Explain the scope of outsourcing

The scope of outsourcing can be understood from the following points:

  1. Financial services : In today’s competitive environment, with volatile 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 loosing 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 One cannot afford to have documents containing outdated terms and information which may prove that the technology used is not up-to-date.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 stays up-to- date with respect to latest trends in the world of technology, so that one must be on the cutting edge of technology.
  3. Writing services: Writing can be outsources in two aspects:
    (i) Copy writing.
    (ii) Proofreading.
    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 hirdd 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 includes
    telemarketing, surveys, management of marketing compaigns, 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.