WHY HAS INDIA BECOME AN OUTSOURCING HUB IN THE WORLD?
Keywords:
Outsourcing, Lean organizations, Cost Saving, Prosses, Skilled manpower, BPO, KPO, ITO, Manufacturing, Accounting, Marketing & Sales, Shipping and logistics, Research, Human Resource Management, Time Zone, OffshoringAbstract
Outsourcing is the business practice of contracting with a party outside a company to perform services or create goods that usually were traditionally performed in-house by the company's own employees and staff. Outsourcing is a practice usually started by companies as a cost cutting measure. Particularly, the non-core areas such as sanitation, security, household, pantry, etc are outsourced by a company. The company makes a formal agreement with the contracted agencies. These contracted agencies are specialized agencies. Services outsourcing in India started in the 1980s and rapidly accelerated in the '90s. In today's world where information technology has become critical to business, the meaning of outsourcing has undergone a drastic change over the years.
