Get the Right Back-office Support for Your Business USA, Europe

As per the 2019 Small Business BPO Survey by Clutch, the most commonly outsourced services are IT services and accounting. You can outsource any business task, function or process to a third-party vendor in India as long as there is a feasibility of data transfer. If you’re still torn as to whether you should outsource to India or hire an in-house team, below is a quick overview of hiring in-house developers vs outsourcing to India. Have a look and see why the latter option is a win-win situation for companies of all sizes.

How can I choose the right back office support provider for my B2B business?

If successful, such efforts could contribute $100 billion to $130 billion in export revenues to India’s offshoring industry by 2020, expanding its global market share to almost 60 percent. Back-office services, or business processes refer to all the administrative tasks that happen in the background for all businesses. While these tasks may not seem crucial to revenue generation, they are key to running a business smoothly and efficiently. Outsourcing these repetitive, menial tasks can free up a lot of time and valuable resources, allowing you and your team to focus on other tasks. Operational excellence, systematic processes and stringent quality parameters are a few ways in which we help businesses around the world derive value by outsourcing back-office services.

D. List of Recommendations at the Company Level

Business process outsourcing companies in India, particularly call centers, also offer customer support services that can cater to the global market. DataPowerHub is specialized in any type of data related and internet research services such as data entry, data processing, data mining, data management, internet and web research. If they don’t maintain 100% accuracy, they mentioned they will give you double the money you paid for their services.

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1. Individuals and small and midsize enterprises will find it easier to use offshore services as communications technologies advance, costs go down, and business models evolve, adding $240 billion to $260 billion to the market.
2. Tata Consultancy Services (TCS) runs one of the biggest outsourcing firms in India.
3. Both documents call for privacy protection legislation, 169 encourage the flow of data among member nations, 170 and support restrictions on the transborder transfer of data if the recipient country fails to provide a sufficient level of data protection.171 These components are reflected in the E.U.

See Ravi Nath, (Legal Issues in Offshore Outsourcing), Enforcement of Foreign Awards in India, presented by Molly Doland, Shaw Pittman LLP, the Amercan Bar Association Convention, Section of International Law and Practice, Aug., 2004, Atlanta, GA.. 207 See Offshore Outsourcing of Data Services by Insured Institutions, supra note 5. 171 Council of Europe Convention, supra .note 184, art. 13, 3, b; OECD Privacy Guidelines, supra note conservatism business literacy institute financial intelligence 191, ¶ 17.

Core markets—for instance, large financial-services and telecommunications companies in developed economies—should continue to expand along with the global economy, once growth returns. The pace of growth could slow down, however, if processes are automated and standardized more quickly than seems likely now. Corporate budget cuts during the downturn and protectionist regulation could also dampen demand from core and other markets. The primary reason and motivation for businesses to outsource their operations are to reduce payroll costs and other overheads. India is having less payroll rate in comparison to other countries such as Australia, Canada, the United States, and England. They obtain skilled and talented labor at a very low cost, which is the primary reason for outsourcing to India.

Axis Bank, which has a 1,000-member-plus technology team, has been addressing the talent war what is a pro forma financial statement by hiring people from smaller towns to work remotely. “When we started hiring freelancers under our GIG-A programme, we realised there are some countries where talent is available extensively. We also realised there is enough talent available in Tier II and Tier III cities.

It is a questionable practice for U.S. companies to solely rely on contractual provisions between companies for protection. But as the pie expands, India will be hard pressed to maintain its 51 percent market share, which we expect will drop to around 40 percent by 2020 unless Indian providers become more innovative and global. Outsourcing software development to India empowers companies to get top-notch products developed cost-effectively while ensuring more focus on core competencies.

Fast forward to five years later, the Philippines has surpassed India in terms of revenue and headcount to claim first place in reducing family business drama the global outsourcing business. Indian professionals excel in utilizing project management tools effectively to ensure timely delivery and efficient resource allocation. Your team may also need to adjust to and accommodate the social and cultural practices of the vendor. This includes native language and accents that cause communication difficulties amongst parties.

Select a BPO service provider that has a good reputation, one that offers transparency, expertise, experience in your niche and has a variety of services relevant to your business. Keeping that data safe involves complicated IT and cybersecurity infrastructure, hiring professional data security experts and much more. When choose O2I for outsourced back-office services, you get all this and more without any capital investment and far lower running costs than you could manage in house. Areas that appear ripe include clinical research, mobile applications and platforms, and energy efficiency. Much as offshore companies remotely manage their customers’ IT infrastructures, for example, they could remotely manage the energy consumed by their customers’ air conditioning and heating systems.

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 global economic downturn has slowed the growth of India’s technology and business services industry, but beyond the current crisis the industry faces a changing global environment that will probably cut into the country’s worldwide market share. Under the fixed price engagement models, your Indian outsourcing software development partner agrees to complete a project with a clearly defined scope within a specified budget and timeframe. Also, when you outsource to software development companies in India, you save on office space, infrastructure and team training development which leads to a significant reduction in business expenses.