Answered Essay: What are the initial steps a business should take when outsourcing their product/ service, or one

What are the initial steps a business should take when outsourcing their product/ service, or one who accepts outsourced contracts.

Expert Answer

In layman terms, Outsourcing is transfer of some of the activities or functions of the organization to a third party who takes care of those activities.

Why outsourcing?

  • The activity is not the core activity of the organization (deviation from the goals)
  • More resources are being utilized for an activity hampering the performance of the core process
  • Costs can be reduced due to outsourcing (related to human resources, material cost, technology etc.)
  • The third party is better equipped to deal with these activities (they are good at that particular activity)
  • The organization does not have expertise in the specific activity
  • Repetitive tasks

Points to be considered by Third party who accepts to do those activities:

  • Have we done it before and can this be replicated?
  • Is it in line with our expertise?
  • Do we have enough resources to handle the operation effectively?
  • Can we do it better at lower costs?
  • Do we need any special assistance or expertise?

Outsourcing involves:

  • Transfer of human power, expertise and sensitive information related to product and organization
  • Transfer of assets and financial cash flows
  • Completion of activities on time within targets (achieved through continuous communicaton and resource sharing)

Other steps taken:

  • Signing of MOU (Memorandum of Understanding) clearing explaining the objectives and other related information)
  • Analysing the benefits or improvement achieived through outsourcing by identifying key performance indicators
  • Sharing the risks and benefits
  • To what extent is the outsourcing done?
    • Hiring staff according to requirement
    • Outsourcing of entire project
    • Building a dedicated development center which takes cares of activities at that location
    • Outsourcing an entire function or division
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