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Business Process Outsourcing

Description
Off-shoring describes the relocation by a company of its business processes like manufacturing, operations, and support processes to other countries, particularly in global production networks. Outsourcing involves the contracting of a third party to perform the necessary processes within the company. The recent development of the ability of companies to outsource suppliers outside the nation gave rise to the concept of off-shoring which not only implies foreign inputs to work domestically, but involves cross-country collaborations as well. The Off- shoring and Outsourcing (O&O) Industry is known widely as the IT- BPO (Information Technology – Business Process Outsourcing) industry. The industry is relatively new, but the dynamism it exhibits is great. Global O&O has grown to 15% in 2008, which is the third largest around the world. The same year, the industry contributes 3.6% of Philippine Gross Domestic Product (GDP) and 12.36% of exports, particularly in the export of services.

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