Offshore outsourcing is the modern business approach of outsourcing / assigning some of its commercial activities to expert offshore companies in order to fetch better quality, cost and technical excellence than what is available domestically.
"Hire rather than own expertise" is the concept behind offshore outsourcing model. Rather than spending money on developing and maintaining certain non-core activities, businesses can outsource them to offshore experts and get quality work at much lower price.
According to a report released by Nasscom and McKinsey, Indian companies will maintain their share of 46 per cent in the global BPO market and 65 per cent in the IT outsourcing market till 2010, even as the combined market is estimated to grow 10-fold from $30 billion at present to $300 billion by 2010.
Offshore outsourcing model offers businesses multiple benefits in terms of cost, quality and technical excellence. Here are some of the noticeable benefits of offshore outsourcing model.
As mentioned above, Offshore outsourcing model is based on "Hire rather than own expertise" concept. In other words, businesses prefer to outsource / transfer their non-core activities to offshore companies who are experts in their working domains.
By doing this, Businesses get expert services at low cost as compared to the domestic market. Businesses also get more time to concentrate on their growth plans that they might had spent in maintaining these activities.
It won't look surprising if we call India as "Mecca of offshore and outsourcing" . According to a study conducted by Forrester in November, 2001, India's edge over other competing nations in the IT outsourcing business is based on the country's decade old experience in this area, fluency in the English language, supportive Government policy, infrastructure, and high quality offerings.
Below, we present you some reasons that justify why India is a preferred destination for businesses to outsource their offshore-based activities.
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