As outsourcing enters its second generation, majority of the world businesses are still unaware of the advantages of outsourcing. Some are aware of it but afraid of trying it due various reasons. For those who are new to the term, here's a brief insight to what we have to offer.
What is outsourcing?
Outsourcing in simple words means hiring a specialist external to your organization to perform a particular task.
Why should I outsource?
Those who have known the advantages of outsourcing have understood the right way of doing business in today’s dynamic world. Following are the advantages of outsourcing a part or an entire business process:
- Low professional fees: Countries across the world or states across a particular country have a difference in labor/employment cost. The difference in the former generally wider than the latter. For example, what you can do at 100$ at your hometown can be done offshore for as little as 30$ which automatically results in reducing the expenses by 70$ or 70%. The above being just an example, in the world market, the prices might wary depending upon the outsourcing country/partner/type of service. These being the primary reason due to which majority of the multinational companies follow the outsourcing model.
- Pay only for what you get: If you have a specific requirement for a job to be done for a limited period of time. By outsourcing you can get the exact task done and paying only for the tasks performed.
- Focus on your core business: Outsourcing specific tasks to experts allows you to focus on your core area of business without worrying about the quality of outsourced tasks as it is safe in hands of experts whose core area of business is same as the outsourced task. For example, if a real estate company needs a website to be developed that would enable them have an online presence. If they divert their focus on website development, neither the website would be of the professional standards, nor would they achieve their targets. A wise decision would be to hire a web designing company for the task and continue their focus on their core area of business.
- No overhead to pay: If you outsource your work offshore, there is a question of giving a paid vacation to the hired professionals as compared to the in house employees. You are also spared from the regular insurance premiums, social security fees, and other expenses that are required to be paid to an employee.
- Operating cost: As you outsource your tasks to expert professionals, it helps you reduce the operating cost in terms of infrastructure, office space, electricity consumption and other resources consumed by an employee.
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