Navigating the world of outsourcing can sometimes feel like trying to understand an alien language. But fear not! We’re here to translate the cryptic code of industry jargon into plain English.

Let’s demystify some of these terms, so you can toss them around in your next business meeting with confidence (and a smirk).

 

1. BPO (Business Process Outsourcing)

What it sounds like: A rare, exotic procedure only business wizards understand.

What it means: Letting someone else handle parts of your business, like customer service or accounting, so you can focus on brewing potions or whatever you’d rather be doing.

 

2. Nearshoring

What it sounds like: The latest trend in beachside property investment.

What it means: Outsourcing work to a country that’s just a hop, skip, and a jump away—close enough for comfort but still cost-effective. Basically, sending your work on a little vacation.

 

3. Offshoring

What it sounds like: A new way to diet by sending your snacks to a distant island.

What it means: Moving part of your business operations to a far-off land (where snacks may or may not be cheaper) to benefit from lower costs or other efficiencies. No boats required.

 

4. Cloud Computing

What it sounds like: Daydreaming with a fancy name.

What it means: Storing your data and running your software on the internet instead of your computer’s hard drive. It’s like having an invisible office assistant who never takes up space or asks for a raise.

 

5. Scalability

What it sounds like: A new fitness craze focused on climbing scales.

What it means: The ability to easily increase or decrease the size of your operations. It’s like having stretchy business pants that can expand or contract as needed.

 

6. Agile Methodology

What it sounds like: A workout regime for nimble CEOs.

What it means: A project management style that emphasizes flexibility, collaboration, and speed. Imagine doing business while riding a skateboard—smooth, fast, and slightly show-offy.

 

7. KPI (Key Performance Indicator)

What it sounds like: A secret code used by piano tuners.

What it means: The metrics you use to figure out if your business is hitting its goals, like tracking sales or customer satisfaction. It’s the business equivalent of checking your steps on a fitness tracker.

 

8. SLA (Service Level Agreement)

What it sounds like: A fancy legal term for promising to take your spouse out to dinner at least once a month.

What it means: A contract that outlines exactly what services an outsourcing provider will deliver and the quality standards they must meet. It’s like ordering a pizza with a guarantee it’ll arrive hot, or you get your next one free.

 

9. Onboarding

What it sounds like: A fun day at the beach learning to surf.

What it means: The process of getting new employees or outsourcing partners up to speed. Less about catching waves and more about drowning in paperwork and training videos.

 

10. Outsourcing

What it sounds like: A new outdoor scouting activity.

What it means: The broad term for hiring outside firms or individuals to handle work traditionally performed within the company. It’s like asking your neighbor to mow your lawn because you’re too busy building a rocket ship in the garage.

 

Now that you’re fluent in the secret language of outsourcing, feel free to dazzle your colleagues with your newfound knowledge. Just remember, with great power comes great responsibility (to not make them feel too out of the loop!).

 

To learn more about outsourcing, you can read our Top 8 Qualities of an Outsourcing Company in the Philippines article.

We invite you to follow us on social media and to visit our website to learn more about Sourcefit – your outsourcing partner.

About Us

Sourcefit – your preferred accounting service provider – is a widely recognized US-managed business process outsourcing company based in Manila, Philippines. We proudly serve over 100 clients with a workforce of more than 1,300 employees. Our global centers can serve multiple markets, and our staff is highly proficient in English, Spanish, French, and Portuguese. Whether you need a few or many employees, we can help you achieve your business goals and build high-quality offshore teams.

Latest Awards

Sourcefit’s commitment to excellence has been recognized through numerous industry awards and certifications.

We recently received the Fortress Cyber Security Award from the Business Intelligence Group. Sourcefit was also honored with the prestigious recognition of Best Outsourcing Solutions Provider in the Philippines during the 2023 Business Excellence Awards.

Other awards include: FT ranking of 500 high-growth Asia-Pacific, The Marketing Excellence Awards, Inquirer Growth Champion,  HR Asia Awards, among others.

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The Future of Global Outsourcing: Trends and Predictions for 2023 and Beyond

Not sure where to start? Connect with us and see how Sourcefit can help you grow your business.