Business Oursourcing Service
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Process-specific Outsourcing means outsourcing specific operation-related aspects to other companies or units that specialize in them. E.g. Myntra can outsource the delivery of a packaged dress to a courier company like BlueDart or Ekart. This comes with details like delivery timelines, customer contacts, and costs, which may allow a company to focus on its strength and improve customer service.
The practice of offshoring is outsourcing business functions to another country. Work is often ‘offshored’ to reduce labor costs. It is a strategic way to enter new markets and tap cheap talent, which was unavailable domestically.
Companies earlier used to send manufacturing jobs from the US to areas like China and India for low costs. However, manufacturers began to realize that offshoring production services to Asian countries were not as cost-effective. So this realization led US-based companies to start bringing their offshore manufacturing jobs back home. This process is referred to as reshoring. Some companies are going even further and doing insourcing —which is the opposite of Outsourcing.
A vertical BPO is all about functional services within core industry domains. These include healthcare, financial services, manufacturing, and retail.
Horizontal BPO is function-centric outsourcing. The outsourcing partner or vendor specializes in specific functions across industry domains. Examples include procurement, payroll processing, HR, facilities management, and ERP software maintenance.
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