Outsourcing Forms and Its Advantages
Outsourcing only denotes outsourcing work, either essential or non-essential, to a third party that is specialized in that one task, located in both the same country or overseas. In the event the supplier is located in another country the outsourcing process is a bit more specifically termed Off sourcing. Outsourcing or off sourcing is a constantly growing industry estimated at $20 billion currently, and the biggest slice of this outsourcing pie is received by emerging economies like India, China, Brazil, Philippines and Mexico. So what are the various kinds of outsourcing processes and the way can an enterprise take advantage 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 common type of outsourcing or offsourcing, the non-core tasks like payroll maintenance, house keeping, and customer service are paid to companies with proven expertise in the field. Similarly, an organization would want to outsource it's accounting methods to an email finder service provider in India or any other country. Exceeding 1.8 million patents being filed annually, Legal Process Outsourcing or LPO in addition has emerged as an excellent industry. Legal services can be purchased for lower rates in India when compared to the usa and therefore are the exact same high standards. Not just patents, even routine legal services like filing affidavits, are now being outsourced to third parties as part of LPO.
Some companies specialize in providing knowledge oriented services associated with research and e-education, getting together again the blossoming knowledge Process Outsourcing (KPO) sector. Even hospitals haven't lagged behind other sectors and therefore are actively outsourcing medical transcription and billing processes to cheaper destinations like India. In fact, medical transcription offers a whole new time frame to a lot of young persons inside the developing world, especially females, to earn a steady income from a moderately skilled job.
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