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HI6008: Assignment On Outsourcing Business Functions

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Holmes Institute Sydney

   

HI6008 Business Research (HI6008)

   

Added on  2020-03-04

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HI6008 - Outsourcing refers to the practice in which service is outsourced in an organisation to provide it with specialized work along with cost reduction. There are many advantages reviewed in literature by researchers which are taken into consideration while outsourcing business function. But at the same time few disadvantages are also been observed like loss of control, risk of quality maintain, complex nature and time consuming. 

HI6008: Assignment On Outsourcing Business Functions

   

Holmes Institute Sydney

   

HI6008 Business Research (HI6008)

   Added on 2020-03-04

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ADVANTAGES AND DISADVANTAGES OF OUTSOURCING BUISNESS FUNCTIONS[Type the document subtitle][Pick the date]STUDENT NAMEINSTITUTIONAL AFFILIATION(S)
HI6008: Assignment On Outsourcing Business Functions_1
2TABLE OF CONTENTSINTRODUCTION.................................................................................................................................3LITERATURE REVIEW......................................................................................................................4OBJECTIVES OF OUTSOURCING................................................................................................4SCOPE OF OUTSOURCING...........................................................................................................4ADVANTAGES AND DISADVANTAGES OF OUTSOURCING FUNCTIONS..........................5CONCLUSION...................................................................................................................................10REFERENCES....................................................................................................................................11ADVANTAGES AND DISADVANTAGES OF OUTSOURCING BUISNESS FUNCTIONS
HI6008: Assignment On Outsourcing Business Functions_2
3INTRODUCTIONOutsourcing refers to the practice in which service is outsourced in an organisation to provideit with specialized work along with cost reduction. In business there are several works which are not possible to be done in house and can prove to be expensive. It is then outsourced in which the task or manufacturing part is performed by others according to the conditions madeby the outsourcing company. In recent years many companies have adopted the practice of outsourcing instead of making partnership with others and save themselves from sharing profits and also keep ownership to themselves. Outsourcing possess qualities like cost reduction, professionals engagement with the firm, time efficiency and quality improvement.[CITATION Jim10 \l 1033 ]Large companies like Construction Company, Big manufacturingunits, shipping companies, Big Hotels, etc. are few examples which outsources large part of their function which also provides employment to the people indirectly along with creating efficiency within the organisation. Smaller companies mostly outsources to refrain themselves from heavy expenditure and to involve experts without the need for hiring full time staff. There are many advantages reviewed in literature by researchers which are taken into consideration while outsourcing business function. But at the same time few disadvantages are also been observed like loss of control, risk of quality maintain, complex nature and time consuming. The decision regarding outsourcing must be taken carefully so that it gives positive effect to the business.ADVANTAGES AND DISADVANTAGES OF OUTSOURCING BUISNESS FUNCTIONS
HI6008: Assignment On Outsourcing Business Functions_3
4LITERATURE REVIEWOBJECTIVES OF OUTSOURCINGIn order to improve capabilities and bring proficiency in its processes, organisations look for ways in which the work can be done in a superior way along with minimum expenses. Outsourcing is the aid which provides specialised service and enables enhanced business performance at lower cost. Since the service provider’s deals with many companies at a same time, they become specialists in their work and in analysing the process required in the firm and thus deliver the agreed work efficiently. The reasons behind outsourcing can depend on factors like improvement in efficiency, business optimization and strategic transformation. Improvement in efficiency is a lengthy process and requires change in working of organisation but is very useful in providing optimum utilization of resources with the help of outsourced professional advisors.[ CITATION Out13 \l 1033 ] Strategic transformation focuses on benefiting from external expertise in which change is made strategically to changethe present working criteria of the business. It not only involves in sharing risks with outsourcing firms, but also involves experts as partners.[ CITATION Mar172 \l 1033 ]SCOPE OF OUTSOURCINGThe purpose or scope of outsourcing is various depending on the nature of the business and work required. The commonly outsourced service which has gain much popularity is IT enabled service or BPO. There are many organisations which provide financial services like Merchant banking, Underwriting, Payroll preparation, Account maintenance etc. Advertisement is another popular service which is outsourced to advertising agencies for ADVANTAGES AND DISADVANTAGES OF OUTSOURCING BUISNESS FUNCTIONS
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