o Application Service Provider (ASP) – An ASP is a company that provides computer-based services to an enterprise or an individual over a dedicated network. An example of this could be – access to specific software applications like a CRM.
o Agile Model – A combination of iterative and incremental software development methodologies, that primarily concentrates on process adaptability and customer satisfaction. These types of methods work by breaking the product into smaller incremental builds which are then provided in iterations.
o Business Process Outsourcing (BPO) – It is the process of contracting of secondary (non-primary) business functions and activities to a third-party facilitator. It could include human resources, call center operations, customer relations, and payroll besides others. BPO is also sometimes referred to as information technology enabled services or ITES.
o Call Center – An agency, organization or a designated workplace used for receiving or broadcasting a large volume of requests by telephone calls.
o Customer Support – It is an umbrella term used for a range of customer services to help them in making the best use of a particular product or service. It could include assistance in installation, troubleshooting, maintenance or upgradation of a product/service.
o 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 is called ‘competitive insourcing.’
o Digital Transformation – Acceleration of business processes, methodologies and activities, induced by introduction or upgradation of digital technology is called a digital transformation.
o Enterprise Resource Planning (ERP) – ERP is a software that allows a company to use a mechanism of integrated applications to organize and manage their business efficiently. It works by automating a number of back-office technology-related functions and operations.
o Facilities Management – It is a professional process of business management focused on efficiently and effectively delivering a set of support services to an organization.
o Global Help Desk – A global service desk whose job is to act as a communication center, providing a single point of contact (SPOC) between the customers and the company, its employees and partner firms as well.
o Help Desk – In a business organization, a help desk serves as a center of information where customers or potential customers of the firm can call/email to get professional help to solve a problem or to get clarification of any kind.
o Information Technology (IT) – Use of computers or computer-based technologies to store, transmit, retrieve or manipulate digital data. It is the development and/or effective management of software applications and hardware, required by an organization for its smooth running.
o Job Description – The general duties, tasks, and responsibilities associated with a particular position within an organization.
o Knowledge Base Management – Digital systems and applications designed for managing large and multifaceted databases for support systems of a company.
o Kanban – It is a visual system of organizing work as it moves through various stages of a process. The primary purpose of this system is to improve manufacturing and efficiency.
o Life Cycle – The lifespan of a project that has been outsourced to a company. This could include a number of different phases to accomplish a set of processes and tasks. For example – strategy development, negotiations, implementation, and completion.
o Managed Service Provider (MSP) – An MSP is usually an IT company that assumes responsibility for executing a specific set of responsibilities for its clients. This could be done proactively or on the demands of its clients.
o Managed Security Services (MSS) – Network security services that have been outsourced to an IT firm.
o Milestone – Reaching a critical stage or completion of a specific event during the various processes of outsourcing.
o Nearshore – The process of transferring a business operation or a project to a nearby country.
o NOC – Network Operations Center, which is also referred to as ‘Network Management Center’ is a location or a set of sites from where an IT company exercises network monitoring or network management.
o Onshore – When a sub-office or a particular division of an office is located in the same country.
o Offshore – When a sub-office or a particular division of an office is located in a different country.
o PCI Compliance – Payment Card Industry Compliance refers to the operational and technical standards that a company or a business needs to achieve, in order to make sure that the credit card data submitted by their clients is adequately protected.
o Quality Assurance (QA) – QA is a process of ensuring that a product or a service is developed in such a way that it meets all the specified requirements made by the client. It involves steps whose objective is to prevent mistakes or defects in the developmental stages.
o Request for Information (RFI) – It is a formal procedure of gathering stats and information from a potential service provider, before an RFP (Request for Proposal) is submitted.
o Service Desk – A resource station placed by a company with the purpose of providing the customers with information or support services associated with its products or services.
o Service Level Agreement (SLA) – An official agreement between a service provider and its client in which everything regarding the service is mentioned in detail. For example - the quality expectations, responsibilities and duties to be fulfilled by the service provider, etc.
o Scope of Work (SOW) – A sub-section in an agreement that describes the nature of the work that is to be performed. Ideally, it should describe the milestones to be achieved, deliverables, reports and end products expected from the service provider.
o Scrum – It is a framework used in project management whose aim is to maintain the team-spirit, accountability, and iterative progress towards a defined set of goals.
o Task Analysis – It is a process of learning about a user-base by observing the users in actions. The aim of TA is to understand in detail the various mechanisms the users employ to perform the given tasks.
o 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.
o User Story – It is a tool used in software development that derives a description of a specific feature of a software, from the perspective of its end-users.
o Value Engineering – It is a process of organizing and providing the essential functions in a business at the lowest cost possible. It involves the substitution of methods or raw materials with their lesser expensive alternatives.
o War Room – Also known as ‘situation room’ or ‘mission control room,’ a war room is a centralized meeting space where all the important decisions are discussed and planned by the team members and stakeholders.
o Waterfall Model – A classic model used in the developmental stages of a system, with the aim of creating a system with a linear and chronological approach.
o Work Breakdown Structure (WBS) – It is a kind of a deliverable that manages and organizes all the team’s work into easy-to-access and easy-to-comprehend sections.