Outsourcing Kinds And Its Benefits
Outsourcing only denotes contracting out work, either essential or non-essential, into a alternative party that is committed to that exact task, located in the same country or overseas. If the supplier is found a different country the outsourcing process is more specifically termed Off sourcing. Outsourcing or off sourcing is really a constantly growing industry estimated at $20 billion currently, and also the biggest slice of this outsourcing pie is received by emerging economies like India, China, Brazil, Philippines and Mexico. So what are the different kinds of outsourcing processes and just 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 typical form of outsourcing or offsourcing, the non-core tasks like payroll maintenance, house keeping, and customer support are given over to companies with proven expertise in the sector. Similarly, an organization would like to outsource it’s accounting methods to a site provider in India or other country. With more than 1.8 million patents being filed annually, Legal Process Outsourcing or LPO has emerged as a booming industry. Legal services can be purchased for much lower rates in India than in the usa and are of the high standards. Not just patents, even routine legal services like filing affidavits, are outsourced to third parties included in LPO.
Some companies focus on providing knowledge oriented services in relation to research and e-education, creating the blossoming knowledge Process Outsourcing (KPO) sector. Even hospitals haven’t lagged behind other sectors and they are actively outsourcing medical transcription and billing processes to cheaper destinations like India. The truth is, medical transcription is offering a fresh window of opportunity to a lot of young persons from the developing world, especially females, to earn a gradual income from the moderately skilled job.
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