Can Outsourcing Certain Business Functions Reduce Costs?

Outsourcing is an agreement in which one company hires another company to be responsible for a planned or existing activity. In this rapidly expanding world of digital tools and internet penetration, it’s rather easy to connect to people all around the world, and this connection also brings along with it many new opportunities. Outsourcing is one of these opportunities that can completely change the way you operate your business. There are various developed nations that have more money but less time, they choose to outsource their work to a developing nation like India or Bangladesh.

The people who are outsourced usually work at a cheaper rate and without restricting you in the traditional way that an employee does. Outsourcing can be an easy-to-use and highly cost-efficient technique that everyone should know about.

If you’ve ever been confused about whether or not to outsource your work, this article will solve all your reservations. We’ll be looking at the various reasons why outsourcing is something everyone should do and how it can lead to significant reductions in costs.

We’ll see how it benefits almost every aspect of your business like payroll management, inventory management, and even data entry. So without any further delay, let’s get to it and find out if outsourcing can actually help you save some money.

1. Higher Efficiency

Usually, when you outsource any job, you give it to a person who is a specialist in their field. This specialist can perform the same job as any other employee much more efficiently and at a lower price, meaning, these people will be able to churn out more work for you in a shorter period of time. Not only will your work be done a lot faster, but its quality will increase as well. It might take you some time to find the right people to hand over each job to, however, once you find that particular person, then you’ll be able to constantly rely on them. It costs less and gets more work done, sounds like a win-win.

2. Cut Training and Recruitment Costs

Perhaps the most ignored benefit of outsourcing that should be known to more people is that outsourcing saves you a lot of money indirectly as well. You can rest assured that you won’t ever have to invest in the training or recruitment of your employees again.

Outsourcing provides you with skilled individuals who are experts in their domains so that you can go without hiring a specialist first and then training them. This tip can save you a significant amount of money, and even the HR guides at this website suggest everyone to save as much money as they can by cutting down on extra expenditures like hiring a specialist. You’ll still need to recruit and train new employees placed under you, but you won’t have to pay for any full-time specialists anymore.

3. Cost-Effective

You’ll still have to spend money on outsourcing your work to a foreign entity, but the greatest benefit is that you need not pay as much as you would in your own country, this applies only if you’re from a first-world country and want to outsource the work to a cheaper country. The amount you spend on outsourcing will be remarkably less, sometimes even differing by as much as 50%. This is all possible due to the global discrepancies in the development levels of countries. However, you need to try to outsource as much of your work as you can because it can clearly save you a substantial sum of money.

4. Best Talent

There’s no employer who doesn’t want a top employee, and the best talent can easily be found while browsing. You can get some of the most experienced and seasoned veterans if you outsource your work. Sure, the employees you hire might be good, but they’ll need some training or higher pay for their expertise. You won’t believe the number of smart and talented people in the developing nations who can provide you their services at a very cheap rate. Compared to hiring people locally, you’ll be able to find much more diversity and talent online.

These are some of the best reasons why you should outsource some aspects of your business, you’ll save yourself a lot of money in the long run. If you look at outsourcing more closely, you’ll be able to find a lot more potential benefits other than the ones listed above. Outsourcing largely depends on the existing disparity among the nations. If you’re from a developed and more prosperous nation, you’ll be able to get a lot more done for the same price that you’ve always been paying for.

Active Company Tagging Identities in India

A new rule 25A has been inserted in the Principal Rules pertaining to Active Company Tagging Identities. Additionally, e-form ACTIVE has been inserted in the Principal Rules after e-form INC -22.

The Rules came into effect from February 25, 2019. Every company incorporated on or before December 31, 2017 is required to file the particulars of the company and its registered office with the MCA in e-form ACTIVE on or before April 25, 2019.

The e-form ACTIVE is majorly a pre-filled form where the details of a company as available with the MCA gets populated automatically based on the filings made by the company with the Registrar of Companies. Therefore, a company first needs to ensure that all its filings with the MCA are complete and proper only then the e-form ACTIVE can be duly submitted.

In fact, any company which has not filed its financial statement or the annual return or both would not be able to file the e-form ACTIVE unless such company is under management dispute and the Registrar of Companies within whose jurisdiction the registered office of a company is situated has recorded the same on the register.

The objective of MCA is to geo-tag the registered office details of companies through the latitude and longitude details which means attaching data to the exact location of the office.

Basis the concerns raised by the users, MCA is looking into it and coming up with appropriate solutions to resolve these issues so that the filings can be done smoothly.

Since the financial year 2017-18, there has been a drive to crackdown the shell companies and the companies that are non-compliant. Initially, MCA struck off from the register of Registrar of Companies, those companies which defaulted in annual filing for a continuous period of two or more financial years. This was followed by the disqualification of directors of defaulting companies.

Subsequently, the individuals who had been allotted director identification number in India, were required to provide details and complete their KYC with the MCA.

In a similar manner, the registered office of a company is meant to be the premises where its statutory records and registers are maintained as well as its recorded address where the government authorities or any other stakeholders can communicate.

Whereas as per the trend noticed in past investigations into shell companies, either the exact address of the registered office of a company does not exist or there are too many companies registered on the same address. There is no doubt that e-form ACTIVE will help the MCA to locate the exact location of a registered office and to a great extent, it will help in depreciating the use of false addresses by shell companies.

The expected outcome of these initiatives is to create a transparent and compliant India Inc. and to make it trustworthy for public as well as to the global market.

Staying in The Technology Race and Avoiding Pitfalls

Technology is the continually developing result of accumulated knowledge and application in all techniques, skills, methods, and processes used in industrial production and scientific research.

It is vital for law firms and in house counsel that they are at the forefront when advising on the specifics and legalities of the technology supply chain, which increasingly relies on mining raw materials for use within the manufacturing process of ‘smart’ products. However, an acute awareness of the barriers is also essential.

Given the increase in protectionist policies, and the inherent link that exists between these and mining essential raw materials, it has never been more important that in house teams work closely with their advisers to anticipate market changes and implement strategies to manoeuvre through what can be difficult events and circumstances.

What is becoming evident, as set out in the report, is that there is a startling correlation between countries that pursue digitally protectionist policies as well those that are protectionist in relation to their natural resources – in particular China, Russia, India, Vietnam, Argentina and Turkey – six key global players in both areas of the economy.

Given that countries like these are the very same which house the essential raw materials that need to be mined to fuel the development of technology, it is crucial to understand how to anticipate the impact of such behaviour on the technology supply chain.

General Counsel could be forgiven for focusing more on the operational and trading aspects relating to the existing uncertainty surrounding Brexit and global trade – and simply seeing digital protectionism as a side-line issue to focus on at a later date.

This would be a mistake, given that these measures pose as much a threat to international trade and development as the more traditional tools of trade protectionism that seem to be most in focus at present.

Not only do the identified countries above have a strong track record in imposing trade barriers and tariffs on imports, they also have a high number of restrictive data laws and large deposits of the vital raw materials needed to make smartphones, connected devices and batteries for electric vehicles.

While this is happening in real time, many technology focused brands – focused on the manufacturing side of the industry – may not yet have anticipated how this will affect their sourcing and subsequent supply chain partners and processes.

This makes it even more important that General Counsel communicate the effect of this on the output of their businesses in order to assist internal relationships or indeed, using the foresight of their selected legal advisers.

AZB & Partners Mumbai Promotes Hufriz Wadia and Suharsh Sinha

AZB & Partners has promoted banking counsel Hufriz Wadia and insolvency consultant Suharsh Sinha as partners in its Mumbai office.

The 2002 KC Law College graduate had worked in Dubai as a banking lawyer at law firm Al Tamimi & Co for five years, before returning to India, joining Juris Corp in Chennai. In January 2014, she had joined Kochhar in Chennai.

Sinha has been with AZB & Partners as a consultant since September 2016, having joined from the Reserve Bank of India and the Bankruptcy Law Reform Committee, for both of which he’d been working as a consultant for a year.

The NLSIU Bangalore graduate, who also holds a masters in in law and finance from Oxford University, an Wharton Business and Law LLM from the University of Pennsylvania, and has completed an Indian School of bridge programme in business.

Between 2008 and 2009, he had worked at McKinsey & Co as a business analyst, followed by more than five years at Linklaters in London until 2014.

Their promotions took effect on 1 October 2018.

In April, AZB & Partners Delhi partnership promoted five to partner, while in March 2018, AZB Mumbai promoted a total of four.

AZB & Partners Overview:

AZB & Partners was officially founded in 2004. In recalling the years prior to its formation, what emerges is a passion for excellence married to an unshakeable trust in each other and the partnership. What drove its founders then, still holds true today.

BPCL Selects AspenTech Software for Operational Award

An award, sometimes called a distinction, is something given to a recipient as a token of recognition of excellence in a certain field. When the token is a medal, ribbon or other item designed for wearing, it is known as a decoration.

Bharat Petroleum Corporation Limited, a Fortune 500 energy company is headquartered in Mumbai. It is a public sector undertaking and last year, the Government of India conferred BPCL with Maharatna status. The company operates through two segments: Downstream petroleum, and Exploration and Production of Hydrocarbons.

The company’s refineries are located at: Mumbai, Kochi, Numaligarh, and Bina. Its marketing infrastructure includes network of installations, depots, retail outlets, aviation service stations, and LPG distributors.

The oil and gas sector faces an increasingly complex environment, companies need to be innovative in adopting new business models and partnerships. Leading players, such as BPCL, need to have a resilient strategy to protect against price dips and adopt digital transformation in an astute manner to improve operational performance.

Considering all these factors, BPCL began scouting for a one-stop solution provider that could help drive business sustainability and increase profitability by maximising asset performance across BPCL Group Refineries. Earlier on, BPCL had also deployed AspenTech solutions in pursuit of energy management and asset optimisation at their Mumbai refinery. Following a successful deployment, BPCL proceeded to standardise on AspenTech software solutions.

The solutions include Aspen HYSYS Petroleum Refining; Aspen Exchanger Design & Rating; Aspen Economic Evaluation; Aspen Energy Analyser; Aspen DMC3; Aspen InfoPlus.21; aspenONE Process Explorer; Aspen PIMS-AO; Aspen Supply Chain Planner; Aspen Tank and Operations Manager; and Aspen Operations Reconciliation and Accounting.

With aspenONE software, organisations can run to the limits of performance and achieve optimal financial return over the entire asset lifecycle without compromising safety, reliability or regulatory compliance. In partnering with AspenTech, BPCL can capitalise on digital transformation to reduce costs, maximise growth and achieve sustainable operations via operational excellence. With this deployment, BPCL is well positioned to support energy needs and emissions standards in India.

Centralised control and a single point of contact and accountability will help the company to achieve operational excellence and gain competitive advantage. AspenTech’s integrated solutions across design and operations will help BPCL maximise profitability, increase return on capital, and improve complex manufacturing and operating scenarios.

Exploding the Myth of Patent Law Tardiness

A patent is an exclusive right granted for an invention, which is a product or a process that provides, in general, a new way of doing something, or offers a new technical solution to a problem. To get a patent, technical information about the invention must be disclosed to the public in a patent application.

The Indian IP system is continuously being criticised in the global media and in the IP world as being slow to grant/ register IP rights; to some extent even the local IP counsels and professionals add fuel to this In various platforms it has often been stated that the delay in the grant of patents in India is often a deal breaker for a lot of companies.

This is the image that has been created and the purpose of this article is to clear the fog and provide a clear picture. In the past few years, particularly after the digitising process, the Indian IP office is one of the more sophisticated IP offices in the world. It is among the few IP offices in the world which offers 100% digitisation of every process including video conferencing of hearings. Furthermore, one of the attributes of Indian IP offices is that the filing for registration of a trade mark, copyright, patent and design applications, can be done 24×7 on any day of the week. In order to improve efficiency there are four autonomous Patent Offices and five Trade Mark Registries in India which are exclusive in itself. The best talents are being hired by the Patent and Trade Mark offices for the examination process and I have had the unique privilege to train some of these talented individuals. There have been recent discussions regarding lackadaisical working of the Indian IP offices but I would like to throw light on the Indian IP offices expediting the internal examination process for speedy grant/registration of IP rights.

A Patent Application was filed on 15thNovember, 2016 for “A Process for Preparation of Quinophthalone” bearing application No. 201621038962. An application for expedited examination of the patent application was filed on 27th May, 2017. After the substantial examination of the application, the first examination report was issued, the response to which was filed by us promptly. The Application straight forward proceeded to grant and on 8th December i.e. the patent was granted in less than 13 months from the date of filing. This clearly debunks the myth that grant of patents in India are delayed. It is necessary to note that one of the major reasons for the patent application moving forward were the well drafted patent claims, the proper representation of invention disclosed therein and a quick and proper response to the Examination Report. Therefore, if the inventors and their consultants also ensure that their drafts unequivocally disclose the invention in the application, draft comprehensible claims, submit a proper response to the Examination Report issued by the Examiner there is a high possibility of the patent application being granted by the Controller in a year.

The Indian Patent Office, in recent times has ramped up its activities for instance; it has hired more patent examiners, is providing notifications regarding any formal defects in the application/patent compliance via e-mail to applicant of patent applications, patentees and patent agents and expediting the examination process of patent applications etc.

Furthermore, it is interesting to note that apart from the Patent Applications even Trade Mark applications have started moving forward expeditiously. For example we filed trade mark application No. 3496744 for the mark ‘Apodis’, in class 43, in March 2017 and the same was granted registration in September, 2017 i.e. within 6-7 months the trade mark was registered. This time period includes the 4 months statutory period of publication of the trade mark in the journal which allows third parties to file an opposition if the advertised trade mark is similar to their trade mark. We had taken care of all the formalities such as conducting a thorough search for the trade mark, filing the form of authorisation, submitting services specification approved by the Indian Trade Marks Office, to ensure a speedy grant of the registration.

Similarly, the Designs office has also in recent times granted Design registrations within a period of 2-3 months if the application is in order, for instance we filed Design No. 294922 for floor cloth on 21st June, 2017 and the certificate of registration for the same was issued on 25th August, 2017. Therefore, within a period of 2 months we were successful in obtaining design registration for our client.

It is fair to state that the Indian IP offices are adhering to the time lines specified in the respective statutes, which is a step in the positive direction and should encourage more Universities, individuals, Start-Ups, Corporates to file patent and trade mark applications in India. It is necessary in such times to give credit to the patent and trade mark Examiners when it’s due. This will also help in boosting the confidence of the individuals involved in the process as well and dispel the myth of tardiness that surrounds the Indian IP scene.