What is this standard about?
This is the first international standard on outsourcing. It gives guidance to help boost business efficiency, gain greater value from outsourcing and avoid costly errors.
Who is this standard for?
- Anyone involved in outsourcing in national and international markets
- Customers
- Service providers
- Third-party advisors such as lawyers and consultants
- All markets, including manufacturing retail, financial services and the public sector
- Those providing information for the client side (outsourcer) as well as the provider side
Why should you use this standard?
Outsourcing has become a common business model in the last 20 years, with global application, generating revenues of many trillions of dollars a year. Yet there are challenges and hazards. Not all outsourcing deals are a success. Some can fail dramatically and publicly, while others simply fail to perform well. BS ISO 37500 aims to help organizations achieve better outcomes and business efficiencies from outsourcing activity.
It also aims to help build mutually beneficial collaborative relationships between outsourcing parties. To do this, the standard provides:
- Common practices, concepts and procedures to manage the outsourcing lifecycle. These set generic principles for outsourcing processes and their outputs.
- A common vocabulary of terminology which outsourcing practitioners can use to avoid misunderstandings and unrealistic expectations, and to reduce transaction costs
- Detailed guidance across the whole outsourcing life cycle