Explain the scope of outsourcing.
Explain the scope of outsourcing.
The scope of outsourcing can be understood from the following points :
1. Financial services: In today's competitive environment, which volatiles economic conditions and high levels of regulations, fund managers, bank managers, and investment banks are identifying middle and block office as an area where they can gain competitive advantage. The challenge, however, lies in finding new ways to lower costs, gain more flexibility and make processing more efficient without losing control. Financial services must be outsourced to a provider who has domain knowledge as well as experience which would set you apart from the rest.
2. Technology translation services: The technology sector changes on such a faster pace that seems impossible to stay current on new developments. New developments in the sector can lead to new terminology being used by stakeholders on a daily basis. One cannot afford to have documents containing outdated terms and information which may prove that the technology used is not up-to-date. One must rely on professionals who stay up-to-date with respect to the latest trends in the world of technology so that one must be on the cutting edge of technology.
3. Writing services: Writing can be outsourced in two aspects :
(i) Copy writing.
(ii) Proof reading.
The companies may not have the budget required to hire a professional writer but they still want their advertising and marketing copy written in an attractive and compelling manner. Therefore, they outsource the job to freelance writers, are hired on a contractual basis to complete individual projects on a need of writing basis.
4. Customer support services: Customers need different types of information from a company. Interaction with customers is required for sales and marketing. The function includes :
(i) Marketing: Marketing tasks include telemarketing, surveys, management of marketing campaigns, etc.
(ii) Customer analytics: It includes profitability analytics, reporting and complaint analysis.
(iii) Sales: It includes inbound sales, outbound sales, co-browsing, etc.
(iv) Support: It includes activation of accounts, registration of new customers and recording complaints.
The scope of outsourcing can be understood from the following points :
1. Financial services: In today's competitive environment, which volatiles economic conditions and high levels of regulations, fund managers, bank managers, and investment banks are identifying middle and block office as an area where they can gain competitive advantage. The challenge, however, lies in finding new ways to lower costs, gain more flexibility and make processing more efficient without losing control. Financial services must be outsourced to a provider who has domain knowledge as well as experience which would set you apart from the rest.
2. Technology translation services: The technology sector changes on such a faster pace that seems impossible to stay current on new developments. New developments in the sector can lead to new terminology being used by stakeholders on a daily basis. One cannot afford to have documents containing outdated terms and information which may prove that the technology used is not up-to-date. One must rely on professionals who stay up-to-date with respect to the latest trends in the world of technology so that one must be on the cutting edge of technology.
3. Writing services: Writing can be outsourced in two aspects :
(i) Copy writing.
(ii) Proof reading.
The companies may not have the budget required to hire a professional writer but they still want their advertising and marketing copy written in an attractive and compelling manner. Therefore, they outsource the job to freelance writers, are hired on a contractual basis to complete individual projects on a need of writing basis.
4. Customer support services: Customers need different types of information from a company. Interaction with customers is required for sales and marketing. The function includes :
(i) Marketing: Marketing tasks include telemarketing, surveys, management of marketing campaigns, etc.
(ii) Customer analytics: It includes profitability analytics, reporting and complaint analysis.
(iii) Sales: It includes inbound sales, outbound sales, co-browsing, etc.
(iv) Support: It includes activation of accounts, registration of new customers and recording complaints.
