Globalization, challenging economic environment and increased competition are making many enterprises reconsider their business models to enhance their performance. This is exactly where outsourcing adds value to a business model. By outsourcing, businesses can pay exactly for what they utilize. This unburdens the enterprises as they can quickly outsource their project to a vendor with the right resources for getting the job done. While cost reduction is the major reason for outsourcing, access to skilled resources and data security and confidentiality are among the other major factors that drive outsourcing.
Although US tops the list of foreign nations outsourcing to India, UK and Europe are becoming open towards offshoring and outsourcing in an effort to access skilled resources and cut down costs. According to the 2016/2017 European IT Outsourcing Study, by Whitelane Research, over 4600 IT outsourcing contracts from more than top 1500 IT spending European organizations were identified, accounting to €40 billion.
Europe, which has been historically slow towards offshoring and outsourcing, has emerged as one of the next big frontiers. Offering a potential outsourcing opportunity of close to $45 billion, Europe is one of the top players outsourcing IT and Insurance services to India. Apart from these, other processes outsourced by European businesses are Data Entry, Accounting and Bookkeeping services and Engineering services. The most outsourcing-friendly nations of Europe, which include UK, Scandinavia, Germany, France, Switzerland, and Benelux, account for a total potential of $30.4 billion out of $45 billion. According to a report by PhillipCapital, France and Germany continue to be the largest players with the IT-spend potentials of $9.2 billion and $7.8 billion, respectively.
According to an estimate by Black Book survey, Indian revenues from UK outsourcing are expected to grow at an annual rate of 26.5% over the next 2 years, with a market value of close to $9.7 billion by 2018. UK is one of the major demand drivers for offshoring insurance services with a steady rise in the agencies outsourcing from the UK. While established organizations are the ones who are majorly outsourcing, smaller companies are now slowly following the trend.
Currently, numerous insurance companies including Norwich Union, Abbey National, AXA, Allianz Cornhill, and Aviva offshore some of their services to India. Companies outsourcing from UK also sub-contract some of their support functions such as finance and accounting to Indian service providers. Other services outsourced from UK include -
Offshoring story of India began in the year 1985, with the establishment of Texas Instruments office in Bangalore. Since then India has maintained dominance in the global outsourcing, due to a mature ecosystem. Today, Indian offshoring industry has evolved and provides the widest array of services with most mature service providers. Some of the major services provided by India include KPO, R&D, BPO, Engineering services, IT, etc.
Although many nations offer services at lower costs, they do not exhibit the level of process maturity offered by India. Having entered the market early, India has developed a fine process maturity. Following are some of the major factors that make India a mature global outsourcing destination.
In addition to these factors, tremendous growth in the value chart has endeared businesses across the globe to India.
While reduced risks and operating costs are the major business benefits of outsourcing to us, the main advantage is to retain complete control over the project at every point of time. Following are some of the reasons that make us a promising service provider -
At Outsource2india, we offer flexible pricing options. You will be billed only for the utilized services and we can also customize the billing as per your project requirements. This pricing flexibility enables businesses to manage their budgets and reap huge profits.
We have multiple delivery centers and a huge workforce. This helps businesses to quickly scale up or scale down the projects as per their requirements.
We offer global outsourcing clients with the most advanced software, including customized solutions for different project requirements, such as system migration, legacy system maintenance, business process re-engineering, and e-commerce to name a few. Besides, uninterrupted communication channels, fiber optic networks, submarine cables and other necessary infrastructure are also in place to provide consistent and continued services.
Having over 21 years of multi-domain industry experience we provide consistent, high-quality services that precisely cater to the business requirements. Quality and time-to-market are the major adages that make us a preferred outsourcing partner.
With India, outstripping competitors worldwide in terms of service quality and cost, it is now riding the crest of global outsourcing revolution.
Serving global customers across various sectors, we have multi-disciplinary industry experience. We provide streamlined services using industry best practices and get the best resources to work on every project we undertake. Besides, by evaluating the requirements and expectations of our clients, we provide a customized pricing structure, where the client can pay for exactly what was utilized.
Our wide array of outsourcing services includes insurance back office support, legal process outsourcing, software development, translation services, healthcare BPO, web analytics, and creative design, to name a few. Quick turnaround time and assured data security are the added advantages of choosing us. Therefore, if you want to maximize your benefits and minimize your operational costs, then feel free to get in touch with us.
Will outsourcing work for you? Know in 24 hours!