Outsourcing has truly revolutionized in terms of how businesses operate today. Of course, cost benefit was always the forefront runner behind the major outsourcing initially, however the organizations have started noticing how global corporates are not only taking leverage of cost benefit by outsourcing but they have started outsourcing even the high risk functions like, accounting, financial management, IT services, BPO and research analysis to the reliable organizations.
Today, outsourcing is no longer leveraged only for the low cost benefits but it has become the part of the companies core strategies. They prefer to focus 100% on the core expertise and skill and key business operations and prefer to outsource rest to specialised partners.
In recent years, outsourcing has created huge business opportunities for the countries like India, China, Mexico, Philippines, South Korea and many such low cost and affordable countries. Perhaps, India would be one of the biggest beneficiary of these outsourcing opportunities due to presence of large multi talented pool of affordable resources and above all reliability. India was also quite successful in creating a niche for itself in the field of IT service, accounting and finance and BPO over the last decade.
Outsourcing has truly became tool and being leveraged as a key strategy by organizations of all sizes. From startup to large corporates, outsourcing collaboration has become the primary choice to gain competitive advantage in their respective business. Also, with the technology advancement of multiple platforms like cloud, mobile, social media etc. outsourcing partners are able to conveniently adapt the rapid changing business environment despite of complexity of business and geographical disparate environment.
Outsourcing has played an integral role in economic growth in India by creating awareness about the external world. These firms work 24*7 to cater the requirement of functionality in different time zones. Banking services, global IT firms have shipped a part of their firm to India with a promise of quality of service and smooth transactions. Outsourcing also has been a great employment opportunities for finance, IT, computer sciences, engineering and business major professionals.
Nowadays, as we are so used to work remotely the business might occur primarily on the internet and businessmen will shift to online platform to work through dynamic and continuous auctions. The demand of workers available on demand will increase in near future and corporations will be unwilling to hire a full time employee. Outsourcing will be a great step towards productivity, expansion of economic opportunities all around the world and a remarkable change in work style.
This pandemic has taught us to collaborate online and connect in a better way. This will definitely be the economic transformation. Opportunity is knocking the door, it’s time to harness our most valuable asset: “people potential”
