The era of Web 2.0 has completely changed how we deal with information. Web 2.0 is an elegant, collaborative solution which facilitates two-way communication. Participation and collaboration no longer have boundaries. Consumers of the internet look for relevant information, with less concern as to which unknown person has produced the data, content, media, or tools.

Harvard business review ranks outsourcing as one of the top business ideas of the past 100 years. Outsourcing is a proven concept and as Thomas Koulopoulos explains in his book “Smartsourcing : Driving Innovation and Growth Through Outsourcing”, each business needs to identify their core and shed rest of the non-core responsibilities to reliable partners. This is Outsourcing 2.0.

Traditionally, outsourcing was mainly considered for cost-cutting purposes. The shifting marketplace has different requirements. You need to innovate faster and also lower the cost. By partnering with the right resources, along with operational cost benefits, you get access to bigger talent pool, achieve follow-the-sun concept, liquidate internal resources, gain speed, agility and flexibility and above all innovate faster.

Outsourcing 2.0 is the new way of doing your business by partnership and not by ownership. Lower cost is important but maximizing innovation per dollar is even important. So instead of finding the cheapest service, you should look for best value proposition, partner with the company that give you maximum ROI.

Outsourcing 2.0 is about involving your partners in business process and invest in building the relationship strategically. It is no more about getting a small piece of work done, it is about sharing, supporting two-way communication. As web 2.0 has created platform in the internet world to participate, collaborate and share, Smartsourcing creates an approach to participate, collaborate and share in the outsourcing world.

Smartsourcing, we call it Outsourcing 2.0, enforces accountability, innovation and builds strategic partnerships. It supports globalization and empowers businesses to grow, deal with uncertainty, improve processes and the most important – ‘focus on the core competency’. The businesses who have embraced Smartsourcing and Globalization have been the most successful businesses.