software outsourcing

A blog related to software development company and offshore software outsourcing

Wednesday, April 26, 2006

IT Outsourcing companies are eyeing on oil sector opportunities

According to the latest news IT Outsourcing companies are eyeing on oil sector opportunities apart form Offshore Software Development services. Some of the IT companies have shifted their focus on oil and gas industry along with IT services. They are now on the way to try their hand on this industry as this industry is also on the boom along with IT services. The oil and gas sector is made up not only of some of the biggest organizations in the globe but also the most money-making. And if we just glance especially in recent years as oil prices have climbed and global demand has escalation. This is one of the reasons that IT Outsourcing companies are eyeing in this industry.
This raise in the prices and demand or oil and gas is due to fueled by an ever-present US requirement and the growth economies of the countries of China and India. These situations make the worldwide oil key and a lot of the independent exploration and production firms, grown objectives for IT services vendors globally. Surprising the outsourcing trend is also on the boom in oil and gas industry at present. Companies like Wipro commenced its gas and oil practice some five years back. This decision of the company was largely client-driven at that time. From this deal Wipro produced some 12% of its expected $2.2bn in income for the last fiscal year from the energy industry. This income was twice of company’s competitors and worldwide service companies.

IT Outsourcing Company

As far as IT Outsourcing Company like Wipro is concerned they told that they anticipate doing more business than their competitors for oil and gas service. There are useful of basic realities in oil and gas industry that makes Offshore Outsourcing so appealing for any of the industry. Current trend indicates that though the companies are recording lots of profit they would be more disciplined and would also maintain their cost line. Oil companies are really working harder to maintain and handle their cycle times of everything from the initial process of exploration to well production or well log digital analysis or signing bilateral agreements functionality.
One thing is sure in IT Outsourcing industry that it has been harder for the companies to attract and retain solid IT manpower that may expend their careers swamped under endless amounts of back-office job work and data. Along with this Offshore Outsourcing services are also on the rise in infrastructure industry. The list of this service includes hosting, storage, and data center job works and services. In IT Outsourcing application development to the overseas location is also a cost-cutting imperative for worldwide oil companies as they find to standardize and streamline applications and services across a single network area rather than having multiple systems and service in more different destinations.
So according to the latest news Offshore Outsourcing in the oil and gas industry will have great future for the IT Outsourcing companies.