What used to be a process advantage for a larger organization, farming out low-end business processes, has over the period transformed into a necessity with economic recession seizing the West over the last couple of years. The need to bring down a staggering amount of capital invested in to the back-end and support functions propelled organizations to avail outsourced services from the domain specialists. Apart from cost effectiveness, there are certain pertinent advantages of outsourcing. This includes primarily locating skilled resources and getting quality work done coupled with improved process efficiency. With China, the Philippines and Sri Lanka vying for the major chunk of the outsourcing pie, India, with its own set of advantages continues to stand out in the competitive market.
The popular trend towards outsourcing in India has been triggered by the BPO/ITEs industry that has over the past decade created its own niche in superior support and back-end services. Compared to its market competitors, India has a rich talent pool of an average age group of 15-25 years. With more than 12000 technical institutions churning approximately 3 million efficient candidates a year, companies have a huge range of options to choose from. With attrition rates in Indian BPOs significantly lower than in other countries, the commitment factor is quite high.
There are other important factors that contribute towards the continuous growth of the outsourcing to India. Proficiency in English is a major factor that motivates a much higher intake of Indian talent. Also, with a zonal difference of 12 hours, there hardly remains any backlog in processing and front-end tasks with a faster turnaround time. With the estimated Indian outsourcing market size pitched at $55 billion approx, banking and financial services continue to contribute nearly 40% to the Indian outsourcing market when compared to a host of other verticals.
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