{"id":4932,"date":"2021-08-19T19:15:58","date_gmt":"2021-08-19T19:15:58","guid":{"rendered":"https:\/\/bitsypixel.com\/clients\/bpo\/?p=4932"},"modified":"2022-05-03T20:09:05","modified_gmt":"2022-05-03T20:09:05","slug":"the-glossary-of-outsourcing-jargon-by-premier-bpo","status":"publish","type":"post","link":"https:\/\/bitsypixel.com\/clients\/bpo\/the-glossary-of-outsourcing-jargon-by-premier-bpo\/","title":{"rendered":"The Glossary of Outsourcing Jargon by Premier BPO"},"content":{"rendered":"<p><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#e2e2e2;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-1{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#e2e2e2;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-1\"><p><strong>Outsourcing<\/strong>\u00a0has gradually become a permanent feature of businesses globally, especially when focused on cost-reduction, expansion of talent pool, and\u00a0<strong>geographical redundancy<\/strong>. Whether you are\u00a0an\u00a0industry aficionado, long-term outsourcer,\u00a0or someone who has just been introduced to the world of outsourcing, it is important to know the lingo\u00a0that is frequently used in the industry to better comprehend and apply in everyday use. To help with that, Premier BPO has created our very own collection of\u00a0<strong>Outsourcing terms<\/strong>\u00a0to help anyone easily converse like an expert.<\/p>\n<p class=\"paragraph\" style=\"margin: 0cm; background: white; vertical-align: baseline;\"><span class=\"normaltextrun\"><span lang=\"EN-US\" style=\"font-size: 14.0pt; font-family: 'Calibri',sans-serif; color: black;\">\u00a0<\/span><\/span><\/p>\n<p><img class=\"alignnone wp-image-4943 size-full\" title=\"The Glossary of Outsourcing Jargon by Premier BPO\" src=\"https:\/\/bitsypixel.com\/clients\/bpo\/wp-content\/uploads\/2021\/08\/the-glossary-of-outsourcing-jargon-by-premier-bpo.jpg\" alt=\"\" width=\"880\" height=\"450\" srcset=\"https:\/\/bitsypixel.com\/clients\/bpo\/wp-content\/uploads\/2021\/08\/the-glossary-of-outsourcing-jargon-by-premier-bpo-200x102.jpg 200w, https:\/\/bitsypixel.com\/clients\/bpo\/wp-content\/uploads\/2021\/08\/the-glossary-of-outsourcing-jargon-by-premier-bpo-300x153.jpg 300w, https:\/\/bitsypixel.com\/clients\/bpo\/wp-content\/uploads\/2021\/08\/the-glossary-of-outsourcing-jargon-by-premier-bpo-400x205.jpg 400w, https:\/\/bitsypixel.com\/clients\/bpo\/wp-content\/uploads\/2021\/08\/the-glossary-of-outsourcing-jargon-by-premier-bpo-600x307.jpg 600w, https:\/\/bitsypixel.com\/clients\/bpo\/wp-content\/uploads\/2021\/08\/the-glossary-of-outsourcing-jargon-by-premier-bpo-768x393.jpg 768w, https:\/\/bitsypixel.com\/clients\/bpo\/wp-content\/uploads\/2021\/08\/the-glossary-of-outsourcing-jargon-by-premier-bpo-800x409.jpg 800w, https:\/\/bitsypixel.com\/clients\/bpo\/wp-content\/uploads\/2021\/08\/the-glossary-of-outsourcing-jargon-by-premier-bpo.jpg 880w\" sizes=\"(max-width: 880px) 100vw, 880px\" \/><\/p>\n<p>Below you will find a categorized vocabulary of Outsourcing Terms and general business terminology applied across multiple industries today:<\/p>\n<\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-0{width:100% !important;margin-top : 0px;margin-bottom : 20px;}.fusion-builder-column-0 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-0{width:100% !important;order : 0;}.fusion-builder-column-0 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-0{width:100% !important;order : 0;}.fusion-builder-column-0 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-2{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-3 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#e2e2e2;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-2\"><h2><strong>Outsourcing Definitions<\/strong><\/h2>\n<h3>Outsourcing<\/h3>\n<p>The practice of contracting out or\u00a0delegating to an\u00a0external\u00a0or\u00a0third-party company for\u00a0resources or services\u00a0to perform your internal day-to-day company functions.\u00a0E.g.\u00a0IT Support, Customer Care, Contact Center, Accounting,\u00a0etc.<\/p>\n<h3>Business Process Outsourcing (BPO)<\/h3>\n<p>A specific type of outsourcing in which one company utilizes the services\u00a0such as\u00a0<strong>Front-Office<\/strong>\u00a0or\u00a0<strong>Back-Office\u00a0<\/strong>services from an external company, such as\u00a0<strong>HR<\/strong>,<strong>\u00a0Billing, Payroll, Call Center, etc.\u00a0<\/strong><\/p>\n<h3>Call Center<\/h3>\n<p>An office or virtual space dedicated to answering high volume calls for the customers of the organization; relating to queries, support, potential buyers etc. It may be Inbound or Outbound or both (Contact Center), while being a physical space, a virtual contact center, or a hybrid, utilizing both types.<\/p>\n<h3>Co-Sourcing<\/h3>\n<p>A type of outsourcing that makes the externally\u00a0hired\u00a0company part\u00a0of your in-house team and promotes values of sharing risk and reward\u00a0is Co-souring. It requires using specialized skills and resources for specific tasks.<\/p>\n<h3>Recruitment Process Outsourcing (RPO)<\/h3>\n<p>A form of Business Process Outsourcing where a company outsources its recruitment process to\u00a0another\u00a0organization which acts as an extension to your HR department.\u00a0It not only provides expert consultation on new hires, but also saves time and money especially for ongoing interviews, shortlisting, and onboarding,\u00a0etc.<\/p>\n<h3>Knowledge Process Outsourcing (KPO)<\/h3>\n<p>Outsourcing information-based business services that need a highly\u00a0skilled\/educated resource or subject-matter expert.<strong>\u00a0<\/strong>For example, researching\u00a0for legal advice, medical professionals, training,\u00a0etc.<strong>\u00a0<\/strong><\/p>\n<h3>Build, Operate,\u00a0Transfer (BOT)<\/h3>\n<p>An offshore contract-based development model\u00a0in which one organization hires another to build and set up operations, which the external firm controls for a certain period of time, before transferring ownership to the\u00a0parent company.<strong>\u00a0<\/strong>Usually applied to financed large-scale projects or local government operations.<\/p>\n<h3>Information Technology Outsourcing (ITO)<\/h3>\n<p>A type of outsourcing that focuses on third-party services, support, and infrastructure related to IT processes, their applications, maintenance, software, technical solutions, and network implementation for the client\u2019s business.<\/p>\n<h3>Crowdsourcing<\/h3>\n<p>The process of engaging a \u2018crowd\u2019 or group of people online for their expertise for innovative solutions, free resources, collective ideas, and public marketing for greater efficiency, connectivity, and problem-solving.<\/p>\n<h3>Insourcing<\/h3>\n<p>Transferring previously outsourced functions to an in-house department managed by internal employees is called insourcing. The opposite of outsourcing, it also refers to utilizing internal resources for specified functions, instead of using a third-party organization.<\/p>\n<h3>Legal Process Outsourcing (LPO)<\/h3>\n<p>Outsourcing legal, back-office processes or services to an external firm, typically for lower-cost resources, subject matter experts, and case management. It includes functions like consulting, transcription, documentation, compliance, litigation, etc.<\/p>\n<h3><strong>\u00a0<\/strong><\/h3>\n<\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-1{width:100% !important;margin-top : 0px;margin-bottom : 20px;}.fusion-builder-column-1 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-1{width:100% !important;order : 0;}.fusion-builder-column-1 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-1{width:100% !important;order : 0;}.fusion-builder-column-1 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-3{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-4 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#e2e2e2;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-3\"><h2><strong>Outsourcing by Location<\/strong><\/h2>\n<h3>Offshoring<\/h3>\n<p>Outsourcing\u00a0outside the domestic country, typically\u00a0in\u00a0locations with a lower cost of living;\u00a0for redundancy, expansion of operations, increased savings, and highly-skilled labor.<strong>\u00a0<\/strong><\/p>\n<h3>Right\u00a0shoring<\/h3>\n<p>Placing a company\u2019s operations in the optimum location that provides\u00a0the\u00a0highest combination of efficiency\u00a0and\u00a0lowered cost.<strong>\u00a0<\/strong>Parts of the business are moved to locations\u00a0that\u00a0provide additional value.<strong>\u00a0<\/strong><\/p>\n<h3>Nearshoring<\/h3>\n<p>Contracting services or a country or region near to the\u00a0location\u00a0of\u00a0the domestic company is nearshoring.<strong>\u00a0<\/strong>It provides control over operations with a lowered cost of manufacturing. Example: U.S.\u00a0companies\u00a0outsourcing to Mexico.<strong>\u00a0<\/strong><\/p>\n<h3>Onshoring<\/h3>\n<p>Outsourcing business functions within national borders but to different states in the same country. It can be done to relocate operations in the domestic country, or for those organizations that do not have overseas operations at all. For\u00a0example,\u00a0two U.S. companies contracting services with each other.<\/p>\n<\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-2{width:100% !important;margin-top : 0px;margin-bottom : 20px;}.fusion-builder-column-2 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-2{width:100% !important;order : 0;}.fusion-builder-column-2 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-2{width:100% !important;order : 0;}.fusion-builder-column-2 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-4{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-5 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#e2e2e2;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-3 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-4\"><h2><strong>Contact Center Terminology<\/strong><\/h2>\n<h3>Customer Care<\/h3>\n<p>A step further to Customer Service that includes high-quality, personalized assistance for empathic experiences, making sure that consumers are satisfied with the service.\u00a0It includes pre-sale and post-sale support.<\/p>\n<h3>Customer Experience (CX) <strong><br \/>\n<\/strong><\/h3>\n<p>The perception of your brand by a customer incorporating every interaction they have had with your company\u00a0during their journey.\u00a0Includes\u00a0the customer\u2019s feeling towards the product, service, their treatment, and whether or not they choose to repeat its use in the future.<strong>\u00a0<\/strong><\/p>\n<h3>Customer Relationship Management (CRM) <strong><br \/>\n<\/strong><\/h3>\n<p>Strategies, software, and practices used to interact with customers, enhancing their experiences. It also enables the company to improve\u00a0its\u00a0relationship with\u00a0its\u00a0consumers;\u00a0<strong>CRM tools<\/strong>\u00a0are used for marketing and Customer Lifecycle Management.<\/p>\n<h3>Customer Satisfaction (C-SAT) <strong><br \/>\n<\/strong><\/h3>\n<p>The measurement in scores\u00a0of\u00a0the\u00a0satisfaction\u00a0level of Customer\u00a0Experiences after a transaction.\u00a0It numerically defines the service level, helping to identify key performance indicators and areas to improve.<\/p>\n<h3>Net Promoter Score (NPS)<strong><br \/>\n<\/strong><\/h3>\n<p>A metric used as a survey from customers in the form of a single question, with the answer received in numbers. The higher the number, the greater the overall positive response and customer satisfaction.<strong>\u00a0<\/strong><\/p>\n<h3>Omnichannel<\/h3>\n<p>Providing customers support across multiple channels\u00a0simultaneously and on the platform of their choice without in break in service or lag in communication.<\/p>\n<h3>Multichannel<\/h3>\n<p>Support offered to clients from more than one channel or method of communication. For example, email,\u00a0SMS, and chat.<strong>\u00a0<\/strong><\/p>\n<h3>Agent<\/h3>\n<p>A brand representative or person responsible for customer interactions employed by a particular organization.<strong>\u00a0<\/strong>Sometimes also called a Customer Service Representative, they navigate the sale journey with the customer.<\/p>\n<h3>First Call Resolution (FCR)<\/h3>\n<p>the ability of a contact center agent to resolve customer problems at the first call; measured in percentages.<strong>\u00a0<\/strong><\/p>\n<h3>Automatic Call Distribution (ACD)<strong><br \/>\n<\/strong><\/h3>\n<p>A telephony\u00a0software\u00a0used for automatically distributing\u00a0incoming\u00a0calls\u00a0among agents\u00a0in a Contact Center\u00a0based upon predefined metrics. The calls may be distributed evenly, to the first available agent, or the concerned department;\u00a0after being routed through IVR\u2019s based on some simple questions. It helps streamline call center services by cross-referencing information and intelligently routing calls to the relevant agent, thereby reducing processing time.<\/p>\n<h3>Interactive Voice Response (IVR)<\/h3>\n<p>An automated phone system with pre-recorded or computerized voice\u00a0that acts as\u00a0the\u00a0first point of contact for customers in a contact center\u00a0for incoming calls. IVRs\u00a0offer simple options or ask questions\u00a0based on queries\u00a0and then route calls to human agents according to customer responses. They help reduce average handle times, increase Customer Satisfaction,\u00a0and\u00a0aid in\u00a0distributing\u00a0calls to concerned agents\u00a0while\u00a0working in parallel with ACDs.<\/p>\n<h3>Lead Generation<\/h3>\n<p>A marketing strategy to attract prospects to your product or service\u00a0by providing them more information and piquing the customer&#8217;s interest enough to qualify a sale.<\/p>\n<h3>Sales Development Representative (SDR) <strong><br \/>\n<\/strong><\/h3>\n<p>An inside sales representative\u00a0responsible for\u00a0the\u00a0outreach,\u00a0prospecting,\u00a0and qualifying\u00a0of\u00a0inbound leads<strong>.<\/strong><\/p>\n<h3>Business Development Representative (BDR) <strong><br \/>\n<\/strong><\/h3>\n<p>The first point of contact for a qualified prospect is\u00a0a BDR. They are responsible for networking and prospecting through existing outbound leads to create potential buyers and retain or enhance existing partnership opportunities.<\/p>\n<h3>Average Handle Time (AHT) <strong><br \/>\n<\/strong><\/h3>\n<p>A KPI metric used to\u00a0analyze customer interactions with agents in contact centers, noting the duration of the transaction. It includes the time from the initiation of the call by the customer, to the talk-time, hold-time, transfers, and after-call work.<\/p>\n<h3>Abandoned Call<\/h3>\n<p>Where a customer hangs up\u00a0or disconnects\u00a0the call before connecting with a contact center representative; also referred to as a \u2018lost call\u2019.\u00a0The call is transferred by the ACD to the agent but may get disconnected if the customer waits too long in the queue and terminates the session.<\/p>\n<h3>Home Agent<\/h3>\n<p>Dedicated agents that work from their home environment or\u00a0another\u00a0space, usually connecting to company servers online.<strong>\u00a0<\/strong>Also known as remote agents,\u00a0particularly for WFH contact center representatives.<\/p>\n<\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-3{width:100% !important;margin-top : 0px;margin-bottom : 20px;}.fusion-builder-column-3 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-3{width:100% !important;order : 0;}.fusion-builder-column-3 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-3{width:100% !important;order : 0;}.fusion-builder-column-3 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-5{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-6 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#e2e2e2;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-4 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-5\"><h2><strong>Business Documentation Jargon<\/strong><\/h2>\n<h3>Statement of Work (SOW)<\/h3>\n<p>A document that gives the description of activities,\u00a0work requirements,\u00a0outlines,\u00a0and expectations of a certain project.<\/p>\n<h3>Business Continuity Plan (BCP)<\/h3>\n<p>A document that highlights methods to effectively continue operations for an enterprise, in case of any emergency that may hinder or disrupt everyday processes, e.g., natural disasters, civil unrest, pandemic,\u00a0etc.<strong>\u00a0<\/strong>Created in advance as a contingency plan, it often intertwines and links with DRPs, which are more applicable for redundancy during system failure scenarios.<strong>\u00a0<\/strong><\/p>\n<h3>Disaster Recovery (DR) <strong><br \/>\n<\/strong><\/h3>\n<p>Contingency used to<strong>\u00a0<\/strong>regain access to systems or\u00a0replicating\u00a0operations in another location in case of\u00a0disruption\u00a0resulting\u00a0from natural\u00a0calamities and\u00a0unforeseen circumstances\u00a0such as fires, earthquakes, hardware failure, cyber-attacks, pandemics,\u00a0etc.<strong>\u00a0<\/strong>DR plans\u00a0outline preventive measures as well as risk mitigation while resuming operations through data redundant technologies.<\/p>\n<h3>Payment Card Industry (PCI) compliance<\/h3>\n<p>A set of mandated security standards to be maintained by any company that utilizes or stores transactional information from a credit card. Its purpose is\u00a0to protect the personal data of the card owner.<\/p>\n<h3>Full-Time Employee\/Equivalent (FTE)<\/h3>\n<p>Refers to one person working full-time hours as a dedicated employee for a company, and paid according to standard working hours.<\/p>\n<h3>Limited Liability Company (LLC)<\/h3>\n<p>A US business structure\u00a0that combines the best elements of partnerships, sole ownerships, and corporations to provide tax savings while offering limited liability and flexibility\u00a0of\u00a0laws to its members.<\/p>\n<h3>Service Level Agreement (SLA)<\/h3>\n<p>A contractual agreement between two\u00a0companies\u00a0that\u00a0defines the terms of service between a provider and a client\u00a0during the project timeline.\u00a0It includes defined expectations, ways to measure performance, penalties, and procedures to follow which are mutually agreed upon by all parties involved.<\/p>\n<h3>Master Services Agreement (MSA)<\/h3>\n<p>A contract between two parties that outlines terms, expectations, and methods of future dealings for any number of transactions. It also defines schedules, the procedure for settling disputes, rights, and limitations, etc., and allows speedy negotiation for upcoming transactions.<\/p>\n<h3>Change Request<\/h3>\n<p>A request to add to, alter, or change a former agreement regarding a product or service. It can be initiated by either involved parties and is used to increase\/decrease project scope, modify existing processes, add new ones, or extend deadlines.<\/p>\n<h3>Point of Contact (POC)<\/h3>\n<p>The person or department within a company assigned to handle day-to-day communication, customer interactions, inquiries, and requests as the company\u2019s representative. POCs are highly familiar with the business and act as an extension of the company team they work for.<\/p>\n<h3>Key Performance Indicators (KPI)<\/h3>\n<p>Measurable points that identify the overall progress in an operation keeping in mind milestones achieved in a specific time. They can be applied to an individual, department, or the whole company.<\/p>\n<\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-4{width:100% !important;margin-top : 0px;margin-bottom : 20px;}.fusion-builder-column-4 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-4{width:100% !important;order : 0;}.fusion-builder-column-4 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-4{width:100% !important;order : 0;}.fusion-builder-column-4 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-6{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-7 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#e2e2e2;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-5 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-6\"><h2><strong>General Terms<\/strong><\/h2>\n<h3>Business to Business (B2B) <strong><br \/>\n<\/strong><\/h3>\n<p>Interactions\u00a0or transactions\u00a0between two business entities\u00a0like manufacturer and wholesaler.<strong>\u00a0<\/strong><\/p>\n<h3>Business to Consumer (B2C)<\/h3>\n<p>Exchange of products or services directly between a business and its consumers<\/p>\n<h3>Back-Office Support<\/h3>\n<p>Solutions or services that are non-customer facing and administrative.\u00a0The Back-office operates in the background but is critical to support the Front-office performance. Some\u00a0<strong>Back-office functions<\/strong>\u00a0include support for HR, Account Management, Payroll,\u00a0etc.<\/p>\n<h3>Front-Office<\/h3>\n<p>The Customer-facing part of an organization\u00a0or personnel\/services that interact directly with the client base.\u00a0These roles directly contribute to the image and revenue of the company. Some examples are Sales, Public Relations, Contact Center,\u00a0etc.<\/p>\n<h3>Brick and Mortar<\/h3>\n<p>A physical location for a business to operate from, as\u00a0followed\u00a0by\u00a0tradition; as\u00a0opposed to online businesses\u00a0where customers can visit in person to avail goods or services.<\/p>\n<h3>On-Premise<\/h3>\n<p>IT software installed on company systems in the physical site providing tactile access to data\u00a0systems\u00a0and\u00a0their\u00a0configuration as and when needed.<strong>\u00a0<\/strong><\/p>\n<h3>Business Process Management (BPM)<strong>\u00a0<\/strong><\/h3>\n<p>BPM is a\u00a0<strong>best practice<\/strong>, method, and discipline of analyzing, monitoring, and improving existing work processes in an organization to improve outcomes. It is a repetitive process that often uses tools and automation for practical application.<\/p>\n<h3>Artificial Intelligence (AI)<strong>\u00a0<\/strong><\/h3>\n<p>utilizing machine or robotic intelligence to solve work-related problems and increase efficiency overall\u00a0by making them mimic human interactions and take logical decisions.<\/p>\n<h3>Gamification<strong>\u00a0<\/strong><\/h3>\n<p>Introducing game elements in non-game or\u00a0work environments to increase participation, promote idea stimulation, and add to\u00a0the\u00a0learning. It can be applied to\u00a0engage\u00a0employees internally, as well as consumers externally.<\/p>\n<h3>Content Moderation<\/h3>\n<p>The process of screening User Generated Content on a company\u2019s web or social sites to ensure no offensive, irrelevant, unethical, or illegal content reaches your platform and audiences.\u00a0May include text, posts, video, and images. Content moderators are also responsible for mitigating digital wildfires, keeping a consistent brand voice, and highlighting company services\/products while maintaining set rules for each platform.<\/p>\n<h3>3PL<\/h3>\n<p>Also called Third Party Logistics; allows an organization to outsource logistics-related services to other companies that require services like Inventory management, warehousing, delivery, order fulfillment, freight forwarding, FTL, and LTL shipping, etc. It also includes supply chain and transportation services, similar to order fulfillment companies.<\/p>\n<h3>Small-to-Medium Enterprise (SME)<\/h3>\n<p>A division of enterprises based on size according to the number of employees, revenue, and assets. The term varies in size from country to country, but according to the U.S. standard, small enterprises constitute less than 250 seats, while Medium size enterprises can hold from 250 to 1000 seats.<\/p>\n<h3>Knowledge Base<\/h3>\n<p>A central database, repository, library, or collection of official documentation pertaining to any organization, its regulations, culture, published works, and internal and external processes. It is organized in a way that data regarding any topic is easily retrievable and helps employees navigate day-to-day practices regarding any situation, information required, client management, or official process.<\/p>\n<h3>Downsizing<\/h3>\n<p>Releasing or permanently reducing a company\u2019s labor force based on organizational need or productivity is known as downsizing. Also referred to as layoff, most downsizing occurs to save on internal costs or to restructure an organization following a change like an acquisition or a merger.<\/p>\n<h3>Fixed Pricing (FP)<\/h3>\n<p>FP models in outsourcing are defined by standardized rates for a particular type of service by the service provider. Also called the lump-sum model, it works best for projects with clearly defined scope, deliverables, skills, capabilities, requirements, and milestones. They are suited to long-term projects and may be adjusted to the client\u2019s needs, according to incentives or target metrics. All cost terms are decided between the two organizations before the project commences.<\/p>\n<h3>Global Delivery Model (GDM)<\/h3>\n<p>GDM Is the combination of methodologies, policies, procedures, HR functions, skills, and overall capability of an organization\u2019s service provider\/partner to globally deliver products and services; especially for IT-related businesses.<\/p>\n<h3>Labor Arbitrage<\/h3>\n<p>It refers to utilizing a low-cost workforce in different geographical locations (global labor arbitrage) where taxation laws are also lenient compared to domestic countries. As an effect of globalization, international trade barriers are removed, and highly skilled personnel is available for work in countries where living expenses are reduced.<\/p>\n<\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-5{width:100% !important;margin-top : 0px;margin-bottom : 20px;}.fusion-builder-column-5 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-5{width:100% !important;order : 0;}.fusion-builder-column-5 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-5{width:100% !important;order : 0;}.fusion-builder-column-5 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-7{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-8 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;border-width: 0px 0px 0px 0px;border-color:#e2e2e2;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-6 fusion_builder_column_1_1 1_1 fusion-flex-column\"><div class=\"fusion-column-wrapper fusion-flex-justify-content-flex-start fusion-content-layout-column\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><div class=\"fusion-text fusion-text-7\"><h2><strong>Quality Assurance<\/strong><\/h2>\n<h3>Business Intelligence (BI)<\/h3>\n<p>A process that utilizes tools, software, and technology\u00a0to collect and analyze a company\u2019s historical and present data to make informed strategic decisions through actionable insights. BI\u00a0encompasses\u00a0techniques such as\u00a0process analysis, analytical reporting, data mining, benchmarking,\u00a0etc.\u00a0The\u00a0results\u00a0are\u00a0presented in easy-to-understand, visual formats such as graphs, charts, summaries,\u00a0maps,\u00a0and\u00a0spreadsheets to optimize performance and profits.<\/p>\n<h3>Six Sigma<\/h3>\n<p>A management technique applied\u00a0to\u00a0enhance quality\u00a0by\u00a0reducing\u00a0the\u00a0internal\u00a0likelihood\u00a0of\u00a0errors\u00a0through\u00a0the\u00a0identification of\u00a0issues based on mathematical and statistical data.\u00a0It helps to improve a company\u2019s performance, creating operational excellence by nearing processes to zero defects, highlighting the best course of action backed by data.<\/p>\n<h3>Software Testing<\/h3>\n<p>The process of evaluating software for errors to verify that it performs as intended by design (free of defects). It can be used to inspect systems, identify development gaps or bugs, and compare existing features with actual requirements. Testing procedures are applied to a product or service in the final stages before going live and seek to resolve and correct any issues that may arise.<\/p>\n<h3>Quality Assurance<\/h3>\n<p>Includes all systemic actions and procedures that ensure a product or service is created or delivered according to defined standards ensuring overall high quality. QA procedures are involved in the entire product lifecycle, are preventive in nature, and seek to improve where possible.<\/p>\n<h3>Compliance<\/h3>\n<p>The services or product provided by a company to another, in accordance with government or industry-defined rules, legislation, or specifications. E.g. to send warm transfer Medicare leads to licensed onshore US agents, contact center representatives must follow HIPAA compliance rules.<\/p>\n<h3>Application Program Interface (API) Testing<\/h3>\n<p>Also called Application Programming Interface Testing; it is used in Software Development testing to check the functionality, reliability, security, and performance of a program\u2019s interface.<\/p>\n<p>As most of these terms interlink with multiple industries, these also form part of the general business vernacular. Let us know if you\u2019re looking for a particular definition, and we will add it to the list. Drop a query at our\u00a0<a href=\"https:\/\/bitsypixel.com\/clients\/bpo\/contact-us\">Contact Us\u00a0page<\/a>.\u00a0Knowing these terms will help you better communicate in the outsourcing environment. Stay tuned for more updates soon or visit our <a href=\"https:\/\/bitsypixel.com\/clients\/bpo\/blog\">blog page<\/a>.<\/p>\n<h3>DevOps<\/h3>\n<p>A portmanteau of development and operations; it refers to the practices, philosophy, technological tools, and culture applied through Agile methodologies to create synergy between the Software Development silo and IT operations within an organization. It enables full lifecycle management of any product or service and refines it based on evolving needs.<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-builder-column-6{width:100% !important;margin-top : 0px;margin-bottom : 20px;}.fusion-builder-column-6 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-6{width:100% !important;order : 0;}.fusion-builder-column-6 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-6{width:100% !important;order : 0;}.fusion-builder-column-6 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}<\/style><\/div><\/div><style type=\"text\/css\">.fusion-body .fusion-flex-container.fusion-builder-row-8{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}<\/style><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":6,"featured_media":4943,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1,288],"tags":[198,200,201,203,202,199],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.13 - 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