As world economies become more and more interdependent, the way business is being done across the globe over the past few years has undergone sea change.
With the world getting connected into a networked highway, more and more business processes are getting outsourced to destinations outside the national domains of the companies.
Outsourcing has emerged as option for business models across the world as it is being directly associated it with productivity and growth.
And India has inadvertently established itself in the numero uno position as being the most preferred destination for getting all the outsourced assignments done.
According to a recent estimate, India controls 44 percent of the global offshore outsourcing market of software and back-office services and as many as 400 of the Fortune 500 companies either have their own centers in India or are currently outsourcing work to Indian technology companies.
So the question arises as to what makes India such a hot destination for outsourcing? And the most immediate answer that flashes across the mind is the rich pool of skilled personnel that are available in the country.
On the strength of such a vast resource of professionals, India can afford to reduce the cost of effective services like bookkeeping by at least 40% and still maintain its stand on quality.
Just a glance at the list of companies that manage their back office operations from India proves the point.
British Airways and Lufthansa that do their ticket reservation, GE and HSBC managing their accounting, Microsoft and Dell their research work and Standard Chartered its entire back office work for its global business.
Having serviced such global giants, Indian outsourcing vendors have today developed competencies to scale operations or to deliver on clients' requirement in a professional manner.
The highly skilled workforce aided by technological excellence makes sure that the customers are benefited by not only by unmatched service but also by other value added services.
India boosts of the largest English speaking population in the world after the US.
This proves to be an added advantage for the vendors deciding to outsource to India.
Friendly government policies ensure that outsourcing has today matured into an industry that provides unmatched value proposition to multi nationals companies.
Software Technology Parks offering world-class infrastructure and various incentives and concessions to encourage foreign investment and promote software development in India eg 100% foreign equity is permitted.
Apart from this, a stable democracy that is thriving unhindered for the last sixty years, a buoyant economy with impressive GDP rate of 9.
2%, excellent state of art technologies ,rapidly improving infrastructure and above all its growing acceptance as a quality service provider make it doubly lucrative as an outsourcing destination.
Companies today across the world have started realizing thatOutsourcing is today no longer an option for them but is a tool that is inherent to its survival strategy in the market.
And as off shoring assignments are moving up the value chain, talent rich country like India provides the hope to the world.