Evaluate the security setup and information safety measures deployed by the company. characteristics of common stock in financial management tutorial 05 april 2020 Assess their contracts, service-level agreements, and NDAs (Non-disclosure Agreements). This exercise will help you find and shortlist the right companies for outsourcing your IT project.
- Besides, India’s IT industry is a leader in AI skills, with the second-largest pool of AI/ML BDA talent worldwide and the third-highest number of Cloud professionals.
- Outsourcing to India allows multinational companies to fill talent gaps in their software development and web development jobs.
- However, as mentioned above, the country comes neck and neck with other developing outsourcing locations around the world.
- Gartner’s Mishra says China-based firms have grown their market share significantly last year, but adds that their salaries are the highest in Asia.
Being a global tech hub with an advanced IT sector and startup ecosystem, outsourcing to India offers access to cutting-edge tools and practices, leading to faster development and time-to-market. Looking past the immediate situation, McKinsey expects the global market for offshore business and technology services to grow to about $500 billion by 2020, from the current $80 billion a year. Even with this more than sixfold growth, the industry will serve less than a third of the potential market, which McKinsey estimates at $1.65 trillion to $1.80 trillion in 2020. The revenues of India’s business and technology services companies have grown to about $58 billion at the end of 2008 (including about $46 billion in exports), from $4 billion in 1998. The ‘thing’ he’s referring to is the mad rush for IT talent in the country brought on by pandemic-led digital transformation initiatives in almost every company. The ‘thing’ has forced firms and their HR heads to grin and bear it as highly skilled technology professionals walk out on job offers with 50 per cent salary hikes in some cases, with three-four other offers lined up.
BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them liabilities in accounting to make the world a better place. A Nasscom study shows that 50% of Fortune 500 companies choose Indian outsourcing service providers. 80% of US and European companies prefer outsourcing services to India and rank it as their top choice for its ability to provide highly skilled professionals with great work ethics. Evaluating the infrastructure and technological capabilities of the companies you are considering before outsourcing your project is essential. Ensure they have the hardware, software, and security measures to handle your project requirements.
Get access to top-skilled Indian developers
Outsourcing to India is generally a good idea for your non-core tasks as long as you have chosen the right outsourcing company to partner with. So, by outsourcing to India, you can pay by the hour, by the week, per month, or by project. After all, you need to hold the service provider accountable for any delays or issues in the project.
Is it Safe to Work with Indian Software Developers?
So, whether you wish to hire developers or create a full-fledged office infrastructure, outsourcing in India can save you up to 3x of the cost you would spend in the US. The latter, where several MNCs have their teams, brings quality data science skills to the table, experts say. To achieve better results, the authors advise companies to adopt a “market-back” approach, starting with the end market and designing a comprehensive manufacturing and sourcing footprint strategy to serve it. Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.
The quickest time-to-market
This way, you’ll have a better understanding of what you’re willing to outsource. Despite listing the best practices, the vast Indian outsourcing landscape can still leave a startup or a newcomer clueless about outsourcing to India. The Indian Government has launched several initiatives to make India’s IT sector a leader in technological advancement. This ensures that you have 24/7 support on your ongoing operation, empowering you to maximize accomplishments in a normal work day, which would not have been possible if the work were done locally. Quickly determine your outsourcing ROI with our cost calculator and its impact on your overall budget. Elevate efficiency, reduce costs, and accelerate innovation with Your Team in India.
Insurance Industry
Search for companies that meet your project requirements when planning net sales defined to outsource in India. Look for firms with impressive track records, positive reviews, and a varied portfolio of successful projects. Additionally, seek recommendations from colleagues, business networks, or industry forums to gain valuable insights and referrals. Indian tech companies have successfully adopted a Western business model and culture. They understand the work environment and train their teams, making them more adjustable to Western culture. Even after three decades, cost-effectiveness is one of the biggest advantages of outsourcing to India.