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Outsourcing's Role in Wealth and Health

Jen Cagadas, Hubport Group
Friday, October 30, 2009
It’s been years since business process outsourcing services started helping economies stand strong on shaky grounds. And it seems as though it will continue to do so as long as the global financial crisis is still present. Outsourcing’s key role is mainly to help companies continue their preset processes with minimal expenditure. But aside from this, it also chips in to enlivening ecommerce by assisting the establishment and development of new enterprises.

Many corporations currently use outsourcing to get ahead of their competitors and ensure productivity. This business transaction usually involves handing over certain parts of the company’s operations to an external service provider, usually located in Asian countries like India, China and the Philippines. Now, since the cost of labor is usually cheap in these areas, foreign business entities are able to cut on production costs and still have the same quality and quantity of outputs, as they would have if they had local manpower working for them. This is certainly a big advantage, given that the times are not so conducive for huge corporate expenses.

Some of the frequently needed business process outsourcing services is related to market research, telemarketing, and customer support. These are the reasons behind the booming call center industry. But aside from this, transcription and information technology related services, such as seo website development, are also in the BPO limelight. By provision of these services, outsourcing has breathed in live to the wealth and health of economies.

Medical transcription takes a good percentage of the entire outsourced services, with foreign medical and related health facilities entrusting the conversation of their audio files to capable and educated professionals. Although it may still be a new segment in the roster of business process outsourcing services Asian countries provide, it already attracts a huge load of interest from health institutions overseas. In fact, according to the United States Bureau of Labor Statistics, medical transcription is one of the divisions of the BPO industry that is expected to grow by the year 2012. With a greater awareness of the importance of health care, this prediction is most likely to happen. Two years ago, there were already 17 companies offering medical transcription.

Information technology services, however, gets the biggest share in outsourcing sales, diverting 28% of the total worldwide profits to the pockets of software and website outsourcing service providers. Big IT companies such as Oracle, Miscrosoft, Motorola and GE have already imbibed the outsourcing spirit and invested in Indian outsourcing firms. Meanwhile, Dell and IBM have found their home in the arms of reliable Filipino outsourced professionals. Many web-based businesses have also taken advantage of the expertise of Filipino IT specialists and have tapped them to perform seo website development.

Outsourcing has indeed become the bread and butter of most businesses today, both in developed and underdeveloped countries. What’s great about this option is that it is economically beneficial whichever side you look at. Clients get to cut on their operational costs and survive the financial drought. At the same time, outsourcing countries, get to improve their economic status and provide more job opportunities for their learned but idle public.

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