With the growing world of globalization, the external sourcing in terms of services and goods has increasingly become a very common practice amongst business institutions and companies, which either want to become global in reach or already are enjoying the status. In this…
Global sourcing means that a company or institution makes use of the working talents based outside the company’s own soils. This may involve the company sourcing certain aspects of their business, such as manufacturing, services or goods, to the off shore companies that work independent in terms of management and ownership.
At a time when most of the companies are under pressure to cut their costs, outsourcing or global sourcing makes for the best option, what with the talents and technologies from worldwide offering to complete the task at hand at extremely competitive rates. Especially when it comes to the work force, labor based work or call centre based jobs, global sourcing can bring out the best of the results, reducing the job considerably. (Donald A., et al., 2004)
Low costs – As we have already mentioned, skilled labor at low costs makes for the most lucrative reasons for companies to outsource, especially when the sole purpose behind the act is the reduction of cost (Jones, 2008).
Increased productivity – Global Sourcing helps the company to increase its productivity, not just in internal sourcing (what with lesser work pressure and better focus), but also in terms of the services being externally sourced.(Jens & Torben, 1999)
Access to qualified personals – When comparing the work force available in US alone, the whole scenario becomes narrowed in terms of skill acquired by the work force and the diversity of skills. In such a scenario, where one requires highly qualified personals, especially as is the case with IT professionals, global sourcing makes for the best option. Each year, China, India and Malaysia bring forth a huge number of graduates as IT professionals, who are skilled and can be available at cheaper costs. Not only does this provide an insight into new and cheaper technologies, it also diversifies the ...
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