Glossary: Key Phrases In The World Of Outsourcing

Outsource
September 4, 2020
1
min to read
Janine Griffiths

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

  • Hello bullet points

Worksharing

Worksharing is a service that blends automation with outsourcing. It helps businesses to efficiently run any business process. Invisible uses a combination of BPA, RPA, BPaaS, machine learning and automation to build and create a virtual workforce that delivers the bandwidth you’re actually looking for.

IPA - Intelligent Process Automation

IPA can be defined as a set of new technologies that combines fundamental process redesign with robotic process automation and machine learning. It is a collection of next-generation tools and business-process improvements that speeds up processes and eliminates recurring, replicable, and routine tasks.

It includes tech tools which mimics and eventually, improves upon tasks carried out by humans.

At its core, RPA comprises of five main technologies:

RPA (robotic process automation): This is a type of software technology that is designed to perform transactional IT tasks in the way a user would. 

Machine Learning - This describes a set of algorithms that identify patterns in structured data, through “supervised” and “unsupervised” learning.

Natural Language Generation - This software technology translates observations from data into prose. Structured performance data can be converted into a natural-language engine to write internal and external management reports automatically. 

Smart Workflow - This is a type of a process-management software technology that integrates tasks performed by groups of humans and machines. 

Cognitive Agents - This describes machine-learning and natural-language generation to build a completely virtual workforce. It can carry out a range of tasks such as communicating with employees and workers, executing tasks and learning data sets.

The advantage of IPA is that it can significantly increase efficiency, reduce operational risks, improve response times and enhance productivity.

Business Process as a Service (BPaaS) 

Business Process as a Service is a form of business process outsourcing (BPaaS) that employs a cloud computing service model.

With this type of BPO, companies access their outsourced processes using online technology such as web browsers and mobile apps.

Service providers implement BPaaS on top of a traditional cloud computing stack, which involves the infrastructure, platform, and software as a service layers.

One of the biggest advantages of BPaas is that it allows companies to deliver just the results of a business process, cutting out the need to have some software or oversee tasks.

Handing something off at the end of a process is typically easier than trying to share data in the middle of a workflow.

BPaaS can be applied to either a horizontal or vertical business process as long as its work or output can be delivered on a cloud-services model.

RPA (Robotics Process Automation)

Robotic process automation or RPA is a type of software technology that is designed to perform transactional IT tasks in the way a user would.

It handles repetitive business processes using software robots to perform tasks, parse, and trigger error-free responses.

All RPA applications are made up of a digital input of structured data and a process logic based on rules, conditions, loops, to act on the data received.

The main advantage of RPA technology is that it can work much faster than a human can. Unlike human beings, RPA bots do not get sick or take vacations! They can work 24/7, are able to be replicated and can work from any location.

RPA can also minimize risks as it is less prone to error and it addresses any sequence of tasks. Therefore, the scope for this technology is essentially anything that uses office and IT applications. It gives employees time to generate added value for the company and allows them to focus on problem-solving, and other creative tasks that can increase efficiency and innovation.

BPO (Business Process Outsourcing)

Business process outsourcing or BPO is a practice in which one business hires another for a specific process, task or service. For example, a business may hire an accounting firm to manage their finances if they either can’t afford or do not need an in-house accounting team.

Businesses usually outsource two types of work: back office functions and front office functions. Back office functions include tasks that are not client-facing such as IT services, regulatory compliance and accounting.

Front office functions include tasks that are client-facing such as customer relations, marketing and sales. Organizations may sometimes outsource entire departments to a dedicated outsourcing company. This may include departments such as sales, marketing and HR.

Smaller organizations may outsource both back and front office tasks as they don’t have the resources to perform them. A larger company may outsource after an analysis determines that an outsourcing company could do the job better or cheaper.

Benefits of BPO include: cost-savings, better performance, increased efficiency, innovation and expanded coverage.


Janine Griffiths

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