Reconsidering Outsourcing Solutions †Free Samples to Students

Question: Discuss about the Reconsidering Outsourcing Solutions. Answer: Introduction This course has truly been eye-opening in my journey as a business student. In class this course has given me a chance to explore and work through new business ideas and concepts and expand my understanding of the business world. I continue to advance my learning through interchange of professional ideas with both my peers and faculty. I have been able to participate fully in pushing my learning experience to the maximum through a number of action-oriented activities such as case studies and simulations. This in turn has helped me to build my critical thinking, expand my knowledge and improve my thought process. During the course of my study Iacquired important knowledge in class especially concerning business research into outsourcing.The competencies I have so far acquired give me belief that am pursuing the right professional career and that I am getting properly equipped to respond to real-world challenges once I graduate. Furthermore, I gained insight about important business functions such as outsourcing where a company entrusts non-core business functions to external parties. These vendors assume the responsibility of delivering agreed services to the principal for a fee. Generally the activities or functions that are outsourced are those that the company feels that they can be performed from an offshore point(Freytag Clarke 2012).Most common functions that companies outsource include processing payroll, inventory management and call center services. I have come to appreciate the importance of this type of practice as well as the probable risks that may arise. Some of the advantages associated with outsourcing include the ability of the company to cut down on costs. I learnt some interesting scenario about how to take advantage of geography in outsourcing. Companies are able to negotiate for provision of some functions at a much cheaper rate than if they were to undertake the function on their own(Freytag Clarke 2012).An endearing example that I can remember is where there is significant difference in wages between say America and Asia. If a function can adequately be performed in Asia, then it makes logical sense to have this function transferred to Asia at a much lower cost but with same value addition.Outsourcing also bring the element of added efficiency since outsourcing partners have years of experience undertaking such a function which in most cases is their core function and specialty. By virtue of this specialization, outsourcing offers a variety of skilled human resources that can satisfactorily address the function as may be required(Freytag Clarke 2012).The end product of all this is faster and more satisfying service delivery. However much as outsourcing is good, I learnt during the fourth week that it can bring about serious and negative impact if it is not handled appropriately. Top on the list is the possibility of losing confidentiality of sensitive information to parties outside of the intended persons. There is also a chance that an outsourcing partner delivers poor services especially if they do not have prior experience handling such outsourced processes. I undertook a number of activities regarding business research. Essentially it entails a practical study where a company or individual seeks to obtain important data relating to customer experience, cost or a new product(Freytag Clarke 2012).This information is then analyzed and fine-tuned to help make management decisions. Business research may include consumer feedback, analysis of the market competition or financial data. Business managers would then use this information to better understand their business standing as well as know the position such a business holds in the market and how to improve it. I decided to draw a list of questions which I used to collect data from a number of company managers. I personally went to interview persons to gather relevant information about outsourcing. I sent out by mail other questionnaires to firms that were distant. I also did online research about past research findings and how these finds can influence the outcome of my research.Additionally, I made telephone calls to certain firms with a view to getting their opinion on a particular subject. I considered the appropriateness of the methodology to use in harvesting data. During this stage I decided on which quantitative techniques to use in analyzing the data I had collected.I then came up with a sample that I believe was representative of the population. I have learnt of the necessity to dig up the related literature of the business topic under research so that I can get the historical perspective of the subject(Collis Hussey 2013). This background information then constituted further discussion in the report. The process of research offered me insight in various functional processes of a business especially my research in outsourcing. Outsourcing is a common practice in most modern organisations. I realized that businesses should undertake their own research to determine the aspects of their functions and processes can be outsourced profitably.Any business worth its name must conduct a research, however limited, to understand its target customers or simply market trends. This helps the firm to strategically position itself in the market and take advantage of opportunities that competitors may not be aware of(Collis Hussey 2013). With insightful information collected from the market, a business will be able to predict trends and avoid possible problems in the future. Most importantly though is the fact that awareness of market conditions is likely to guide informed decision-making which will ultimately achieve profitability- a key objective of almost all going concerns. Researching and ou tsourcing will help companies to develop not only better products and services but also produce what is relevant to customers ever-changing tastes at a cheaper rate. Through business research a manager can analyze how individual department within the organization is performing(Collis Hussey 2013). With proper projections, necessary adjustments can be made to determine which functions can be outsourced profitably. There are various types of research that a business can undertake to attain informed decision-making regarding outsourcing. This entails a business conducting focused and periodic surveys in the market to establish market dynamics and responding appropriately to those changing patterns in the market. Other researches may include performing a budget variance analysis on a quarterly basis and comparing with projected overhead costs. All in all, business research will help any business stay ahead of competition and also help management make decisions that are consistent with the needs of target market. With limited funds, a business can take a simple online survey which can yield quick yet easy-to-understand data. Alternatively this function can be outsourced to companies that have a historical understanding of business research (Collis Hussey 2013). The hypothesis for the research revolved around the effect of outsourcing on the organization.It detailed the advantages and disadvantages of outsourcing. Upon further research it became evident to me that outsourcing in departments of business is a very common practice. This included human resource functions such as payroll. Generally, the companies that employed the strategy of outsourcing seem to enjoy certain freedoms and can focus on key functions of their business. The last week entailed focusing the skills gained in a work related environment. These skills I have acquired are very important both to the company and also as an individual. They go a long way in satisfying the requirements of my degree. As an individual I feel empowered to act appropriately as a business student. I have developed further understanding of the various functions that businesses undertake and how these functions can positively or adversely affect the overall success of a business. I have also understood why business opts to outsourcefor non-core functions and processes. On a personal level I can infuse this knowledge into administration of our family business. For instance, I am in a position to conduct appropriate customer surveys to gauge market dynamics By applying the skills I have acquired in my future work place and profession I believe I will offer valuable solutions to the many problems that continue to bedevil start-ups. This information is the kind that can make a great difference between a business succeeding or suffering irreparable breakdown. As a prospective chief executive of a multinational corporation, I believe I have added one vital aspect of progressive management. This course has equipped me with the right knowledge to understand outsourcing in its entirety. As a future leader I will ensure thorough understanding of market dynamics through a properly developed outsourcing model before making any decisions that are likely to affect the economic outlook of the company. Bibliography Collis, J. and Hussey, R., 2013.Business research: A practical guide for undergraduate and postgraduate students. Palgrave macmillan. Freytag, P.V., Clarke, A.H. and Evald, M.R., 2012. Reconsidering outsourcing solutions.European Management Journal,30(2), pp.99-110.