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The Real Cost of Outsourcing
TABLE OF CONTENTS
? Introduction
? Cost of Selecting the Vendor
? Cost of Transition
? Cost of Managing an Offshore Contract
? Conclusion
Introduction
In this white paper, we will explore the total cost of outsourcing by uncovering the hidden figures that boost up your bill. There are areas where you will have to invest more than you thought in the beginning, issues where things like poor processes and productivity can eat away potential savings and places where you can end up spending just as much as you would do it without outsourcing.
Offshore Outsourcing Business Models. Part I
One of the main points while developing your outsourcing strategy is choosing the right delivery model for your type of business. In this article we will talk about outsourcing business models, their types and advantages.
Offshore outsourcing business models are defined by two dimensions:
Ownership or relationship structure (RS)
Geographical location of the work (GL)
Types of Ownership structure
1. Pure Contract Offshore Outsourcing (buy or third party)
A company delegates control of a function to an external service provider in a foreign country. The provider takes over the function and does much of the work offshore using cheaper labour.
Main benefits: limited operational risk, the potential for cost savings, rapid speed at which it can be executed.
2.Joint Venture (JV) (partnership agreement)
This is a product of two or more companies that combine their resources to produce a new entity to perform business project for a set period of time. Joint venture has its own management and organizational freedom.
Main benefits: Both parent-companies save money because expenses, resources and workload are shared.
3. Captive Offshore Subsidiary (build or insource)
Accounting Outsourcing is the Latest Trend in Global Business
Suppose you have a small business that has just taken off sometime back. It is also doing quite well and you have brilliant plans for expansions that you are confident will work. However you have human and financial resources that are tied down due to the daily operations of the business and that makes it impossible to concentrate on the core business and plan future strategies for growth and expansions. Accounting can be one such division which although very crucial in nature can end up blocking a major chunk or resources. This is the reason why more and more companies are going in for accounting outsourcing that helps to save both time and money for the company.
Accounting outsourcing forms a part of corporate dismantling and reorganizing the finance structure for more enhanced efficiency which in turn increases the profitability of the organization. It involves the reorganization of the labor force within and outside the company. Accounting outsourcing involves a two-way information interchange, trust and co-ordination between the client and the vendor. The organizational function of accounting is outsourced to a third party who in turn prepares the accounts records and offers financial consultancy and accurate, up-to-date records on a daily basis to the client. In the global marketplace accounting outsourcing is easily accessible to companies both national and international.
Outsourcing: Behind the Scenes
Outsourcing is the latest trend in most areas of business. In a very simple sense, itâs âget it done from outsideâ. This tendency has been adopted by many industries because of some major advantages the system offers:
Cost effectiveness
Expertise
Effective time management
Increased productivity
Reduction of administrative work
I have a tale to tell to illustrate the above reasons. My story begins when outsourcing was not a popular recipe for effective business practices in in India, except for a very few who understood the arrangement earlyier than most.It was way back in 1989 and I had a small pest control business for the past five years. I was young and bubbling with energy to work round-the-clock and build an empire for myself. I was in constant touch with many of the companies in the corporate sector in Calcutta (now Kolkata) to market my company and I was looking for ways to branch out from pest control.