While international aid for economic development often fails, business has the potential to bring millions of people out of poverty. For no enterprise is this more true than the unsung $300 billion industry known as Business Process Outsourcing.
Business Process Outsourcing, often referred to by the acronym BPO, means contracting business functions to third-party service providers. While call centers are the most visible part of this industry, BPO also includes many types of back office processing. This industry largely operates invisibly for consumers in North America and Europe. However, the sector employs several million people worldwide - primarily in India, the Philippines and China. In India, the industry has grown from 1.2 percent of GDP 1998 to 6.4 percent in 2011 -and has created more than 700,000 jobs in the Philippines.