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Outsourcing Impact on Singapore Business SMEs Essay

Outsourcing Impact on Singapore Business SMEs Essay

This essay sample on Outsourcing impact on Singapore Business SMEs in which we will discuss the How does outsourcing affect a Singaporean company? Why outsourcing is good for Singapore businesses?, How does outsourcing affect small Singapore businesses?, Risks of outsourcing, Benefits of Outsourcing, Negative impacts of outsourcing on Singapore business, etc.

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Introduction- Outsourcing Impact on Singapore Business SMEs Essay

Outsourcing to a third party has been an effective solution for many businesses in Singapore. With the rise of globalization, outsourcing is becoming a prominent business practice across the world. The concept of delegating tasks and work to outside service providers can be traced back to as early as Biblical times where it was common for people from one tribe or country to hire those from another tribe or country to do their work.

Main body- Outsourcing Impact on Singapore Business SMEs Essay

How does outsourcing affect a Singaporean company?

Outsourcing can strengthen a company’s business model by creating an Enterprise Singaporean Company.

A lot of people think that outsourcing reduces the number of jobs, and it does reduce the need for certain types of skill sets in the country where you’re outsourcing. But what this really means is that outsourced work creates new jobs back in your country.

For example, if we ship our manufacturing overseas because it costs us less to do so than doing so domestically, we simply won’t need as many workers on the production line. However, we will still need someone to design and oversee them and provide input on efficiencies and possibly offer other services related to manufacturing such as designing packaging or marketing campaigns for advertisements geared towards other countries where they’ll be sold.

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Why outsourcing is good for Singapore business?

Outsourcing has been especially beneficial to Singapore businesses because of the high cost of manpower. According to a study from Oxford Economics, outsourcing has raised incomes in Singapore by 25% and also created 43% more jobs.

There’s a lot that goes into outsourcing that many people don’t recognize especially if it’s just done on a smaller scale. The idea behind outsourcing is not only to save money but also maintain growth rates and focus on local issues–which is where human resources are really needed. In the book “Outsourcing In America” by Burton Malkin they talk about how saving 3 or 4 engineers for your company would make little difference as those people would be expensive and difficult to come by whereas those same three or four people can be used to develop processes and technologies that will help grow your company exponentially.

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How does outsourcing affect small Singapore businesses?

Outsourcing can be beneficial for small Singapore businesses. It gives them the potential to focus on what they do best, along with access to new markets, higher quality workers, and unprecedented scalability. There are also downsides that come with outsourcing like losing control over the work product, risk of data breaches, and reduced security. Ultimately it is up to the business owner if they want to take advantage of outsourced opportunities or not.

Risks of outsourcing

There are many risks that come with outsourcing to a third-party company. Listed below are some of the more prominent risks for Singaporean companies that choose to outsource their work overseas.

1) Risk of counterfeiting – it’s not uncommon for overseas manufacturers to counterfeit designers’ brand names, logos, and trademarks in order to sell them cheaply on an open market. Thankfully this can be prevented by trademark registration – but only if the brand owner is diligently monitoring all import records

2) Quality assurance/risk of inferior product – without proper oversight from production managers, developing countries often face difficulties producing products equal in quality to those produced domestically.

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Benefits of Outsourcing

Outsourcing can bring companies cost savings, time savings, and access to expertise that should factor into the decision of whether or not to outsource. The reasons are numerous for many companies to use outsourcing strategically as a company resource.

The benefits of outsourcing are varied because there are so many structures or structures to approach an organization’s needs or wants for its own staffing internally. However, one benefit is the ability for small companies with limited capital to grow faster and conquer new markets without risking hiring expensive workers and equipment upfront. Outsourcing also allows businesses more flexibility in their staffing resources by hiring experts on an as-needed basis without adding them permanently with greater benefits packages than may be necessary at the time.

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Negative impacts of outsourcing on Singapore business

It has adverse effects on the competitors in the local market Singapore.

It can also cause unemployment rates to go up because when an industry relies heavily on outsourcing, workers are wrongfully devalued. This is because products are being imported from overseas, therefore products produced by people domestically have an unfair disadvantage in terms of pricing and sales volume. Free trade may be described as a form of low entropy society where everything is neatly organized according to straightforward principles.

Conclusion:

In conclusion, Singapore Business SMEs should seriously consider outsourced services to help them grow. Outsourcing is a great way for small businesses to focus on their core competencies and increase efficiency without adding overhead. The benefits of outsourcing are clear increased production decreased downtime or cost-cutting measures, increased safety by using an outside source instead of in-house staff.

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