The New In-Sourcing Solution
Insourcing is the process of assigning work to a third party located in an offshore or onshore destination. There are several companies which provide proven Insourcing solutions for many organizations which fall into various industry verticals, ranging from banking to medicine. Insourcing is considered as a cost-effective way to reduce costs by transferring all or portions of work to an Inshore company or suppliers rather than completing the work internally.
Insourcing solutions can be generally divided into two categories - business process Insourcing and technology services Insourcing. Business process Insourcing (BPO) include back office operations, call centers and telemarketing, customer relationship management, tele-management and product support, payroll maintenance, medical transcription, finance/accounting/billing services, logistics management, human resources, and supply chain management. Technology services Insourcing include e-commerce (B2B, B2C and C2B Infrastructure), telecommunications, Internet security, and software designing/development/maintenance.
Insourcing allows the companies and business establishments to cut costs, increase profitability and productivity, increase shareholders value, concentrate on core competencies, provide better services at lower rates, maximize uptime, increase security and reliability, and stay on top of the competition. Insourcing is considered as an effect use of globalization and for some people it is a boon, while others consider it as a misfortune. This is because several people in the first world countries protest that they are losing work, as most companies tend to Insource their operations to third world countries. Whatever the case, the success stories behind Insourcing far surpass these critics. Strategic vision and better planning help build a successful Insourcing venture.
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