Globalization and Economy are the two factors influencing the bullion market. The volatility of rupee against dollar plays a vital role in the economic growth. After 1991, liberalization made India flat on the Global map for bilateral trading.
Gone are the days where you are worried of managing things at your own risk. Trend says, "Outsource". Two things, what is Outsourcing and Why to Outsource?
To throw a light on the first one
Wiki says- "Outsourcing is the contracting out of a business process, which an organization may have previously performed internally or has a new need for, to an independent organization from which the process is purchased back as a service"
Merriam-Webster says- "To procure some goods or services needed by a business or organization under contract with an outside supplier ".
Answer.com says- "Contracting out to another manufacturer or supplier work that would otherwise be done by a company's own employees".
As the above definitions describe, it is a part of your organizational activity for business to run with a supplier on contract. The activity or the function outsourced mostly non-core activities. Highest probability of Outsourcing is done for the business process and Information technology to the Asian countries after 90's. Technology became handy and people connected well for the growth. In simple, we can define Outsourcing in these terms but the second question- mark really bothers, that is "Why to Outsource?"
There are good number of reasons for answering Why to Outsource?
But, let's focus on few....
For a business, the motto is to gain profit or to increase the stats of bottom line in the annual results. The role of currencies in economy on a Global outlook can fetch you profit and you can meet your motto. Yes, if you outsource the work then you can gain profits on frontline. If Small medium businesses hire a local people for a work to complete then it will cost high (Acquisition+ Learning and Development+ Performance management+ Infrastructure) and the same can be done for a fraction of cost with Outsourcing. There is no need for you to worry and manage the complete human resource cycle driving your overhead costs high. Confusion may lead to make errors which are a minus for the business. Outsource the work to avoid such things.
While outsourcing your need you may be worried that how this can be handled at the other end of geography. But, the highest probability is qualified and skilled enough to render best results. The longitudes and diagonals of Globe make the time zone to differ in CZT and IST. This enables Asian countries to complete the work with a day ahead. You can have much time to check and proceed with the work. The work gets done while your market is closed down. To be on plus, Time and Skill are the factors to put an up arrow for your growth through "Outsourcing".
The other challenge is to face the ups and downs of business. It is not a steady function and we cannot predict what will happen on the other day? It is good that your business is going steady and you are growing. But what will happen when you have lot of projects in hand? You need to support your infrastructure on a large scale? What will happen to R&D and QA? And on the above this, you have to look for your current growth without losing sight on operations. It makes you confuse, simply outsource.
To Conclude, Outsourcing your non-core activities can make you relax to focus on your core activities. The change in economy is a continuous process with the volatility of currencies. Hence, outsource the work and stay relaxed to gain profit.
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