Business to Business (B2B)
Interactions or transactions between two business entities like manufacturer and wholesaler.
Business to Consumer (B2C)
Exchange of products or services directly between a business and its consumers
Solutions or services that are non-customer facing and administrative. The Back-office operates in the background but is critical to support the Front-office performance. Some Back-office functions include support for HR, Account Management, Payroll, etc.
The Customer-facing part of an organization or personnel/services that interact directly with the client base. These roles directly contribute to the image and revenue of the company. Some examples are Sales, Public Relations, Contact Center, etc.
Brick and Mortar
A physical location for a business to operate from, as followed by tradition; as opposed to online businesses where customers can visit in person to avail goods or services.
IT software installed on company systems in the physical site providing tactile access to data systems and their configuration as and when needed.
Business Process Management (BPM)
BPM is a best practice, 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.
Artificial Intelligence (AI)
utilizing machine or robotic intelligence to solve work-related problems and increase efficiency overall by making them mimic human interactions and take logical decisions.
Introducing game elements in non-game or work environments to increase participation, promote idea stimulation, and add to the learning. It can be applied to engage employees internally, as well as consumers externally.
The process of screening User Generated Content on a company’s web or social sites to ensure no offensive, irrelevant, unethical, or illegal content reaches your platform and audiences. May 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.
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.
Small-to-Medium Enterprise (SME)
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.
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.
Releasing or permanently reducing a company’s 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.
Fixed Pricing (FP)
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’s needs, according to incentives or target metrics. All cost terms are decided between the two organizations before the project commences.
Global Delivery Model (GDM)
GDM Is the combination of methodologies, policies, procedures, HR functions, skills, and overall capability of an organization’s service provider/partner to globally deliver products and services; especially for IT-related businesses.
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.