China is a country with great cultural appeal and social concord. It has emerged as one of the most attractive and preferential business locations, largely because of the slowly increasing English-speaking population in the country.
Taking advantage of China’s low cost products and services, an increasing number of Indian outsourcing companies are directly investing in China. Many Indian IT giants such as Wipro have already expanded their business base in China and there is likelihood for more and more companies to follow suit. Since last year (2009), there has been a considerable increase in Indian companies entering China. This reveals the rising interest of Indian companies in doing business in China.
Managing a business is all about economics, effectiveness and efficiency. Outsourcing can be a powerful and profitable strategy for any business as it enables companies to focus on core competencies, while reducing their operational costs significantly. It makes sense for big and small businesses to outsource their routine administrative and maintenance jobs to offshore service providers. Companies should resort to outsourcing if they are facing a human resource, time and money crunch.
Companies can tell it’s time for them to outsource if their high-value, core projects are lagging due to shortage of resources and if they are too busy managing operations and losing focus on their core business. Outsourcing helps companies save on costs such as payroll taxes, insurance and benefits paid to full-time employees. The cost of keeping a company’s workforce working is escalating every year with recruitment costs and employee benefits plans eating into the profit margins.
Clients make all the difference in any business! Without them, no business can survive. While it is obvious that customer loyalty, customer retention and customer delight help your business to flourish, but without the ‘customer’, these terms make little sense. Similarly, in the outsourcing business, there is a constant need to build a good clientele. While there are several traditional ways of acquiring clients, companies are now resorting to innovative methods to create awareness about their products and services and increase their list of customers / clients.
Did You Say Social Media?
Thus, in order to reach out to potential customers directly, companies are going the social media way! Among the several benefits of social media, outsourcing companies get a platform to express value to customers in a bonafide and direct voice. The social media enables companies to talk about their products and services in a more personal manner. The situation has become so intense that most of the social media websites are flooded with marketers trying to ‘shout out’ their products, services, brand positioning and other messages.
European companies are embracing outsourcing as never before. However, there are certain European companies that are still reluctant to push the outsourcing button! The need for outsourcing in Europe is steadily growing as it offers enormous financial benefits.
Over the last 2 decades, India has been delivering cost-effective and high quality outsourcing services to companies in Europe. While the preliminary focus was on IT services, today, the most multifarious and analytical services are also offered by India, including product development and engineering, research and development, etc. Its large talent pool, innovation, cost arbitrage, etc. are the key drivers that have allured European companies to outsource to India.