Outsourcing simply means outsourcing work, either essential or non-essential, to a third party that’s focused on that exact task, located in both the same country or overseas. When the company is found 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. What are the various forms of outsourcing processes and the way can an organization 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, which is the most frequent form of outsourcing or offsourcing, the non-core tasks like payroll maintenance, house keeping, and support are handed over to companies with proven understanding the area. Similarly, a company may want 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 emerged as an excellent industry. Legal services can be obtained for much lower rates in India when compared to the usa and they are of the high standards. Not merely patents, even routine legal services like filing affidavits, are increasingly being outsourced to 3rd parties included in LPO.

Some companies are experts in providing knowledge oriented services relating to 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 processes to cheaper destinations like India. The truth is, medical transcription is offering a new strategic window to many young persons inside the third world, especially females, to earn a steady income from a moderately skilled job.

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