Corporate Business Outsourcing- Outsourcing is an agreement in which one organization /professional hires another organization/professional to be responsible for a complete or existing activity that is or could be done internally and sometimes involves transferring employees and assets from one company to another.
Types of outsourcing: The evolution of Outsourcing has led to a wide variety of Outsourcing Services today. With a wide list of Outsourcing services, some types elaborated are as under:
- Professional Outsourcing- Professional Outsourcing includes any type of specialized Professional Service such as accounting, legal, purchasing, administrative support and other specialized services.
- Process-Specific Outsourcing- Other Outsourcing services can be specific to a process or internal procedure, which is commonly referred to as process-specific Outsourcing. Today, it is very common to outsource specific operation-related aspects to other companies or units that specialize in that specific service.
- Project Outsourcing– Sometimes companies have trouble managing one of their projects or even just completing a portion of a specific project. In such a case, companies can project outsource. There are individuals and specialized units that specialize in project management that companies can outsource to. These Outsourcing services can be contracted to either manage entire projects or complete portions of projects.
- Manpower Outsourcing – Manpower Outsourcing is a practice where a company hires or enters into an agreement with an external organization or service provider to perform certain operations or functions.
Why companies use outsourcing?
Various successful companies outsource their work. This business model allows them to drive innovation and grow while reducing their operational costs and improving quality. It also gives them access to a large pool of talent with global experience.
