By XTGlobal Posted 09-Jun-2020
With the rising uncertainties in the market, expanding your business can be a hard nut to crack. Given the changing times, businesses need to focus on their core competencies and further innovate to meet the new demands. At this point of time, making huge investments in infrastructure and taking up more responsibilities of managing HR and IT can open a Pandora Box of complications. The real-estate cost, infrastructure management, plus overseeing hiring, training, retention needs can divert your attention and resources from innovating.
Is there a cost-effective way to build the strength for your business while maintaining your focus on key business needs and innovation?
The answer is yes. It is possible through offshoring. It is interesting to discover how Offshoring in 2020 has taken a new turn in the current scenario, and the BOLT Model certainly looks promising. Explore the BOLT Model with this blog and find out why it is the most effective offshoring model for your organization.
BOLT model is ideal for you, if you are considering business expansion, looking ways to reduce operational costs, planning a short-term project, or a project that requires specific IT capabilities. The model is effective for:
This is also a recommended offshoring model for coping with the uncertainties in the market.
This offshoring model helps you handle the competitive pressures of the market by moving the development, maintenance, or other operations to offshore facilities with minimal efforts and upfront costs. With this flexible model, you can rely on an experienced partner to set up and manage a section of your operations while minimizing the risk of venturing into a new territory. An offshore partner provides you with the logistical planning that includes office space, IT infrastructure, hiring and training of resources, project management, and more. The offshore partner also possesses better local and cultural knowledge to establish a strong connection with the employees or clients residing locally.
Ultimately, once you are ready to own and operate the entity, the operations can be transferred to you. Thus, you get well-established infrastructure and processes with a trained, experienced team. BOLT stands for Built, Operate, Lease and Transfer which depicts the Four Phases of the BOLT Partnership:
Setting up of the infrastructure and talent by the offshoring partner
Management of project/ operations
Lease the team for a set term
The transfer of ownership from the outsourcing company
Build: In the first phase, the outsourcing company sets up the infrastructure, including the office space, equipment, devices, internet, and begins building the team as per the client’s requirements as well as handles all the administrative and legal matters.
Operate: In the second phase, the client begins operating their new team with the project/product development, management, maintenance, or support. The outsourcing company continues to provide support services, which include recruitment and training, finance and accounting, facility management, IT, and many more.
Lease: During this phase, you can lease the outsourcing company’s team for a short or long term. Throughout this period, you continue to receive support from the Legal, HR, Admin, and Finance teams of the outsourcing company.
Transfer: In this phase, the final transfer of project ownership and assets takes place. Typical options include the transfer of ownership of the team to the client’s facilities, transfer of the team to the client’s payroll and leaseback facilities, or continuation of services. This handover can occur whenever your organization decides to take over the entire operations. It could happen during the contract, at the end of the contractual period or even later. The outsourcing company assists in this transition.
The advantages of the BOLT Model expand beyond cost-savings. This model can be adapted to suit your project requirements and enables you to employ highly trained consultant teams who can join a project at any stage. Listed below are some benefits you can realize through the BOLT partnership:
Focus on the Core Business
Thus, the BOLT model allows you to establish an offshore process and concentrate on building strategies for your business growth. You leverage the outsourcing vendor’s capabilities for other operations, and later assume full ownership of the setup.
Maximize your Offshoring Advantages with XTGlobal:
Creating a support system for your business with a robust technical infrastructure, competent workforce, and minimal fee is possible through XTGlobal’s BOLT Strategic Partnership Model. XTGlobal’s BOLT offering can help you realize the potential of your company with full operational control. Our client-centric approach and highly secured facilities ensure minimal data security risk.
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