few years.
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Indian business process outsourcer Genpact said Monday that it has acquired a back office services delivery center in Guatemala City from GE Money, a division of General Electric GE.Genpact, which already has a delivery center in Mexico, said that the newly acquired facility in Guatemala will extend Genpacts presence in the region, and increase its ability to provide business process services in English as well as in Spanish. Genpact will provide services to GE Money from the facility, it added.
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According to a recent report by the information technology research and advisory firm Gartner, the economic downturn and protectionist measures of western countries notwithstanding, the market share of the business process outsourcing BPO industry will likely increase twofold over the next couple of years.
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Convergys Corporation, a global leader in relationship management, is now the largest business process provider in Cebu with over 3,300 employees throughout three contact center facilities in the city. On hand to dedicate Convergys Cebu i3 contact center is Cebu Governor, the Honorable Gwendolyn Garcia, Cebu Acting Mayor, the Honorable Mike Rama, and Convergys Chief Information Officer, Jim Goetz.
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Business Process Outsourcing BPO companies dealing in domestic market have not been affected by the economic slowdown so far.Most of the domestic BPO companies here are dealing in telecom, power, banking, financial and government sectors. According to the market players, these sectors have not been affected by the ongoing recessionary trends, which is why there is enough buoyancy in local BPO market.
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The countrys third largest BPO firm Firstsource Solutions has received about GBP 6.7 million about Rs 54 crore of support to scale up presence in Northern Ireland, from an arm of the Government there. The ICICI Bank promoted firm will create 800 new jobs in Northern Ireland by establishing a new centre of excellence and expanding its existing operations in Londonderry, according to the Invest Northern Ireland NI Web site.
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