Outsourcing basically means contracting out work, either essential or non-essential, with a alternative party that’s committed to that specific task, located in the same country or overseas. Once the vendor is located in some other country the outsourcing process is a lot 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 types of outsourcing processes and exactly 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, which is most common kind of outsourcing or offsourcing, the non-core tasks like payroll maintenance, house keeping, and customer service are presented to companies with proven knowledge of the field. Similarly, a firm would want to outsource it’s accounting methods to an email finder service provider in India or any other country. Using more than 1.8 million patents being filed annually, Legal Process Outsourcing or LPO has become a booming industry. Legal services can be purchased for lower rates in India when compared to the usa and so are of the same high standards. Not only patents, even routine legal services like filing affidavits, are being outsourced to third parties within LPO.

Some companies specialize in 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 they are actively outsourcing medical transcription and billing processes to cheaper destinations like India. Actually, medical transcription is offering a new window of opportunity to many young persons from the developing world, especially females, to earn a steady income from the moderately skilled job.

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