Outsourcing basically means contracting out work, either essential or non-essential, to some 3rd party who’s focused on that one task, located in a choice of the same country or overseas. If the supplier is found in an alternative 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. So what are the many forms 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, the most common way of outsourcing or offsourcing, the non-core tasks like payroll maintenance, house keeping, and support are given over to companies with proven understanding area of. Similarly, an organization would like to outsource it’s accounting strategies to a service provider in India or other country. With over 1.8 million patents being filed annually, Legal Process Outsourcing or LPO in addition has become an excellent industry. Legal services can be obtained for far lower rates in India when compared to america and therefore are of the high standards. Not just patents, even routine legal services like filing affidavits, are being outsourced to third parties within LPO.

Some companies specialize in 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 therefore are actively outsourcing medical transcription and billing strategies to cheaper destinations like India. In fact, medical transcription is offering a whole new strategic window to numerous young persons from the third world, especially females, to earn a steady income from a moderately skilled job.

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