Buzzwords Buster: What We Mean by Outsourcing

3 minute read

You've Been Outsourced

What does the term “Outsourced” mean to you? For many, outsourcing can have a pretty negative connotation — and not without reason. According to recent statistics by Fortunly, over 300,000 U.S. jobs are displaced overseas annually due to outsourcing. Throw in a pandemic and some recent economic turbulence, and the idea of losing any jobs due to outsourcing can create anxiety for ourselves, our co-workers, or other members of our home communities. As a result, the idea of outsourcing lingers somewhere between the realms of infamous and straight-up notorious. So why do organizations still utilize outsourcing, and why should you?

What is Outsourcing Really:

Overseas displacement of jobs represents only a single subset of outsourcing, also called offshoring (see below). In truth, outsourcing is a fairly broad term that covers a variety of different strategic options for business leaders, each equipped with its own set of benefits and caveats. Here are a few of the more significant types of outsourcing:

  1. Offshoring — The moving of work to a distant country. Offshoring grants access to an abundance of otherwise limited skill varieties and competitive labor pricing among the global talent pool.
  2. Nearshoring — Outsourcing work to a nearby or neighboring country. Nearshoring grants access to an increased talent pool (though narrower than offshore options) while benefitting from fewer language and cultural barriers.
  3. Homeshoring — Includes remote work opportunities for employees or independent contractors. Homeshoring reduces the physical space requirements for employees and affords greater flexibility.
  4. Intermediary Outsourcing — Contracting a third-party organization to handle the contracting of another third-party organization or contract employee. Eliminates hiring hassles and improves efficiency via contract Inception.
 

“There’s a fifth type, and it’s what KeyMark means when we talk about outsourcing.”

Business Process Outsourcing (BPO)

Business Process Outsourcing (BPO) is the fulfillment of a single and specific business process by contracting a third party. Whereas the previous forms of outsourcing all had to do with relocating or re-assigning jobs or job functions, BPO solutions enhance the capabilities of your existing team by eradicating the clunky and cumbersome processes slowing down your back offices. What’s more, BPO solutions drastically enhance company-wide efficiency without replacing jobs.

CloudCapture BPO

CloudCapture is KeyMark’s proprietary BPO solution with one purpose — to eradicate paper. CloudCapture utilizes Capture technology, Optical Character Recognition, and real people to classify, extract, and digitize data from your documents. Once fully processed, reviewed, and validated at our U.S.-based offices, we’ll send your shiny new, organized files and meta-data back to you for integration with your core systems. Need a visual? See Sofia Save Time!

CloudCapture is perfect for organizations feeling held back by the time and dollar costs of paper documents and disorganization. With over two decades of document processing experience, KeyMark can help you synthesize and organize anything from medical records, invoices, applications, timesheets, to the great beyond.

 

Say “Sayonara!” to Paper

Learn more ways you can unlock back-office efficiency with CloudCapture, including a step-by-step guide as to how it works, all in our free download!

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