Capstone Proposal

MS International Management

Literature Review

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 Contents
LITERATURE REVIEW...........................................................................................................3

1. Introduction.....................................................................................................................3

2. Outsourcing of Business Processes.................................................................................3

3. Factors influencing Business Process Outsourcing in the IT and Financial Service

Sector......................................................................................................................................4

4. Influence and Impact of Business Process Outsourcing on Vendor Organisations........5

5. Benefits and Challenges in Business Process Outsourcing in Financial and Banking

Industry..................................................................................................................................6

6. Strategies for Successful Business Process Outsourcing................................................7

7. Theoretical Framework...................................................................................................9

7.1. Transaction Cost Economics (TCE)............................................................................9

7.2. Resource-Based View (RBV) Theory.........................................................................9

8. Literature Gap.................................................................................................................9

9. Conclusion.....................................................................................................................10

METHODOLOGY...................................................................................................................11

1. Philosophical Concerns.................................................................................................11

2. Data Collection..............................................................................................................11

3. Data Analysis................................................................................................................12

REFERENCE LIST.................................................................................................................13

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 LITERATURE REVIEW
1. Introduction
A literature review is a critical part of research where a systematic, reproducible, and explicit
method is used by the researcher to identify, evaluate, and synthesise the existing body of
concluded and recorded works produced by scholars, researchers, and practitioners (Fink,
2019). This chapter of the Capstone Project presents a review of the relevant literature
concerning the topic, namely the contemporary trends of outsourcing of tasks in the
Information Technology (IT) and financial service industry to Business Process Outsourcing
(BPO). In this chapter, the main topics will be divided into themes and the findings of
existing studies concerning these topics will be presented. Following the systematic
presentation of the literature, the theoretical framework underpinning the literature and gaps
in the existing literature will also be presented in this chapter.

2. Outsourcing of Business Processes

Conceptually, outsourcing business processes can be defined as business activities and
operations that have been procured from another company so that they can be carried out
more efficiently (Lankford and Parsa, 1999). If outsourcing is looked at from a strategic
perspective outsourcing is considered a long-term decision that has long-term effects which
also has a significant effect on the survival of a business, the main reason why outsourcing is
adopted by businesses apart from survival is the prosperity of the company. Although the
process of outsourcing in businesses is long-term, businesses tend to adopt outsourcing as a
strategy to reduce employment amid financial crises to either avoid or negotiate employee
salaries (Andone and Pavaloaia, 2010). In the business and management world, outsourcing
has gained considerable recognition and is widely being used by several businesses to ensure
efficient performance. Outsourcing can be done based on contracts for a specific duration,
and so on. Outsourcing technology can be adopted for specific activities that are the core of
the organisation and to ensure the core speciality is running smoothly necessary activities are
transferred to third parties for smooth operations (Mykytyuk et al. 2021). In contemporary
times, there has been a shift in Business Process Outsourcing from “transactional
agreements” to more “trust-based partnerships” where the emphasis is on “strategic
innovation” which can help enhance the competitiveness of the business and the strategic
objectives of the business can be achieved (Gambal et al. 2022). Outsourcing supports the
wide transformation of organisations even in volatile environments and another significance

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is the cost-effectiveness of outsourcing. The process of outsourcing ensures operational
efficiency without compromising the cost-effectiveness of the process as per Gambal et al.
(2022). It is important to note that cost-effectiveness as the underlying cause of adopting
outsourcing can be problematic for the organisation because when the focus is on cost-
effectiveness, the core competency or activity of the business is compromised and that can
also fail to ensure an innovation-driven approach affecting the overall performance of the
company as well as the operational efficiency (Gambal et al. 2022). Amid the ominous
perspective that commonly prevails, outsourcing is considered critical for the success of the
business because it allows firms to utilise the resources of a third party to operate the core
activity and benefit from the skills as well as the specialisation of the third party, which
clearly implies that outsourcing of business process facilitates agility, flexibility, simplified
management and cost-effectiveness of the business. It is evident that there are both, positive
as well as negative consequences of outsourcing for business and these consequences create a
dilemma surrounding outsourcing, and since it cannot be predicted whether outsourcing will
work in favour or against the business (Dekker et al. 2020).

3. Factors influencing Business Process Outsourcing in the IT and Financial

Service Sector
Influence and Impact of Business Process Outsourcing in the contemporary era, the focus has
shifted towards information technology and a lot of businesses have developed their core
competency by outsourcing strategically in the information technology (IT) sector. This was
a way by which companies who had IT-related services transferred these services to a third
party or external service providers so that the activities alongside time, cost and efficiency
could be managed in a better manner (Hanafizadeh and Zare Ravasan, 2017). In recent times
financial organisations and banking institutes have adopted outsourcing as a strategy to
ensure proper management and especially services like security, legal, transportation services
and technical IT services have been outsourced by banks (Hanafizadeh and Zare Ravasan,
2017; Kaźmierczyk and Macholak, 2014). The main factor influencing business process
outsourcing is the decision-making process, the outsourcing decisions influence outsourcing,
and some of the third-party or outsourcing companies are not suitable for the core service of
the business (Zameer and Ali, 2013). The main reason why decisions matter and influence
business process outsourcing is because of labour costs and various risks as well as benefits
as per Jain and Natarajan (2011). The second factor that influences business process

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outsourcing in the IT and financial services sector is commitment and management. the
management in terms of financial as well as IT has a serious impact on how outsourcing
performs for the business. The commitment of the outsourcing service provider is critical
because if the service provider is not committed towards the business, the operational
efficiency cannot improve which can hamper the success of the business as well (Lacity et al.
2009). The third factor that is important and influences outsourcing in business processes is
cooperation and coordination. Coordination is critical for functioning for both the business
and the service provider, and when there is effective cooperation outsourcing can turn out to
be a boon for businesses as the performance will improve alongside the core competency
which is the identity of the concerned business will become a competitive edge for the
business allowing it to improve its profitability (Marco-Simó and Pastor-Collado, 2020). The
cost reduction factor also influences, it is importance for the outsourcing partner to be cost-
effective so that the company that is associating with the outsourcing partner knows about the
benefit of outsourcing, often cost minimization has been a criterion for companies before they
choose outsourcing as a business mostly choose to outsource for cost savings reason
(Gantman and Fedorowicz, 2020). If cost minimisation is not a consideration then the
relationship between the outsourcing partner and the company can severely affect the
performance of the business and the overall efficiency of organisations, especially
considering the IT and financial sectors.

4. Influence and Impact of Business Process Outsourcing on Vendor

Organisations
For outsourcing, the critical aspect is vendor organisation and it is important so that strategic
decisions can be made, which will leave a lasting positive impact on the organisational
performance and success. The aim behind vendor selection is to provide satisfaction to the
clients that are the business organisation and provide them services that are high quality, cost-
effective and efficient. The choice of vendor organisation is what determines the outcome of
the outsourcing process for the business and therefore choosing a suitable vendor
organisation to ensure the outsourcing process is beneficial for the business and its
operational efficiency (Singh et al. 2013). The vendor organisations are chosen based on their
capabilities which are mostly based on industry-specify, so that the management is accurate
for outsourcing the required services for the business. For the corporate giants, vendors are
chosen based on their capabilities for outsourcing repetitive tasks, especially in the finance

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sector such as auditing and so on. other than these in the IT sector, organisations choose
vendor organisations for Human Resource Management (HRM) and procurement. Several
reasons are evident based on which outsourcing vendor organisations are chosen, such as
quality improvements, technological advancements and expertise of the vendor organisation
(Ghodeswar and Vaidyanathan, 2008). Previously the main motivation behind the adoption of
outsourcing strategy of businesses was cost reduction because some vendor organisations
provided services at lower prices but with the evolution of the business world, especially that
of the financial and IT sector because of the growing emphasis around functionality and
quality. For this very purpose, the vendor organisations have adopted several process
improvement techniques such as “process mapping”, “Six Sigma, “benchmarking”, and “lean
thinking” in order to improve overall performance (McIvor, 2016). Vendor organisations play
a critical role in business process outsourcing as it control the strategic value, operational
capability and so on. It is because of the vendor organisations that the Business Process
Outsourcing (BPO) market has grown so much, yet several challenges still persist in this area
such as systematic understanding and efficiency of business, cost-effectiveness and so on
(Liu et al. 2023). Often business process outsourcing is labelled as risky by many studies and
researchers since it comes with several risks and concerns for both the parties, the vendor
organisation as well as the business organisations. The risks and concerns associated with
BPO have not been focussed upon and for that matter, the perspective of vendor
organisations has also not been considered by researchers as per Liu et al. (2023). These are
the areas this research will focus on shedding light upon so that the obstacles that are present
in terms of BPO in the IT sector and financial sector can be understood in a more
comprehensive manner.

5. Benefits and Challenges in Business Process Outsourcing in Financial and

Banking Industry
As noted by Andone and Pavaloaia (2010), BPO has several benefits and problems associated
with it. Considering the case of accounting outsourcing in Romania, the paper noted several
benefits that comprise reduction of costs by transferring costs of employee training and
development and maintenance of in-house software and technology. At the same time though,
the paper noted challenges like losing control over processes, confidentiality, and reliability
of the company where the processes are to be outsourced. On the other hand, Cortez et al.
(2008) considered the case of the financial sector in Japan and noted that advancements in

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Information and Communication Technology (ICT) have contributed to cost efficiency and
higher competitiveness in the global market. A major challenge is the high competition of
BPOs in countries like Vietnam, India, and Malaysia. There are four main categories of
benefits from outsourcing, as per Domberger, namely cost saving, flexibility, market
discipline, and specialisation (Shitaye, 2016). BPO allows companies to focus on their core
business practices while outsourcing anything less important. This enables them to improve
the quality of business and enhances the operational expertise since the company can now
focus on the core practices. BPO also enables companies to get access to talent, reduce the
time required to market, and enhance the capacity for innovation, risk management, and
scalability amongst others (Shitaye, 2016). On the other hand, Shitaye (2016) noted that
identifying and evaluating the correct activities for outsourcing is a major challenge that
organisations face. While some activities can be outsourced to reduce the burden on the in-
house team, outsourcing sensitive activities can lead to a lack of control over services and can
become a liability. This makes implementing BPO strategies considerably challenging in
terms of planning and implementation.
Sansui (2020) also agrees with other authors, noting benefits like reducing costs and
increasing efficiency through BPO. Apart from saving the direct costs of employee hiring and
training, outsourcing also saves indirect costs like the reduced need for infrastructure and
support systems. At the same time, offshoring jobs leads to the creation of jobs in new
locations leading to employment opportunities in countries where industries perhaps could
not be established directly yet employment could be contributed to (Groizard et al. 2014).
Poor quality of services due to communication issues between stakeholders and not meeting
expectations are also major challenges of BPO (Sansui, 2020). As per the study by Rautela et
al. (2021), in the context of the Indian banking sector, it was found that benefits like strategic
competitive advantage, better quality of customer service, more efficient use of resources,
and capitalisation on technological advancements apart from the cost-effectiveness were the
key motivating factors for BPO. Outsourcing of IT, marketing, and Human Resources (HR)
concerns are the most popular in banks in India (Rautela et al. 2021). Overall, it can be noted
that the benefits and challenges associated with outsourcing are consistent across the world in
these sectors and otherwise.

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 6. Strategies for Successful Business Process Outsourcing
To undertake BPO successfully, suitable strategies and approaches are necessary on the part
of the organisation that is outsourcing. For example, in the case of the banking sector, it was
found that horizontal business activities were the most prominently outsourced ones, which
included payroll, customer care, training and development, and recruitment (Ravi et al.
2011). However, banks in India were found to refrain from following such practices,
particularly having reservations about outsourcing customer service and marketing. Vertical
outsourcing is something banks were noted predominantly to be refraining from. Banks were
also noted to prefer working with single vendors and onshore outsourcing instead of having
multiple vendors from offshore (Ravi et al. 2011). Another study, albeit not limited to the
finance and IT sector, in the case of Kenya, found that firms were outsourcing both core and
support activities for the sake of improvement in performance. Essentially, the paper
suggested that instead of simply outsourcing non-core activities and retaining in-house
activities, the approach should be concerning the identification of non-essential primary
activities and if possible, in terms of feasibility and safety, outsourcing such activities too
(Awino and Mutua, 2014).
On the other hand, Jain et al. (2020) evaluated the strategies that companies undertake when
choosing vendors for IT outsourcing. It was found that firms may choose to consider either a
single-sourcing or dual-sourcing strategy based on the learning efficiency of the vendors.
This means that the firms often choose to either outsource their activities to one vendor or
distribute the activities between multiple vendors based on the cost and adaptability of the
vendors and their suitability to meet the requirements of the client firms (Jain et al. 2020).
For example, banks like Barclays and JP Morgan Chase and Co. have significant BPO
businesses in India albeit very limited banking presence or functionality in the country
(Rebello, 2013). HSBC also has outsourced a significant chunk of its activities to India and
the Philippines (Bloomberg, 2006). Adudu et al. (2020) noted several alternative strategies
that can be used when outsourcing, namely contracting strategy, comprehensive strategy,
licensing agreement strategy, and selecting strategy amongst others. In the Nigerian banking
sector, a contracting outsourcing strategy was found to be commonly implemented where a
contractor is awarded a contract for performing a task and paid by the hours, days, or weeks.
A comprehensive strategy, which refers to complete outsourcing for the long term, was also
noted to be used albeit contracting showed the best results in Nigerian banks in terms of
performance and competitive advantage (Adudu et al. 2020). Fabian et al. (2023) also

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undertook a study in the same context and field and the findings echoed that of Adudu et al.
(2020). The Nigerian banking sector was found to be using a contracting strategy for
outsourcing and for considerable profitability and competitive advantage.

7. Theoretical Framework
7.1. Transaction Cost Economics (TCE)
The transaction Cost Economy (TCE) is viewed as an alternative form for organising the
transaction to minimise the transaction costs. These transactions generally are related to
governance structure, for example, markets, firms and bureaus. This framework suggests that
each transaction produces coordination costs concerning monitoring, managing and
controlling transactions and all of these costs should be distinguished from production costs.
TCE also discusses that the decision-makers are responsible for comparing these costs with
the internal production costs and then making a choice related to the firm structure (Young,
2013). This framework will help in understanding how BPO and business transactions are
structured which will further provide insights into the trends in BPO and how decisions are
made in business organisations regarding these transactions.
7.2. Resource-Based View (RBV) Theory
Resources are observed to be interlinked with sustainable competitiveness and it has also
been studied that it is a resource that generates value, sustainability, rareness and imitability.
Resources-based review theory mainly discusses how resources are responsible for the
sustainable competitiveness of a firm alongside other organisational aspects such as
profitability as well as strategic alliance (Taher, 2012). Resource-based view theory mainly
assists in examining the competitive advantage of firms that generally emerge from the
endowment of strategic resources, as this theory suggests that the economic value of a firm
can help in measuring its performance (Freeman et al. 2021). In the context of this study, the
resource-based view theory will be employed to understand the strategic resources of a firm
which in turn will help in understanding the firm’s core competencies, and this will allow in
understanding the BPO trend and what competitive advantage outsourcing facilitates. RBV
theory will also provide valuable insights on cost-effectiveness and flexibility which can
allow the understanding of the strategic focus of firms in terms of adopting BPO.

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 8. Literature Gap
Following the evaluation of the relevant literature, it was noted that the existing academic
literature has certain gaps and shortcomings in terms of addressing the topic being
considered. The foremost gap that one could notice is that studies have been done in a
broader scoped approach and the number of articles addressing the concerns of the particular
financial and IT outsourcing is somewhat limited. Particularly, despite the growth of
outsourcing practices, one noticed that a greater share of the research and literature was
undertaken almost a decade ago. The limited research in the contemporary context
particularly considering the aftermath of the COVID-19 pandemic and its influence on
outsourcing practices. This makes it particularly challenging to get a significant grasp of the
BPO practices in the contemporary day and age from the literature search. Apart from these,
the existing literature also appears to be quite fragmented and fails to grasp and present a
complete picture of the situation regarding BPO and the needs and strategies for undertaking
outsourcing.

9. Conclusion
In this chapter, a systematic review of the academic literature was undertaken concerning
outsourcing practices to explore the benefits, challenges, and strategies that drive BPO in the
IT and finance sector. The literature review presented in this chapter allowed for a
foundational understanding of the present state of research in the field and also the gaps and
theoretical underpinnings concerning this field topic. Major themes relevant to the research
question were presented and the existing academic literature concerning the topics was
compared and contrasted against each other. It is expected that this chapter will contribute to
the foundation of the approach towards the collection and analysis of data and consequently
the findings of this study.

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 METHODOLOGY
1. Philosophical Concerns
The research philosophy covers the assumptions, set of beliefs, and principles guiding the
process of research and covers the epistemological, ontological, and methodological stances.
The research philosophy that this study will follow is interpretivism, which focuses on
interpreting phenomena from a subjective perspective. This philosophy is considered in
favour against of positivism because the latter considers an objective worldview which does
not suit this research since outsourcing and BPO and its concerns vary from country to
country and industry to industry which a positivistic philosophy cannot suitably cover. The
research approach considered for this study is inductive instead of deductive as this study will
not confirm the hypothesis but rather take the approach of developing a theory from data. The
collected data and its interpretation will give rise to the theoretical understanding of the
concepts.
The study will be undertaking a secondary qualitative approach to data collection and
analysis, which essentially means that the data that will be considered for this study will not
be collected from individual participants, but rather from existing literature where the data
has been analysed already by scholars and systematically refined. This has been chosen as
the suitable means of collecting data considering the limitations of resources, accessibility,
and time of the researcher. Qualitative data, which refers to data in the form of textual content
rather than numerical data, was found to be the suitable choice for this study as numerical
data will not be able to capture the nuances and present an in-depth understanding that is
required in this study and only a qualitative approach can potentially answer the relevant
research questions and thus meet the research objectives.

2. Data Collection
As noted in the previous section, the data to be collected will be qualitative secondary, which
refers to textual data that is already present in existing literature. To collect relevant data for
this study, one would undertake a systematic search of peer-reviewed academic and industrial
articles that have been published in recent years. To undertake the search, suitable keywords
would be chosen and searched on databases like Google Scholar, ProQuest, Elsevier, and
EBSCOHost amongst others. Then, relevant articles based on their titles and Abstracts would
be filtered before further refining the articles based on selection criteria like language,
relevance, source, and date of publication. The PRISMA framework will be the most suitable

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for undertaking this. A total of 10-15 articles will be selected for the final analysis. These
articles would then be searched, coded, and categorised based on the prevalence of topics that
appear in the articles. Articles from both academic and industrial sources will be considered
for the analysis due to the nature of the research topic.

3. Data Analysis
The collected qualitative data from the relevant peer-reviewed articles will be analysed using
the thematic analysis method. Thematic analysis is a common and popular method of
qualitative analysis where the data is analysed by reading through the data and identifying
keywords, codes, and patterns in the meanings of the data and developing themes out of them
to answer the research question. Keywords relevant to the topic such as “outsourcing”, “IT
sector”, “financial sector”, and “banking” amongst others would be used for searching and
coding which would further be categorised based on the relevance to the research questions.
This active and reflexive process of data analysis requires a subjective approach to making
sense of the collected data. The paper will synthesise themes from the codes collected,
organised and categorised from the articles relevant and suitable to answer the research
questions.

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