Terms and acronyms used in the field of Business Process Outsourcing (BPO).
Top ten term examples are listed below and the full glossary can be seen in the BPO Glossary.
|Accounts Payable||Payment of suppliers for goods or services – part of the Source-to-Pay & Purchase-to-Pay process.|
|Benchmarking||A comparison of the business processes and performance metrics, including cost, cycle time, productivity, or quality to another that is widely considered to be an industry standard benchmark or best practice.|
|Business Process Outsourcing (BPO)||The contracting out of a specific business task to a third-party service provider.|
|Connect||Steria’s multiplatform BPO series consisting of various offerings including Connect Finance and Connect HR.|
|Finance and Accounting (F&A)||The range of back office processes (often heavily transactional) supporting an organisation’s administrative function, including general accounting, treasury & cash management, order-to-cash, purchase-to-pay and employee payment processes.|
|Human Resources Outsourcing (HRO)||The outsourcing of some or all HR functions including, but not limited, to payroll, service desk, records management, recruitment, lifecycle administration, reporting and analytics.|
|Integrated delivery model||The way in which BPO services are delivered by Steria through a combination of offshore, nearshore and onshore capabilities.|
|Nearshore||Often used to refer to geographies closer to the West e.g. Ireland (from UK), Czech Republic (for Germany), or Poland (for Continental Europe).|
|Offshoring||The relocation of work outside the national geography, usually to take advantage of cost arbitrage. Commonly used to describe services provided from remote destinations, such as India or China.|
|Shared Service Centre (SSC)||Has a range of meanings including: shared buildings, shared infrastructure (IT platform), shared best practice, and the delivery of a (roughly common) service to multiple clients.|
Business Process Outsourcing
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