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Very exciting to observe that, many companies are integrating their business and technology solutions in a bid to improve productivity and innovation while keeping costs in control. Neo-sourcing, an evolution of the BPO models, is the integration of IT with payroll outsourcing. For those who are unfamiliar, Neo-sourcing combines management of back office operations and technology to create process re-engineering for business transformation and optimization. Its benefits include process optimization, cost reduction, reduced cycle time, access to best global practices, and improved productivity.
According to Technavio Research, the integrated outsourcing strategy will help vendors remain competitive in the market owing to the increase in the number of HRO contracts focusing on payroll services.