September 03, 2005
MSC International Advisory Panel Meet in Malaysia to focus on Outsourcing and Shared Services
The annual MSC International Advisory Panel meeting is being held between September 8 to 10 in Penang, Malaysia. It is expected that this meet will concentrate on processes that will enable Malaysia to be a driving part of the global search for outsourcing and shared services.
The concepts of outsourcing and shared services are often seen as synonymous. However, as New Straits Times Online reports, there is a subtle difference between these two important segments of industry practice today. Outsourcing happens when a company asks another organization to complete a task that would normally be a product of the company itself; shared services happens when the same task is utilized or shared by other companies as well.
Outsourcing and shared services have come into prominence because of the need for companies to farm out work such as back-office transactional processing, ICT-related functions, and call centers which can be completed by specialists in the respective fields. The end result of outsourcing and sharing services is cost effectiveness. It also enables companies to realign their focus towards their main business ventures. In today's market scenario, both outsourcing and shared services are here to stay and will continue to thrive in the future. As New Straits Times Online reports:
Outsourcing and its cousin called shared services are buzzwords used often by the media, economists, large corporations, ICT providers, trade unions in the West, Governments and policy-makers to describe an important, occasionally controversial but unstoppable trend in the increasingly globalized world economy.
Read More: Outsourcing bonanza beckons Malaysia
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