How to Ensure The Success of Outsourcing Project

Nowadays it is not unusual for people to hear the term outsourcing. This is true especially when it comes to businesses. However, as common as the term may seem, only a few people know what outsourcing really means and the clockwork behind it.

Basically, outsourcing is getting into an agreement with other companies or a person to do a specific job or function. Today, most organizations, especially big ones, are outsourcing in some way or another. Most jobs that are being outsourced are those that are not considered as part of the core of their business. For example, a bank may outsource its landscaping and janitorial operations to people or companies that specialize in those areas given that they are not related to banking. The companies or people who provide these outsourcing jobs are what is known as third-party providers, more commonly called as service providers.

Outsourcing has been existent ever since specializations in different fields of works arose. Before, companies made use of the outsourcing model to do narrow functions an example of which is the payroll or billing. It has been observed that outsourcing these processes to a company that specializes in a specific area, having the right facilities, tools and personnel, gets the job done efficiently at the least amount of cost.

There are several forms of outsourcing. Companies and other organizations employ the help of service providers to take care of different business process one of which is benefits management. There are some organizations however who outsource whole operations. The most common forms of outsourcing that handles this are IT Outsourcing (ITO) and Business Process Outsourcing (BPO).

BPO covers outsourcing such as human resources outsourcing (HRO), call center outsourcing, claims processing outsourcing and finance and accounting outsourcing. These kinds of outsourcing usually involve contracts that span to a number of years and backed up with millions of dollars in financing. People performing the jobs internally for the client company will then be transferred to the service provider and eventually become their employees.

There are 4 stages that cover the process of outsourcing. The first stage is strategic thinking. In this stage, the philosophy of the organization when it comes to outsourcing activities is developed. The second stage is the evaluation and selection. In this stage, the company decides on what projects are to be outsourced or not. Possible locations and the service providers to do the job are also discussed.

The third stage is the contract development. Everything is put into black and white so as to legalize the whole process. This includes service level agreement and pricing terms. The fourth stage is outsourcing governance or management. This stage is for ensuring the refinement of the relationship between the client company and the outsourcing service providers.

The success of an outsourcing project depends on three factors: good and constant communication to concerned employees, executive-level support in the client company for the outsourcing mission, the ability of the client to manage the hired service providers. An outsourcing professional responsible for the client company and the service providers should be equipped with skills in different areas.

How to Find a Cost-Effective Transcription Service

Transcription service is the conversion of a spoken language source into written or printed form. A transcription service provider is one who converts the spoken word to type-written format. There are various companies which provide these services to their customers.

Affordable transcription means cost-effective transcription services to clients using web-based software technology without compromising quality. It provides fast and accurate transcription service for legal, medical and other professional industries.

Quality and efficient transcription service are very much needed in many businesses and professions, whether it is medical, business or legal. It is not possible to type as fast as you speak. Even an experienced transcription service provider will have to listen four times before writing a clear one-to-one, good interview. A transcription service provider’s job is to punctuate the speech rightly, make a sense of what is said and use the homophones (words which sound similar but are spelled differently) correctly.

Generally, the duration of transcription is dependent more on the quality of the recording. If you want to include verbatim in your transcription, like ‘um’, ‘hmm’ and repeated phrases, the transcription process will take a longer time. Another important thing for any transcription service is editing, where grammar and all mispronounced words are corrected. To suit the need of the clients, they provide all kinds of transcriptions like medical, legal, business.

Of course, the price is another consideration. It should be competitive. Even if you don’t have enough budget, you can still run and seek a more flexible loan from best-reviewed licensed moneylenders to get the right transcription service you need. Quality, price within your budget and timely delivery – are the three basic things a good transcription service should provide to their clients. All works performed by highly skilled and experienced transcriptionists should again be reviewed, proofread and verified using the latest resources to ensure accuracy. To sum up, important services a transcriptionist provides are Transcription of video, audio, and digital file, Accurate typing and can transcribe in any format.

Timely transcription service without compromising the quality of work is the essence of all good transcription services. They provide a solution that meets your needs and philosophy. These service providers will offer data in Word, Word Perfect or any other format according to your needs. They can provide audio transcription services as well as digital transcription services. You can pre-define the format by giving them all the customization details and they will produce the document to your satisfaction.

By providing good quality recordings, one can make transcription affordable, as the turnaround time will be less and the transcription will be more accurate.

Top Small Business Funding Options

Looking for business funds may not be easy but the good thing is there are some options that you can choose from based on the amount you need and your business goals.

When to Start Looking for Additional Funds?

As your business grows, you will need more money to keep up with the customer demands without sacrificing the quality of your services and products. You need more cash inflow when:

  • When you hire more staff in your company
  • When you have to expand to additional branches or locations
  • Replenishing your inventory
  • Purchasing more equipment
  • Working capital to pay the rent and cover the growing payroll while still waiting for more cash inflow, etc.

So where should you get more funding?

  • Equipment Financing. This is your best option if you need new business equipment. Equipment financing can be in form of gadget loan or online loan in Philippines.
  • Invoice Financing. This is best if you invoice your customers.
  • Short-Term Loans. Short term loans such as fast cash loans are multi-purpose. You can use it in any way that you want. It is easy to acquire and has flexible terms that you can choose from.
  • Grants. This is best for mission-oriented startup businesses.
  • Crowdfunding. If you have B2C startup businesses, then crowdfunding is your best bet. Crowdfunding now has various online platforms that cater to various industries. While some platforms help most any industry, others are dedicated to entertainment, music, and arts. Before you sign up, it is important to read and understand the fine print of each platform to know which best fits your products.