The global market size of the outsourced services industry was worth $82.9 billion in revenue in 2013. Outsourcing is big business, and one of the key trends is the rise of offshore outsourcing where a company outsources a portion of its work overseas typically to keep costs down.
The benefits of outsourcing include keeping costs down, transferring risk, attaining specific expertise that companies don’t have access to in-house, and invaluable access to technologies that companies don’t have the time to learn or the budget to implement themselves or time to train staff. Long term, outsourcing saves the most valuable business asset of all – your time.
There are a huge amount of terms that co-exist within the industry that are often written in acronyms so not always understood. This infographic highlights some of the main terms and puts them into easily understood language.
Manufacturing takes the lead in the top 5 most popular outsourcing sectors, followed by IT services, research and development, distribution, and call centers respectively.
This infographic also highlights 5 of the world’s most popular offshore outsourcing destinations. India is still the leading country in this regard due to its intelligent, efficient, and diligent workforce. China, Malaysia, and Thailand are all included with specific advantages to each. However, all are subject to the drawback of political instability and adjusting to the global world economy. Brazil has been identified as one of the emerging markets with attractive options for offshore outsourcing.
Author Bio:
The benefits of outsourcing include keeping costs down, transferring risk, attaining specific expertise that companies don’t have access to in-house, and invaluable access to technologies that companies don’t have the time to learn or the budget to implement themselves or time to train staff. Long term, outsourcing saves the most valuable business asset of all – your time.
There are a huge amount of terms that co-exist within the industry that are often written in acronyms so not always understood. This infographic highlights some of the main terms and puts them into easily understood language.
Manufacturing takes the lead in the top 5 most popular outsourcing sectors, followed by IT services, research and development, distribution, and call centers respectively.
This infographic also highlights 5 of the world’s most popular offshore outsourcing destinations. India is still the leading country in this regard due to its intelligent, efficient, and diligent workforce. China, Malaysia, and Thailand are all included with specific advantages to each. However, all are subject to the drawback of political instability and adjusting to the global world economy. Brazil has been identified as one of the emerging markets with attractive options for offshore outsourcing.
Pat Bourke is the Managing Director of Ayers, an Australian-owned and managed Contractor Management Company that delivers innovative and streamlined payroll and contractor management solutions to contractors, recruitment agencies, consulting companies, and corporations across Australia and New Zealand. He established the business in 1988 and regularly blogs about the payroll and contractor management industry.
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