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India Becoming An Important Research Center

2425 words - 10 pages

IntroductionToday's escalating; competitive and demanding environments have forced companies to be more efficient, operate leaner and continuously innovate new procedures to keep ahead of competitors. Adding final consumer value to a product or service in the form of lower prices, quality and better service has become an essential requirement in the global marketplace. Corporations must adapt with increasing speed to market pressure and competitors' innovations. To survive in the 21st century, corporations are hurrying to:1) search globally for opportunities and resources2) focus on core competencies and mutually beneficial longer term relationships3) outsource those activities that can be performed more quickly and at a lower cost by subcontractorsAs more corporations expand their business globally, they are seeing more opportunities and an increased set of threats to the market. Threats like war, political revolutions, new currencies, and natural disasters can affect growth and political stability throughout the world, so in order to successfully compete in the international market, more companies are faced with the decision of relocating part of their operations offshore.Outsourcing to stay competitiveGlobal outsourcing of products, services, and research and development is a trend that is becoming increasingly popular with many corporations. For the same services provided say in the United States, corporations are finding quality work in other countries for a fraction of the cost. The country currently at the forefront of this trend is India. An increasingly important player in the global economy, India continues to drive the social and capital markets that shape our world. The region's burgeoning population, for example, has a high proportion of educated workers who will have significant impact on important developments in many corporations. Beyond that, the mere size of this skilled workforce will have substantial buying power in tomorrow's economy.Outsourcing to India has delivered rich rewards for many corporations, has freed up scarce funds to full strategic investments and, in some cases, corporate turnarounds. Many of these corporations are also experiencing significant cost savings by outsourcing work to developing countries across the globe. Some advantages of global outsourcing are: technically skilled, inexpensive labor; multi-lingual workforce; potential 24/7 global tech support; global prestige; local market access advantages; lower duties and tariffs; low cost delivery; and after sales service. Developing nations benefit by providing local viable careers for their educated populations, attracting foreign investments in their infrastructure, and a general increase in the standard of living. (J. Foreman, 2004). These advantages make a strong case for outsourcing, but there some disadvantages that are being discounted or overlooked.For corporations to stay competitive in today's global market, many are facing the decision to...

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