Genpact is the rechristened name of GECIS Global which was a captive unit of GE till December 2004. The name was changed in September after GE sold 60% of its stake to private equity companies-Oak Hill Capital Partners and General Atlantic Partners for $500 mn. Genpact has been ranked as the third best company to work within India according to a survey conducted by Mercer. It is much ahead in dealing with women-sensitive issues.

Outsourcing is the delegation of tasks or jobs from internal production to an external entity (such as a subcontractor) where functions previously performed by an organization are supplied under contract from a third party. Outsourcing has evolved over the years and now has taken many different forms. It started as hiring outside vendors to perform specific tasks or manage specific projects within a department of a large organization.

It also means buying goods or services instead of producing or providing them in-house. While outsourcing is not exactly a new innovation, the changes that have occurred recently in this space are worth noting. As the need for e-learning moves higher up on the IT and corporate training agendas, organizations are hesitant to take on the IT management responsibility of implementing a Learning Management System (LMS). Outsourcing is no longer considered as a tactical option by a firm used to save a few hundred dollars. Rather it has emerged as a strategic necessity in an environment where "low-cost" countries such as China, India or Mexico are offering unlimited opportunities. These opportunities allow the companies to focus on their core competencies.

Business Process Outsourcing otherwise known as BPO is the process of leveraging technology vendors in various third world or developing nations for doing a job which was once the responsibility of the enterprise. Or simply put, it is the process of shifting an internal job process to an outside/external company. The company might have a completely different geographical location. Business Process Outsourcing (BPO) is likely to be the next big thing for services in this decade.

Global CEO Magazine, Business Process Outsourcing, Genpact Way, Learning Management System, LMS, IT Management, Global Standards, BPO Industries, IT Services Companies, HCL Technologies, Convergys India Services, Knowledge Process Outsourcing, KPO, Indian BPO Sector, National Association of Software and Service Companies , NASSCOM, Business Intelligence, Asset Management, Global Outsourcing.