OUTSOURCING,THE,NEW,PARADIGM,W business, insurance IT OUTSOURCING IS THE NEW PARADIGM
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When US corporations putoutsourcing on hold in 2009 as the US economy imploded, outsourcing specialistsfeared the worst. However their fears were unfounded. According to the Global TPI Index, whichmeasures the commercial outsourcing contracts valued at more than $25 million,the 4th quarter of 2009 saw $24.7 billion of new business - the bestperformance in six quarters.Critics of outsourcing say thatover a million jobs have been lost due to outsourcing since 1994. However, in astark contradiction, while it tells the American public it cares about Americanjobs, the U.S. Chamber of Commerce actually works to send jobs overseas onbehalf of its corporate members, which include some of Asias top off-shoringcompanies.The Global IT Outsourcingboom could well have been fuelled by the Y2K issue. This "Year 2000"problem arose because many computer programs stored years with only two decimaldigits; for example, 1980 would be stored as 80. Some such programs could notdistinguish between the year 2000 and the year 1900. Some warnings of what wouldhappen if nothing was done were particularly dire: "The Y2K problem is the electronic equivalent of the El Niño and therewill be nasty surprises around the globe., said John Hamre, United StatesDeputy Secretary of Defense.The United States Governmentresponded to the Y2K threat by passing the Year 2000 Information and ReadinessDisclosure Act, by working with private sector counterparts in order to ensurereadiness, and by creating internal continuity of operations plans in the eventof problems. The private sector in turn outsourced work on a massive scale tocountries around the world to counter the Y2K threat. The total cost of thework done in preparation for Y2K is estimated at over 300 billion US dollars.When the Y2K problem wasovercome, IT outsourcing by US corporations continued as a normal practicebecause by then the companies to which the work was outsourced had developeddeep domain expertise, innovative solutions and global sourcing credentials.The then CEO of HP, Carly Fiorina(now Californias Republican Senate nominee) has repeatedly defended thedecision to outsource thousands of jobs that tech giant Hewlett-Packard madewhile she was its CEO between 1999 to 2005. During my time at Hewlett Packard, yes, I hadto make some tough choices like families and businesses all across Californiaare making tough choices. she said. This outsourcing of jobs added billions ofdollars to HP's bottom line.According to Michael Corbett,Chairman of the International Association of Outsourcing Professionals, UScompanies are under enormous cost pressure. Outsourcing not only allows them toramp up and down on demand but also lets them take advantage of theiroutsourcing partners lower cost structure. Thus, according to him, outsourcingisnt expanding in spite of an uncertain economy - but because of it. Again, perhaps as an offshoot ofthe Y2K crisis which saw hordes of Indian IT professionals move temporarily tothe US, and the subsequent consolidation of the Indian IT industry, threeIndian companies Infosys, Wipro and TCS are in the Top 10 of the IAOP Global Outsourcing 100 Leaderslist. Clearly IT outsourcing is the newage paradigm.
OUTSOURCING,THE,NEW,PARADIGM,W