Finn Medeiros posted an update 1 year ago
Outsourcing basically means outsourcing work, either essential or non-essential, to some vacation who’s committed to that particular task, located in both exactly the same country or overseas. Once the vendor is located in an alternative country the outsourcing process is much more specifically termed Off sourcing. Outsourcing or off sourcing is really 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 varieties of outsourcing processes and how can a business benefit from 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, which is the most frequent form of outsourcing or offsourcing, the non-core tasks like payroll maintenance, house keeping, and customer service are presented to companies with proven knowledge of the area. Similarly, a firm would want to outsource it’s accounting ways to a service provider in India or another country. With over 1.8 million patents being filed annually, Legal Process Outsourcing or LPO has emerged as a booming industry. Legal services can be obtained for a lot lower rates in India compared to the US and are of the same high standards. Not just patents, even routine legal services like filing affidavits, are being outsourced to third parties as part of LPO.
Some companies are experts in providing knowledge oriented services relating to research and e-education, getting back together 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 reality, medical transcription offers a fresh window of opportunity to numerous young persons from the developing world, especially females, to earn a stable income coming from a moderately skilled job.
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