Offshoring- A Business Process Decision That Can Transform Your Business Profitability The advent of globalisation has witnessed a paradigm shift in several facets of businesses worldwide. On one hand, it has increased competition among corporations that has a global presence, on the other hand, it has streamlined numerous business process that can be delegated to a different country. Offshore services are one of the most impactful outcomes of globalization. What is offshoring? In layman’s terms, offshoring refers to transferring a particular function of your business to a foreign country. Typically, this is done to take advantage of low-cost labour or cheaper or better quality or abundance in availability of raw materials in developing countries, thus reducing the overall production cost. Both, the primary business owners and the end-users benefit from this arrangement as companies are able to market the goods at economical or better prices. One of the finest examples of offshoring is the IT sector with India emerging as the numero uno market for Business Process Outsourcing (BPO). What is the role of an offshore service provider? A trustworthy offshore company should have the following attributes: ● Should clearly align with your business goals ● Should be able to provide a detailed project plan with tasks broken into manageable timelines ● Should provide periodic updates and suggest action plans ● Should be flexible enough to accommodate logical changes as per clients’ needs ● Should maintain complete transparency with the parent company ● Should have the required expertise in your business domain ● Should maintain deadlines as committed and invoice for periodic completion of work ● Should keep all the stakeholders connected and informed about their respective roles in the entire process India’s popularity as an offshore destination The key factors behind India’s growing popularity as an offshoring country can be summarised through the following points: ● Cost reduction: A cheaper economy, low-labour cost, currency difference, etc all contribute to bringing down the total cost of production. ● Availability of skilled labour - consequent to a large and young population, increased education, and healthcare facilities have all resulted in a skilled and healthy workforce capable of working for extended hours. ● Adoption and adaptation of modern technology: India is fast emerging as a tech-savvy nation open to adopting new technologies across a wide spectrum. ● Encouraging government policies: The government of India encourages exports and has introduced favourable policies for offshoring. ● Faster turn-around time: Professional management of a vast talent pool ensures super-fast time-to-market. Offshore company services will include the entire gamut of the business process that’s been offshored. This includes, but is not limited to, catering to the manufacturing needs, approvals & licenses, financing requirements, and monitoring end product/ service delivery. Industry Experts (www.industryexperts.co.in) has the necessary resources to act as a one-stop-shop for your offshoring requirements.

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 The advent of globalisation has witnessed a paradigm shift in several facets of businesses worldwide. On one hand, it has increased competition among corporations that has a global presence, on the other hand, it has streamlined numerous business process that can be delegated to a different country.



Offshore services are one of the most impactful outcomes of globalization.

What is offshoring?

In layman’s terms, offshoring refers to transferring a particular function of your business to a foreign country. Typically, this is done to take advantage of low-cost labour or cheaper or better quality or abundance in availability of raw materials in developing countries, thus reducing the overall production cost. Both, the primary business owners and the end-users benefit from this arrangement as companies are able to market the goods at economical or better prices.

One of the finest examples of offshoring is the IT sector with India emerging as the numero uno market for Business Process Outsourcing (BPO).

What is the role of an offshore service provider?

A trustworthy offshore company should have the following attributes:

 

●     Should clearly align with your business goals

●     Should be able to provide a detailed project plan with tasks broken into manageable timelines

●     Should provide periodic updates and suggest action plans

●     Should be flexible enough to accommodate logical changes as per clients’ needs

●     Should maintain complete transparency with the parent company

●     Should have the required expertise in your business domain

●     Should maintain deadlines as committed and invoice for periodic completion of work

●     Should keep all the stakeholders connected and informed about their respective roles in the entire process

 India’s popularity as an offshore destination

 The key factors behind India’s growing popularity as an offshoring country can be summarised through the following points:

 

●     Cost reduction: A cheaper economy, low-labour cost, currency difference, etc all contribute to bringing down the total cost of production.

●     Availability of skilled labour - consequent to a  large and young population, increased education, and healthcare facilities have all resulted in a skilled and healthy workforce capable of working for extended hours.

●     Adoption and adaptation of modern technology: India is fast emerging as a tech-savvy nation open to adopting new technologies across a wide spectrum.

●     Encouraging government policies: The government of India encourages exports and has introduced favourable policies for offshoring.

●     Faster turn-around time: Professional management of a vast talent pool ensures super-fast time-to-market.

 Offshore company services will include the entire gamut of the business process that’s been offshored. This includes, but is not limited to, catering to the manufacturing needs, approvals & licenses, financing requirements, and monitoring end product/ service delivery.

 

Industry Experts (www.industryexperts.co.in) has the necessary resources to act as  a one-stop-shop for your offshoring requirements.

 

Source:- https://www.industryexperts.co.in/blog/offshoring-a-business-process-decision-that-can-transform-your-business-profitability

 

 

 

 

 

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