This sector has come out of it's Dot Com hangover and have landed solid and confident steps into providing quality IT solutions. No more the small players trying to make a fast buck, it's the old way of working towards trust of customers and brand building. IT solutions include developing software solutions for almost all areas of business and for all sectors, ranging from automotives and aviation to transport and medical services to the media and retailing. IT consulting is the other big thing in the IT sector. From low-end solutions like data entry to Enterprise Application Integration almost every level of knowledge work is done.
Call Centers
Call centers are the flavor of the season. Every company worth it's salt is investing in it. A huge part of human resources is being directed towards this field. It is a rapidly growing field and a relatively easy field to enter. The English educated generation of youngsters do not mind the night shifts as they are taken in without being asked to show experience and are being paid a heavy packet - amounts that only could be earned with hard years of slogging in any other field. Thousands of Indians handle customer service, process insurance claims, loans, bookings, and credit card bills.
Finance & Accounting Outsourcing
FAO (Finance & Accounting Outsourcing) is a fast growing sector. Accounts payable, followed by accounts receivable, were the F&A functions most companies chose to outsource. Much of the outsourced work is full-service in scope. Transactional relationships include accounts payable and receivable, tax, payroll, internal audit, and fixed assets; whereas full-service outsourcing includes the transactional part along with budget and forecast; treasury and risk management; management reporting and analysis; and strategy.
base of deft, inexpensive workers and sufficient raw materials could soon see India turning into a textile outsourcing paradise with buyers in the US, Europe and Africa. With an export potential of $10 billion in the next 2-3 years, India is all set to emerge as a global outsourcing destination for textiles. Currently exports amount to $5 billion. Out of this $3 billion is in the form of outsourcing by major retail chains.
Hospital - medical tourism
Growing medical bills all over the world is surely and slowly directing people to India. Even large scale Insurance hasn't helped the growing discomfort of medical bills. It all started with the Non-Resident Indians (NRI) who waited till their annual visits back home for medical attention. Later it was discovered that taking that trip for the operation tied up with either business or tourism worked very fine. From the NRI this form of tourism has grown among foreigners too. Neighbors like Sri Lanka, Bangladesh and Nepal have been doing this for a long long time for economic as well reasons of faith in the Indian Health System. Pakistan of course has had a rough patch due to the not so friendly relations with India; but if the renewed bus services and repots of people traveling by them for medical attention, is any indication they've been waiting for an opportunity.
The export of labor however continues in this field, as it is difficult to physically shift patients to India. Nurses are still being imported on special visas. Healthcare Services draw contracts with Indian companies that recruit, train and send these nurses overseas.
From the Cars to electronics to coke plants to power generation, companies are shifting manufacturing bases to India. It could perhaps have happened earlier but for India's own restrictions. Manufactures in every field seem to be rushing to invest in India. This is one sector however which is not only driven by the skilled cheap labor but also the increasing amount of buying capacity of Indians. With a ready market in India it makes business sense to set up factories there, as it saves time in marketing products.
'The goal of decreasing time to market is driving manufacturers to outsource engineering processes. Shorter product lifecycles, fast technological obsolescence, rapid technology advances, and increasing complexity of design and engineering are challenges to the time taken to market products. There is therefore an increasing reliance on a global supplier base, and a shift toward offshore manufacturing, and the development of multiple marketing channels. Profits now largely depend upon not just what companies produce or how they leverage low-cost production but, more importantly, on whether they can actually get the right goods to the customer on time and cost-effectively.
Research
Indian analytical skills are increasingly being appreciated and utilized. From financial analysis to risk analysis to consumer patterns to scientific analysis, everything is being entrusted to Indians. Drug research is a growing field and projections are being made that India will soon be the center for biotechnology and clinical testing.
Human resource Management
Human resources outsourcing (HRO) was one of the most rapidly evolving outsourcing markets in 2003. Eighty-five percent of American enterprises will outsource at least one component of their human resources functions by 2005, according to Gartner Dataquest, a Stamford, Connecticut research firm.
One of the biggest developments in this field last year was the growth of full-service HRO that encompasses a complete solution across the breadth of the employee lifecycle, including data management, payroll, self-service, and HR call centers. As more and more large companies divert focus from administration and low end business processes, to core activities, outsourcing HR service delivery and transaction support is slated to grow.
Last Updated on : 20/06/2013
Job Outsourcing to India
