Looking for an outsourcing company? The evaluation process to find the right partner is a critical component in executing your outsourcing strategy. Knowing the right terms will make the process easier.
Rural Sourcing Glossary Terms
Agile – A combination of iterative and incremental software development methodologies, that primarily concentrates on process adaptability and customer satisfaction. This model works by breaking the product into smaller incremental builds which are then provided in iterations.
Application Service Provider (ASP) – An ASP company provides computer-based services to an enterprise or an individual over a dedicated network. An example of this is access to specific software applications like a CRM.
Artificial Intelligence (AI) – Artificial intelligence is the ability of machines to replicate some of the cognitive functions of the human (or animal) brain and make decisions accordingly.
Automation – Automation involves reducing the level of input required by a human within a process. Many software companies deliver solutions that serve to automate repetitive, manual processes in order to reduce costs and improve productivity.
Big Data – Big data is not new. It was first coined by Chief Scientist at Silicon Graphics, John Mashey in the 1990s. Over the past several decades as computing power has increased and the cost of computers has decreased, massive amounts of data has become available. Big data falls into three categories: volume, velocity, and variety, and there is plenty of it available now.
Business Intelligence – Business intelligence is part of a larger process that includes implementing the tools and infrastructure for collecting and analyzing large amounts of data and using this to produce financial reports and make key business decisions. Part of business intelligence is automating the collection of data on a large scale, so results can be drawn from thousands of sources- more than could ever be collected manually, and decisions can be made based on the findings.
Business Process Outsourcing (BPO) –The process of contracting secondary (non-primary) business functions and activities to a third-party rural sourcing facilitator, including human resources, call center operations, customer relations, payroll, and others. BPO is also sometimes referred to as information technology enabled services or ITES.
Call Center – An organization or designated workplace used for receiving or placing a large volume of requests by telephone calls.
Cloud Computing – Cloud computing is the process of providing IT services over the internet. Most commonly it is used for data storage, but entire networks, databases and software can also be shared over cloud networks.
Customer Support – This is an umbrella term for a range of customer services provided to an end-user that helps make the best use of a particular product or service. This could include IT support outsourcing, product installation, product or software troubleshooting, maintenance, or upgrades of a product/service.
Competitive Insourcing – Assigning a project (long term or short term) to a specific department or an individual within the organization, with the intention of maintaining or enhancing control of critical production or competencies.
Data Mining – Data mining is the process of analyzing large amounts of collected data to identify patterns that can be used to make business decisions predictions for the future. Using software, algorithms and statistics, data experts can search for patterns and anomalies to answer business-related questions.
Digital Transformation – Acceleration of business processes, methodologies, and activities, stimulated by introduction or upgradation of digital technology.
Enterprise Resource Planning (ERP) – ERP is a software that enables a company via software or other mechanism to integrate applications used to organize and manage their business efficiently. ERP works by automating back-office technology-related functions and operations.
Facilities Management – It is a professional process of business management provided by an in-house or outsourced team that is focused on efficiently and effectively delivering a set of support services to an organization.
Global Help Desk – The global service desk role is to act as a single point of contact communication center between the customers and the company, its employees and partner firms.
Help Desk – A help desk serves as a center of information where customers or internal team members can call/email to get professional help to solve a problem or to get clarification on a support issue.
Information Technology (IT) – Use of computers or computer-based technologies to store, transmit, retrieve, or manipulate digital data. It is the development and management of software applications and hardware, required to effectively run an organization.
IoT – The Internet of Things is a term used to describe objects with the ability to connect to the internet either through sensors, software, or built-in technology.
Knowledge Base Management – Digital systems and applications designed for managing large and multifaceted databases for support systems of a company.
Kanban – A visual system of organizing work as it moves through various stages of a process. The primary purpose of Kanban is to improve manufacturing and efficiency.
Life Cycle – The lifespan of a project that has been outsourced to a company. This could include different phases to accomplish a set of processes and tasks, such as strategy development, negotiations, implementation, and completion.
Machine Learning (ML) – Machine learning works by creating programs with advanced algorithms that allow them to effectively learn from the past and come up with new solutions to problems. Machine learning is a part of artificial intelligence and primarily focuses on machines being able to ‘think.’
Managed Service Provider (MSP) – An MSP is an IT outsourcing company that assumes responsibility for executing a specific set of responsibilities for its clients. For example, this could be proactive software management, or an on-demand effort as needed by the client.
Managed Security Services (MSS) – Network security services that are provided by an outsourcing IT firm.
Milestone – A critical stage is met or the completion of a specific event during the various processes of outsourcing.
Nearshore – The process of outsourcing a business operation or a project to a company in a nearby country.
Network Operations Center (NOC), also referred to as Network Management Center, is a location or a set of sites from where an IT outsourcing company exercises network monitoring or network management.
Onshore – When a sub-office or a particular division of an IT outsourcing company office is located in the same country.
Offshore – When a sub-office or a particular division of an IT outsourcing company office is located in a different country.
PCI Compliance – Payment Card Industry Compliance refers to the operational and technical standards that a company or a business needs to achieve, to ensure that credit card data submitted by clients is adequately protected.
Quality Assurance (QA) – QA is a process of ensuring that a product or a service is developed correctly and meets all specified requirements. The QA steps and objectives are designed to prevent mistakes or defects in the development stages.
Request for Information (RFI) – An RFI is a formal procedure for gathering stats and information from a potential service provider before an RFP (Request for Proposal) is submitted.
Service Desk – A resource station either virtual or in-person provided by a company to give customers access to information or support services associated with its products or services.
Service Level Agreement (SLA) – An official agreement between an outsourcing company or service provider and its client that defines how a service will be supported and maintained and to what level, including the quality expectations, responsibilities, and duties to be fulfilled by the service provider.
Scope of Work (SOW) – A sub-section in an agreement that describes the nature of the work that is to be performed. An SOW should describe the milestones to be achieved, deliverables, reports and end products expected from the rural sourcing service provider.
Scrum – A framework used in project management to maintain the team-spirit, accountability, and iterative progress towards a defined set of goals.
Task Analysis – A process of learning about a user-base by observing users in action. to understand in detail the various mechanisms the users employ to perform the given tasks.
Trigger Condition – While a rate plan is being developed, certain trigger conditions are always kept in mind. These conditions control when a recurring charge turns active.
User Story – A software development tool used to derive a description of a specific software feature from the perspective of its end-users.
UI (user interface) – UI relates to a physical screen or display with which the user interacts. A simple and well-laid-out UI can contribute to an overall positive UX.
UX (user experience) – US relates to how a person interacts with the features of a given product or program. A good user experience can come from interaction with an easy-to-use program. whereas a bad UX might be from a program that is unnecessarily complicated and difficult to work with.
Value Engineering – A process of organizing and providing the essential functions in a business at the lowest cost possible, typically substituting types of methods or raw materials with lesser expensive alternatives.
War Room – Also known as ‘situation room’ or ‘mission control room,’ a war room is a centralized meeting space where all the important software development decisions are discussed and planned by the team members and stakeholders.
Waterfall – A classic methodology model used in the development stages of a product or software system. This model is designed to create or enhance a software platform or system with a linear and chronological approach.
Work Breakdown Structure (WBS) – A kind of a deliverable that manages and organizes all teamwork into easy-to-access and easy-to-comprehend sections.
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