Outsourcing Types And Its Benefits

August 2018 ยท 2 minute read

Outsourcing basically means contracting out work, either essential or non-essential, to some 3rd party that is specialized in that specific task, located in a choice of the identical country or overseas. In the event the company is found in some other country the outsourcing process is a bit more specifically termed Off sourcing. Outsourcing or off sourcing can be a constantly growing industry estimated at $20 billion currently, as well as the biggest slice of this outsourcing pie is received by emerging economies like India, China, Brazil, Philippines and Mexico. What are the different kinds of outsourcing processes and how can an enterprise 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, which is most typical type of outsourcing or offsourcing, the non-core tasks like payroll maintenance, house keeping, and customer support are paid to companies with proven expertise in the area. Similarly, a firm would like to outsource it’s accounting ways to a service provider in India or any other country. With over 1.8 million patents being filed annually, Legal Process Outsourcing or LPO has also become a booming industry. Legal services can be obtained for lower rates in India when compared to the US and they are of the same high standards. Not merely patents, even routine legal services like filing affidavits, are increasingly being outsourced to 3rd parties included in LPO.

Some companies focus on 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 they are actively outsourcing medical transcription and billing ways to cheaper destinations like India. Actually, medical transcription offers a brand new time frame to a lot of young persons inside the developing world, especially females, to earn a gradual income from your moderately skilled job.

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