There’s no doubt that offshoring has become significantly popular in the recent past. With more and more businesses building dedicated development teams in places like Asia and Eastern Europe, the market of outsourcing and offshoring industries is now valued at over $85.6 billion. And it’s just getting started!
For some companies, the benefits of offshoring, most notably cost, is enough to take the plunge to go offshore. However, other companies are still considering whether it’s the right business move.
Are you stuck between wondering if working with local teams is sufficient for your business or if going offshoring will give your company a much-needed competitive edge? If yes, then we understand that weighing the pros and cons of offshoring can be a difficult task. Building a dedicated development team in another country is a strategic move – one that requires careful consideration. And that’s why we’ve simplified this process for you! In this blog post, we’ll discuss the different scenarios where offshoring might be the best move for your business. (pun intended!)
Are you struggling to find the right talent?
The technology industry is one of the most dynamic industries today. As a result, the demand for skilled IT professionals is at an all-time high. To add to this, the emergence of new technologies such as Artificial Intelligence and Machine Learning has triggered a recruitment surge like never before. More and more companies are now on the lookout for IT professionals who can fill new, specialist roles.
While technological leaps can allow businesses to gain competitive advantage, they can also bring new recruitment challenges. For instance, a study conducted by Robert Walters, Totaljobs, and Jobsite showed that over 70% of technology employers in the UK face a talent shortage. Almost 24% of the respondents stating that the lack of talented developers will greatly impact their recruitment process.
Meanwhile, another study conducted in the US showed that by the year 2028, the acute shortage of talent would lead to a potential loss of over $454 billion in economic output. The reality is quite apparent. Companies in the West are finding it increasingly harder to find the right tech talents. The demand for talented engineers is now significantly greater than the supply.
If you find yourself in a similar situation, then what you need is a larger talent pool – one that you cannot find locally. By building a dedicated development team offshore in a country like India, you gain access to exactly that.
Read more about how to build a Dedicated development team in India.