The term Outsourcing means delegating or passing on responsibility to a third party in pursuance with an agreement˳ The decision to outsource is a strategic one as it involves weighing the probable cost savings against the consequent loss in control over the product or service˳Outsourcing involves a contractual agreement that defines how the client and the vendor will work together˳ The growth of outsourcing is partly due to the changes in business philosophy that have occurred over a period of time˳ Earlier companies aimed to acquire other companies and diversify their business as companies found it difficult to manage a large group of unrelated business they starting focusing their attention “core competence areas”˳
Considering their unique experience and expertise the companies took efforts to identity the core competence areas that would help them gain a competitive edge over others in the market as the client companies usually outsource to a vendor that specializes in a given function and performs that function more efficiently than the company could do thereby saving on the cost˳ Companies also outsource to reduce the work burden of its employees and also to relieve them of tedious tasks thereby enabling them to develop their core competencies˳ Companies outsource information technology functions in order to gain access to new technology and outside expertise˳
Outsourcing requires a good understanding of the vendor organization’s capabilities and their future plans˳ Outsourcing can be total outsourcing or selective outsourcing˳ Total outsourcing occurs when the client dismantles the entire departments or divisions and transfers the complete responsibility to an outside vendor˳ Selective outsourcing occurs when the the client identifies specific time consuming activities which can be handled more effectively by an specialist (vendor) and outsources it˳
The various factors that are to be considered while choosing a vendor are firstly whether the vendor has experience in providing service that the client wants to outsource˳ Secondly it is essential to find out whether the vendor has been able to provide quality services to their clients˳ Thirdly the client analysis on the details like the technology, software and the infrastructure of the vendor˳ Fourthly it is essential to check if the vendor has skilled personnel pessary to ensure successful completion of the outsourced project˳
India – The preferred destination of Outsourcing business
India is no longer known as land of Elephants and Snakes but the land of High Talent professionals and cost effective corporate BPO solutions˳ India is becoming the leader in outsourcing with no close competitors˳ It’s made possible with the help of various factors˳
India has a winning edge over other countries because of the following reasons˳
* Availability of English speaking, skilled human resources in plenty
* Availability of cheap work force to offer cost effective BPO Solutions˳
* Well defined process to address global needs˳
* High conscious towards quality˳
* Government’s support to develop the industry˳
* Availability of advance technology at par with western countries˳
* Flexible human resources to work in various time zones˳
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