Outsourcing only denotes contracting out work, either essential or non-essential, into a 3rd party that is specialized in that specific task, located in precisely the same country or overseas. If the vendor is located in a different 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, along with the biggest chunk of this outsourcing pie is received by emerging economies like India, China, Brazil, Philippines and Mexico. So what are various kinds of outsourcing processes and exactly how can a business reap the benefits 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 kind of outsourcing or offsourcing, the non-core tasks like payroll maintenance, house keeping, and customer service are paid to companies with proven comprehension of the sector. Similarly, a company may wish to outsource it’s accounting ways to a service provider in India or any other country. Exceeding 1.8 million patents being filed annually, Legal Process Outsourcing or LPO in addition has become a booming industry. Legal services can be had for a lot lower rates in India when compared to the usa and they are of the same high standards. Not only patents, even routine legal services like filing affidavits, are outsourced to 3rd parties as part of 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 are actively outsourcing medical transcription and billing methods to cheaper destinations like India. The truth is, medical transcription can give a fresh strategic window to many people young persons in the developing world, especially females, to earn a reliable income from a moderately skilled job.

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