According to the latest report from KPMG, a global consultancy firm, the financial and accounting services outsourcing industry going to be worth $ 5 billion by the year 2010. The entire Knowledge process outsourcing industry is expected to be worth between $10 billion to $17 billion, by 2010.
There are different reasons for this huge growth in the Financial and Accounting Services outsourcing. Few of them being… the availability of talent of high quality in offshore locations, businesses overcoming their fear of outsourcing, global standards to check quality of workforce available and above everything, the inclination of lots of countries to move into knowledge process outsourcing arena. India would be a preferred destination for sure, but India is also facing stiff competition from other countries around the world.
Edge Zarella of KPMG stated that they aim to show that KPO is not just an extension of BPO, but a business phenomenon in its own right. Though Financial and Accounting outsourcing represents only a fraction of the entire BPO market, it is all set of take over a major share of the pie in the coming years.
The more the number of companies joining the financial services outsourcing bandwagon, the more difficult it would become for existing companies to find high quality talent to work at rates that would justify the cost of doing the work offshore.
2 comments:
Outsourcing software development has become such a vogue and a full time vocation that today you have companies catering specifically to this aspect of the IT world. Outsourcing software development concept has attained full blossom within years of its birth. While the IT world is ever expanding and has become almost inevitable to mankind there were worries regarding the high prices of the IT services? In the modern times this issue has been somewhat resolved by hiring a offshore development team from a software company based in nations which provide the same services at much cheaper prices.
Yes Mate,
you are right that outsourcing is a good option to reduce the costs and get the best work.But before outsourcing one should do all the necessary checks.
Thankx
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