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Recently, outsourcing by companies especially Small and Medium Enterprises (SMEs), has started taking shape, which if nurtured and adopted widely, can greatly improve productivity of SMEs in India. In India a few emerging outsourcing opportunities include:
1. Technology Outsourcing
IT outsourcing helps in reducing the initial capital requirements of the SMEs, and more importantly, helps in freeing up organisational bandwidth in managing IT resources.
2. Finance and Accounts
Several SMEs are choosing outsourcing CFOs, as the scale of operations doesn’t necessarily warrant a full-time CFO. More than the cost of hiring, retention of CFO has been a bigger problem for SMEs, which is obviated in an outsourced model, as it is managed by the service provider, who is held accountable for the quality of service delivered. Progressive SMEs are gaining significant advantages from this emerging outsourcing opportunity.
3. Human resource function
The emerging practice in recent years is outsourcing of the basic day-to-day functions of the HR department. The outsourced HR function makes it affordable for SMEs to have systems and processes that are hitherto utilised only by large corporations.
Today similar opportunities are available for progressive SMEs in India, who are willing to capitalise on this emerging phenomenon.