For better or worse, the outsourcing genie is out of the bottle and there is no going back. The reality of outsourcing, however, has not always lived up to the hype. And, current events (e.g. Satyam's announcement of a major accounting fraud) have sent waves of concern through the outsourcing world. So what lessons can be learned for companies that have outsourced functions or are looking to outsource functions in the future? In many ways, the partially-fulfilled promise of outsourcing and the Satyam debacle should cause all companies in or considering outsourced relationships to get back to basics with pragmatic business and legal approaches to contracting and relationship management, the better to analyze and manage inevitable change and mitigate the risk of the unexpected.

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