Finn Medeiros posted an update 1 year ago
Outsourcing means contracting out work, either essential or non-essential, to some 3rd party that’s focused on that particular task, located in the same country or overseas. If the service provider is situated in a different country the outsourcing process is more specifically termed Off sourcing. Outsourcing or off sourcing is often a constantly growing industry estimated at $20 billion currently, and also the biggest chunk of this outsourcing pie is received by emerging economies like India, China, Brazil, Philippines and Mexico. So what are the many types of outsourcing processes and the way can a company make use of them?
Outsourcing is of multiple types, like Business Process Outsourcing (BPO), Knowledge Process Outsourcing (KPO), Medical Outsourcing, Accounts Process Outsourcing, Legal Process Outsourcing (LPO) etc. In BPO, the most frequent form of outsourcing or offsourcing, the non-core tasks like payroll maintenance, house keeping, and support are presented to companies with proven expertise in the area. Similarly, a company would want to outsource it’s accounting methods to a site provider in India and other country. Exceeding 1.8 million patents being filed annually, Legal Process Outsourcing or LPO has also become an excellent industry. Legal services can be obtained for much lower rates in India when compared to the US and they are the exact same high standards. Not only patents, even routine legal services like filing affidavits, are now being outsourced to third parties in LPO.
Some companies focus on providing knowledge oriented services concerning research and e-education, making up the blossoming knowledge Process Outsourcing (KPO) sector. Even hospitals haven’t lagged behind other sectors and therefore are actively outsourcing medical transcription and billing methods to cheaper destinations like India. In fact, medical transcription offers a new window of opportunity to a lot of young persons in the third world, especially females, to earn a gradual income from your moderately skilled job.
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