From a mere cost saving machine to being a strategic decision making huge contribution to bottom line and operations efficiencies, companies globally are exploring new and unexplored avenues to exploit the potential and continue reaping the benefits through Outsourcing.
Market Research Outsourcing seems to be gaining huge popularity with companies globally and Market Research companies in India are embracing the surge in demand. With cost and operational efficiencies complemented by the availability of approximately 3 million graduates year on year and close to half a million Post graduates, India is geared up to meet the challenges of high knowledge intensive work where People are the greatest assets for every company.
Everything seems to be going right for Market Research companies in India. However, there are a few precautions you will need to take before you get the ball rolling. With the boom in the Market Research industry, the industry is also seeing a surge in the number of new start ups geared up to exploit this huge opportunity. This calls for a careful assessment of the Market Research companies in India that you have short listed as well as a clear understanding of the Outsourcing pros and cons that will help you take the necessary action by completing the necessary spade work.
Do your Homework
- Elaborate your Research need clearly and precisely.
- Set Priorities and Objectives with the respective timelines.
- Weekly reviews are very essential. Track in advance by setting time tables and weekly review meetings.
- Hold preliminary meetings. Ask a million questions if required until you are sure.
- Ask for referrals. A good firm will be glad to provide you the references on request.
- Evaluate more than one firm and review Proposals in detail. Low cost is not always the best.
- Request for the Profiles of Managers/Associates who will be involved in your specific project.
- Encourage suggestions & recommendations.
- Request for a point of contact and a separate point for escalation.
With two decades of Outsourcing experience as an advantage for India, giving them a first hand understanding of global markets, cultures and processes, Indian market research companies seem to be the first choice for companies globally. The lead is further stretched through the following advantages:
- With the Indian way of education, which lays great emphasis on higher education & specialization, a talent pool with specialized knowledge in any field is readily available. With over 300 universities and 900 colleges churning out three million graduates and close to half a million post graduates every year companies globally sure has a lot of choice.
- In terms of quality of services offered, India ranks 30 per cent higher than any other region. It not a wonder that, India now has far more SEI CMM Level 5 companies than any other country.
- From technology parks to deregulation of the telecom sector leading to uninterrupted and availability of significant bandwidth, infrastructure facilities in India complements the contribution of India in the outsourcing arena.
- Low cost of operation in India contributing net gains of approximately 50% to companies globally is still music to decision makers worldwide.
- Last but not the least, contributions and encouragement from the Government including promotion of easy accessibility of foreign technology, relaxation of restrictions on investment, simplification of the process of investment, friendly tax structures and minimal licensing requirements seem to be the icing on the cake.
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