Okay, so let’s face it. 15 years of the new millennium are already down. Ever-since, the new millennium started, the way Business is defined and steered has had new dimensions added to it; and so has been the advancement of newer thought process. Isolation is no more the thumb-rule to monopoly and collectiveness or outsourcing is the new course of action. Many have embraced this concept of lending some part of our work to be done elsewhere, in some distant part of another region or country while some are still aloof to it.
Whether one vouches for Outsourcing or doesn’t give it a thumbs-up, one cannot ignore it. Why? certainly because this practice of today was once the way of trade and commerce among the popular world civilizations. So what made even our ancestors a part of “Some by me, some by you” chain and eventually the business strategists giving it the current shape?
An African proverb, very aptly catches the essence of outsourcing - “If you want to go fast, go alone. But if you want to go far, go together”. Every business today has embraced outsourcing in one way or the other, so much so that the crucial question becomes “Why not outsourcing” instead of “Why outsourcing”?
As we progress, we take a look at few of the essential factors of this outsourcing concept!
Outsourcing in a nutshell
Superficially, the most common answer to “Why outsourcing” is “It helps in cost cutting”. Well, to an extent it still remains the major factor why companies consider it. Apparently, there are other vital factors too, which make outsourcing lucrative.
Outsourcing brings with it:
- Accomplished Task Force
- Substantial reduction in the operating cost -Flexi staffing
- Enhanced levels of work efficiency
- TAT reduction
Summation of all these factors, does lead to enhanced levels of profit and gains.
So before you stamp A Yes for an outsourced solution, ponder on these 5 fundamental questions that one should always consider in order to leverage the benefit of outsourcing.
- Does my organization NEED to outsource?
- What GAINS shall be reaped?
- WHAT has to be outsourced?
- What is the RIGHT TIME to outsource?
- WHOM should my organization outsource?
Stay tuned for the next blog of this series...