Mynd Solutions Pvt. Ltd. Official Blog: Effective Vendor Management

Mynd Solutions Pvt. Ltd. Official Blog: Effective Vendor Management: Organizations that have been in business operations for some duration of time are often completely occupied with several service provide...

Effective Vendor Management

Organizations that have been in business operations for some duration of time are often completely occupied with several service providers and vendors facilitating their functions. Of the many vendors that service Global companies, some might be strategic however the majority are largely utilizing for executing routing tasks only.

Irrespective of the number of vendors being on a lower side (20-25) or even in larger organizations having multiple vendors numbering in the hundreds; the entire process of managing vendors is essentially a laborious and costly affair. The time-consuming process of managing multiple vendors leads to wastage of manpower resources, which might have been allocated to more strategically useful processes. 

A huge amount of leadership time and energy is wasted in the quest to manage multiple providers, thus deviating the attention from core focus areas including- management of overall infrastructure and operations of the organization. It is a well-known fact that as the vendors associated with a firm increase, in the same order the challenges associated with managing them grow. 

Mis-management often leads to Loss in Value Chain-
Ill-managed vendor  relationships  create  increased expenses along with inadequacies in operations. The primary reasons for loss in value chain due to mis-managed vendors include:

• The vendor’s service delivery is effected over some time and is not as per customer’s needs
• No competition between vendors
• There is a lack of partnership for innovation across the different provider types and relationships

Well managed Vendors drive Organizational Productivity

Mynd Solutions Pvt. Ltd. Official Blog: The Dominance of India as a Globally Preferred Out...

Mynd Solutions Pvt. Ltd. Official Blog: The Dominance of India as a Globally Preferred Out...:         India: “The Preferred Outsourcing Destination” India remains the most preferred Outsourcing Country and contributes to 65% o...

Mynd Solutions Pvt. Ltd. Official Blog: The Varied Needs of Modern Business ....

Mynd Solutions Pvt. Ltd. Official Blog: The Varied Needs of Modern Business ....: In today’s economy, it does make sense to have an effective and efficient finance organization. Therefore to achieve high performance in ch...

The Dominance of India as a Globally Preferred Outsourcing Destination...

        India: “The Preferred Outsourcing Destination”

India remains the most preferred Outsourcing Country and contributes to 65% of the BPO off shoring market. NASSCOM (The National Association of Software & Service Companies) has conducted several surveys in recent past in the outsourcing industry. Many positive outcomes have been reported as part of this survey, especially for the companies engaged in the outsourcing industry. Majority of American and European companies have selected India as a preferred destination to outsource their work, while nearly 50% Fortune 500 companies choose to outsource IT related processes to Indian outsourcing firms.

Despite the recent emergence of other contending lower-cost outsourcing destinations such as the Philippines, Mexico and China etc.; the Indian subcontinent has retained its leadership position as a prime provider of “Affordable yet superior quality” outsourcing services. The Indian outsourcing industry is witnessing a rapid growth rate of nearly 30% per annum. This growth is primarily attributable to a skilled and knowledgeable young workforce, rapid infrastructure growth and some beneficial economic and government policies.  

The Cost Benefit Factor

India gains heavily on the point of labor costs as compared to the developed countries where the wages for skilled personnel are relatively much higher. The low labor cost factor helps companies achieve substantial savings on their expenses. Due to this sort of flexibility available in terms of labor wages, companies are empowered with the ability to enhance their profitability.

The Best Talent Pool of the World- Both in Quantitative and Qualitative Terms…

India is a young nation, with more than 80% of the population under the age of 30 years. This young population is progressively enhancing their education levels and hence contributes to the development of the largest Global pool of Skilled Human Resources. Another fact that contributes to the dominance of the country in the International Outsourcing Market is the fact that India is the world’s Largest English speaking country. Hence, India secures and seals its leadership position with the Human Resources playing a prime role in the same.

World-Class Services- Local Prices

At the advent of the outsourcing century since the year 2000 onwards, MNC’s had chosen India to outsource their requirement, keeping in mind the resultant cost benefits.  However, later on it was noticed that companies extended their outsourcing contracts and continued with their Indian providers due to continually good service delivery levels. Quality of services offered and time-to-market drove global customers to continue with Indian Outsourcing Companies

Government Stability and Favorable Policies

Government supports the outsourcing industry in India through several helpful policies on power, telecom, taxation, special zones and industrial parks are improving both communication and infrastructure systems. The IT industry is being supported continually by the Information Technology Act IT which also leading to a growth in the outsourcing industry.

Rapid time-to-market of Indian Companies

India, being in a different time zone ahead of most Western world countries gains by this time difference and offers the most rapid time-to-market. The time difference allows early completion of work, timely fulfillment of deadlines and hence quick turnaround. The above mentioned factors lead to satisfied customers.

India boasts of the best in Infrastructure and technological capabilities

Urban India has well developed infrastructure in terms of cellular networks, telecom and Internet in all major towns and cities. Customers are offered leading edge technology, tailor made solutions for all applications and business functions including Business Process Management, Finance & Accounts, and HR Outsourcing etc.