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Outsourcing: Outsourcing Services
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Outsourcing is the divestiture of a business function involving the transfer of people and the sale of assets to the supplier. The process begins with the client identifying what is to be outsourced and building a business case to justify the decision. Only once a high level business case has been established for the scope of services will a search begin to choose an outsourcing partner.
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Outsourcing is an arrangement in which one company provides services for another company that could ... be or usually have been provided in-house. Outsourcing is a trend that is becoming more common in information technology and other industries for services that have usually been regarded as intrinsic to managing a business. In some cases, the entire information management of a company is outsourced, including planning and business analysis as well as the installation, management, and servicing of the network and workstations. Outsourcing can range from the large contract in which a company like IBM manages IT services for a company like Xerox to the practice of hiring contractors and temporary office workers on an individual basis.
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To determine The Global Outsourcing 100, an independent judge's panel examines three-part applications. The first part of the application identifies basic company contact information. The second part outlines the company's profile, including outsourcing service areas, industries and the top regions where outsourcing services are marketed. The final part consists of 15 questions and addresses four fundamental categories including size and growth, customer satisfaction, depth of competence and management capabilities. In addition, judges consider revenue, customer outcomes, relationship management approaches and management talent and experience.
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Outsourcing occurs when a company purchases products or services from an outside supplier, rather than performing the same work within its own facilities, in order to cut costs. The decision to outsource is a major strategic one for most companies, since it involves weighing the potential cost savings against the consequences of a loss in control over the product or service. Some common examples of outsourcing include manufacturing of components, computer programming services, tax compliance and other accounting functions, training administration, customer service, transportation of products, benefits and compensation planning, payroll, and other human resource functions. A relatively new trend in outsourcing is employee leasing, in which specialized vendors recruit, hire, train, and pay their clients' employees, as well as arrange health care coverage and other benefits.
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Neal St. Anthony, "Outsourcing hits legal services," Star Tribune, February 16, 2004: "First it was the apparel workers -- the working class -- who saw their $10-an-hour jobs go overseas. More recently, the United States has started to export to India the $35,000-a-year customer-service center jobs from the likes of American Express Financial Advisors and $50,000 technical-support positions from IBM and ADC Telecommunications to India and elsewhere where educated, English-speaking workers are hired for a tenth of the cost to communicate with U.S. customers by phone and over the Internet. Now, six-figure lawyers and legal support staffs are starting to sweat."
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SEI is one of 25 companies in the Global Outsourcing 100 that provides what the report describes as financial management; SEI is one of just three that focuses exclusively on financial services. According to IAOP, financial services firms are the heaviest users of outsourcing services. The list includes such outsourcing heavyweights as IBM, Accenture, Aramark and Unisys.
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