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What Is the Future for Offshoring?

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What Is the Future for Offshoring? WHAT IS THE FUTURE FOR OFFSHORING? charteredaccountantsanz.com/futureinc Chartered Accountants Australia Deloitte Access Economics is Australia’s pre-eminent and New Zealand economics advisory practice and a member of Chartered Accountants Australia and New Deloitte’s global economics group. The Directors and Zealand is made up of over 115,000 diverse, staff of Access Economics joined Deloitte in early 2011. talented and financially astute professionals About Deloitte who utilise their skills every day to make a Deloitte refers to one or more of Deloitte Touche difference for businesses the world over. 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Members of the organisation are not liable for the debts and liabilities of the organisation. ABN 50 084 642 571 1015-37 FOREWORD Globalisation, the age of technology economies shift to an increased and increasing pressure to reduce dominance from the services sector. costs have given rise to outsourcing At the same time, the services industry and offshoring. Offshoring is a itself will face further disruption from strategic tool used by organisations increased automation and growing to reconfigure their activities Asian economic development. across geographic locations – the This future[inc] research explores focus and trend has traditionally the role offshoring can play in the been on information technology economic future of our nations and manufacturing, however it is and where the opportunities for now a common strategy for many organisations may lie. The way organisations in the services sector. we work is becoming ever more This growth in the offshoring of geographically dispersed and with services from Australia and New the march of technology, offshoring Zealand is a consequence of the could be the new way of doing increased tradability of services, business globally. arising from trade liberalisation and Join the conversation. rapid technological developments. However, many offshoring models are now maturing and moving away from a focus on pure cost savings to recognise other benefits such as increased efficiency and flexibility and access to a more diverse range of skills. Lee White FCA Our nations face productivity CEO, Chartered Accountants Australia challenges in the future as our and New Zealand charteredaccountantsanz.com/futureinc GLOBALIZATION HAS CHANGED US into a company that searches the world, not just to sell or to source, but to find intellectual capital - THE WORLD’S BEST TALENTS AND GREATEST IDEAS.” JACK WELCH FORMER CEO OF GENERAL ELECTRIC CONTENTS 06 10 13 EXECUTIVE SUMMARY INTRODUCTION THE CHANGING LANDSCAPE: OFFSHORING IN SERVICES TODAY 18 25 37 MEGATRENDS: THE THE KEY ISSUES CONCLUSION FACTORS DETERMINING DETERMINING THE FUTURE FOR OFFSHORING SUCCESS OFFSHORING IN THE FUTURE 40 41 GLOSSARY REFERENCES 6 WHAT IS THE FUTURE FOR OFFSHORING? EXECUTIVE SUMMARY Offshoring has become a common strategy the value-add of the existing workforce is an for many organisations in the services sector important element, and this paper explores as a consequence of the increased tradability how offshoring can play a role in this. of services, arising from trade liberalisation As a concept, offshoring may encounter some and rapid technological developments. resistance, with cries that the practice is akin Traditionally associated with manufacturing, to “exporting jobs”, and that barriers should the subject of offshoring tends to attract a be put in place to prevent it. Such arguments lot of discussion. With the services industry ignore the many benefits offshoring can rapidly increasing in importance, there is bring, which can enhance organisational much debate as to what growth in offshoring capability and allow organisations to expand services might mean for the economic future operations elsewhere – the essence of of Australia and New Zealand. “comparative advantage” that trade within an With the demographic tide turning, and the economy and between economies is based likelihood that the boom days for mineral upon. Artificially restricting offshoring would and rural commodity prices are behind us, essentially be protectionism. From a policy Australia and New Zealand will have some perspective, barriers to offshoring should challenges in maintaining growth in living remain low so that organisations can seek to standards over time. Sharp improvements operate as efficiently as possible, helping to in productivity gains are needed. Maximising lift productivity across the broader economy. 7 future[inc] But that does not necessarily mean But it is not all one-way traffic. Both Australia offshoring is the best decision for every and New Zealand are also sizeable offshore organisation. Far from it. Whether offshoring providers of business services themselves. is an appropriate solution for an individual Australia now exports around A$11 billion organisation is a complex decision. in business services (mostly to the US, This paper seeks to explore the future of Singapore, the UK and New Zealand), while offshoring for Australia and New Zealand New Zealand exports NZ$2.5 billion (mostly and what it means for organisations and to the US, Australia and the EU). Growth in government. It discusses the costs, benefits, the export of services represents a significant risks and opportunities of offshoring business opportunity for both nations. services from Australia and New Zealand. The findings are based on analysis of trade data, MEGATRENDS: THE FACTORS a review of existing studies on offshoring, and DETERMINING THE FUTURE consultation with a range of stakeholders, FOR OFFSHORING including selected services organisations Four key drivers of change have enabled a from Australia and New Zealand that have greater rate of offshoring and are expected to offshoring experience. affect, and in some cases significantly disrupt, the future of services offshoring in Australia THE CHANGING LANDSCAPE: and New Zealand. OFFSHORING IN SERVICES TODAY • Globalisation: Reduction of trade barriers, Offshoring has undergone a significant the Trans-Pacific Partnership and recent transformation in recent years. It has free trade agreements with Asia have become a common part of many services enabled freer movement of business, organisations
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