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  • Latest outsourcing trends

    There have already been quite an amount of outsourcing, but I still think the industry is its prime growth phase. I can still see many inefficient aspects in processes and companies still not focused enough on their core vocation. In particular, this is the case with business processes (aka paperwork) and anything that it is related to the handling of information and communication in general. Another area where I see simply a lot of waste, is banking and finance in general, which happens to have some of the least efficient processes, and intentionally so, so don't wonder why you have to pay 4.95% fee on every little penny transaction.

    The next big move I see is the outsourcing of payment processing, which is easier said than done because everyone just likes to cling to their state-issued licence in this tremendously regulated sector, but I definitely see a need for payment intermediaries; i.e. a seller is really focused on his trade not on filling tax forms, making payment options available wasting hours/days/weeks/months on trying to figure out how to comply with every little regulatory requirement (Hello OFAC/Patriot Act/KYC, thank you for making international 20$ transactions a nightmare). This bureaucratic aspect, can really be handled by an intermediary and you and your client should only worry about making/receiving payment in the simplest, most seamless way possible.

    So what do you think, what are the latest trends, possible future paths of growth/development for outsourcing?

  • #2
    Re: Latest outsourcing trends

    Pardon me if this is already outdated but I'm surprised to find outsourcing agents that process job applications via online. The application form is in their website and an applicant just needs to fill up that form and click submit. And then he gets an email regarding his application within a day or 2. If he failed, sorry, but if he passed the requirements, then he would be scheduled for a phone interview. That way, the applicant's time is not consumed too much. By the way, depending on the type of industry the applicant is connected, there is a short written exam that comes after the application form. In short, the application process is almost entirely online.

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    • #3
      Re: Latest outsourcing trends

      Customer service in general is an "outsourceable" - for lack of a better term - department. The thing is not all industries are outsourcing their customer service to other countries for fear of getting underquality output. Other backoffice jobs finding their way into the industry are accounting, IT, data entry, surveys, research and human resource. Payments processing is already covered, sometimes by an outsourced CS department.

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      • #4
        Re: Latest outsourcing trends

        I believe that the processes for job outsourcing is far advanced there are many entities who have set up themselves to be agents in this sector and they have in place the requisite application process along with tests to suit the various job profiles. the business of outsourcing is an ever increasing venture and it has attracted may entities who have been offering broker services for this type of activity.

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        • #5
          Re: Latest outsourcing trends

          I think in telecom or IT fields outsourcing has already been completed across all divisions like HR, installation, fault repair, customer service etc. In our company HR related works are outsourced as Employee Shared Services and technical division is taking care of by a renowned MNC. In technical department the contract is based on revenue sharing. I think this is mutually beneficial for both the parties as they take ownership of the company's growth.

          But I am quite skeptical about the outsourcing activities being carried out in Banking sector. Even public sector banks started giving customers details to private companies as a part of outsourcing deal. There were a number of incidents when contract employees use this data for their own financial benefit like compromising dead accounts.

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          • #6
            Re: Latest outsourcing trends

            Originally posted by kumud
            Yes optimistic you are saying correct, There are many public sector undertakings that have responded to the changes brought about in the Industrial sector of India by the government.
            some here are many finance related problems and research.
            In human resource outsourcing is not too far.
            I got some important and useful information about it from these page https://justpaste.it/12a08

            In our company HR is a division where a large scale outsourcing happened. Manpower was cut down to one third or less and a lot of employees were thrown out of job by giving two month's notice or money in lieu there of. But it was quite beneficial for the company as the next quarterly financial performance was beyond expectations.

            Earlier we used to have 15-20 employees in each regional location in HR. But post outsourcing initially there were only 4-5 employees in each location to supervise HR activities. Nowadays we are planning to have only one HR executive reporting to a HR head at functional level!

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            • #7
              Re: Latest outsourcing trends

              I guess outsourcing is here to stay. One legislator here said that outsourcing is anti-worker since the oursourced worker are somehow deprived of benefits (the outsourcing agency earns from their contracts with the principal, right?). But the trend all over the world is for businesses to be robotical and less personal like in the olden days when business owners were after the welfare of their employees. I find businesses now to be real business with the workers in the lower priority list. Again, outsourcing is here to stay.

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              • #8
                Re: Latest outsourcing trends

                Outsourcing will definitely be here to stay and it will remain for the brief 'long run' of things, as they say. People have always sought ways to save on money and costs as a whole. With suppliers, outsourcers, and employers, this principle is no different. They will look for each and every single possibility within each space, nook and cranny. They will not rest until they have outsourced either someone or something in the business.

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                • #9
                  Re: Latest outsourcing trends

                  Outsourcing trends in 2018:
                  Cloud Computing
                  Information and Data Security is Still Remains on Top
                  Artificial Intelligence and Robotic Process Automation
                  Spanish dictionary
                  Wider Use of Cloud Technology

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                  • #10
                    Re: Latest outsourcing trends

                    Thanks for sharing.I hope you continue to have such quality articles to share with everyone! I believe there will be many people who share my views when they read this article from you.Those who come to read your article will find lots of helpful and informative tips.
                    - happy wheels

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                    • #11
                      Re: Latest outsourcing trends

                      Latest outsourcing trends:
                      • Data security
                      • Enhancement of automation
                      • Integrated cloud platforms
                      • Flexible solutions
                      • Low-cost services

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                      • #12
                        Aside from our bank, I have learned that other banks are pursuing the outsourcing trend. It really makes me wonder why assistant managers are now being outsourced. It runs counter to the management lessons I have learned from the workshops that I had attended that upper level positions starting with the assistant manager should show dedication and diligence. How can the company be assured of dedication when the position is occupied by an outsourced? The last Iíve heard is that some banks are taking it to higher level that department managers are now being outsourced.

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