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What is the Full form of KPO?
KPO stands for Knowledge Process Outsourcing. This is the outsourcing of core business operations related to information that is competitively important to a corporation’s value chain. It requires technological and analytical skills of advanced level and a high standard of professional experience.
It helps increase technical knowledge and skills, adds value to production, provides cost-saving opportunities and a lack of skilled labour. Countries that engage in outsourcing the information process include India, Eastern Europe, and Sri Lanka, Romania, Poland, and the Baltic States.
KPO types
Following are some of the ways of analysis and collecting information, covered by KPO facilities:
- Intellectual Property Research for patent applications
- Business and market analysis and equity research
- Legal and medical services
- Training, consulting, and R&D in biotechnology and pharmaceuticals, design and animation, etc.
Advantages of KPO
- Less cost
- Shortage of eligible workers
- Offers graduates at minimal prices
- Reduces unemployment and supports the economy
- Delivers high-end services at a reduced cost
- Time management skills and HRM flexibility.
Limitations of KPO
- Safety is a concern when it comes to KPO as there are chances of labelled business details being lost. It lacks the ability to defend the intellectual property of the organization.
- Doesn’t guarantee the employee’s integrity and work quality.
- Time-consuming and fails to offer instant results with a rapid fix.
- Chances of complications due to lack of coordination (language, legal, and cultural barriers) among partners.
- A shortfall of skilled employees.
- Language gap causes lack of interaction.