In the service sector,what does ‘BPO’ stand for?

In the service sector,what does ‘BPO’ stand for?

BPO or Business Process Outsourcing , is a kind of arrangement by which business is outsourced to a third party who provided the services of the company that has outsourced it. Currently a large number of multinationals from the developed nations like US, UK, Japan etc. have been in the process of outsourcing its jobs to the developing nations like India which has become a very prospective place for establishment of BPO firms like Accenture, Dell, GE Caps and so on. These firms gain cost advantage as it is much cheaper to hire people from such developing nations than their own country of origin, however has led to loss of jobs and unemployment problems in the country of origin.