Business in Science and General Truth

A company “outsources” when it hires another person or company (source) outside its organization to perform work it had been doing itself. Companies typically outsource universal business functions such as bookkeeping, accounting, human resources, payroll, and data entry. The advantages to outsourcing are numerous, both for the corporation who it outsourcing and the business performing the outsourced work.

WHERE DID OUTSOURCING COME FROM?

Advances in modern technology in the past ten years have made outsourcing a viable alternative for many businesses. The advent of the personal computer, modem, internet, and internet hardware and software has made it possible for people to perform high quality work remotely from the main business office buildings. Advances in communication keep remote partners closely linked with the main corporation, ensuring that all information flows smoothly, expectations are clear, goals are met, and information security is maintained.

CORPORATE ADVANTAGE: THE ABILITY TO FOCUS ON CORE COMPETENCIES

Many small business owners and large corporations often outsource their accounting or payroll activities to allow them to focus on their core competencies that add value to the customer. The company sees great benefit in allowing other people to worry about human resources or bookkeeping, freeing their workers up to focus on their specific product or service that they provide to consumers. For each less worker performing data entry or correcting pay problems, they now have a worker to focus on design, innovation, or other functions that increase the corporation’s value to the consumer.

For instance, a start up snowboard maker would outsource their accounting, payroll, and website design and maintenance because they did not understand those jobs well, thereby freeing themselves up to focus on the actual snowboard material composition, design, etc, which they were quite good at. By doing so, they hire experts in each field, which will create the best possible website, keep the best possible account of their money, and know the best way to pay their workers. They, in turn, are free to create the best possible designs and highest quality snowboards, thereby keeping customers happy and increasing their market share.

CORPORATE ADVANTAGE: INCREASED CORPORATE PROFITS

While many companies outsource locally, some larger corporations outsource internationally. These corporations seek workers in nations such as China, India, and the Pacific Rim, where wages and standard of living are much lower than the United States. By outsourcing to businesses in these locations, the corporations are able to cuts costs significantly. These savings are then translated in to a healthier corporate bottom line, provided as stock dividends, or rolled into innovation and development. Through international outsourcing, the corporation gets the same quality of work performed for a fraction of the cost, creates greater profits to please shareholders, and has greater money to invest in product improvement.

CORPORATE ADVANTAGE: WIDER KNOWLEDGE BASE TO PULL FROM

Inter- and Intra-national outsourcing taps intellectual resources all over the planet that heretofore had been wasted. China and India both have major universities that churn out masses of highly trained and qualified graduates in every field, yet these people often stagnated under their repressive government or economy. With the advent of outsourcing, these people can connect with American corporations, allowing our corporations to mine the intellectual resources for our benefit.

WORKER ADVANTAGE: WORK AT HOME

Outsourcing has created a boom in telecommuting and work-at-home parents. Many modern Americans realize that they can perform their jobs from home using modern technology, allowing them to balance their personal and professional lives, while saving the corporation costs in real estate, sick leave, and absenteeism. Many stay at home mothers are now working as “call centers” or “customer support staff” from their home, helping to preserve the family unit while making money to support the family.

WORKER ADVANTAGE: IMPROVED STANDARD OF LIVING IN PROVIDER COUNTRIES

Outsourcing helps bring foreign countries up to the American standard of living, opens up more of the world to commerce, and gives people in those countries a hope for a better future. The people in those locations often have little hope of advancing in their country, and these jobs are a beacon of hope for them. While they are paid far lower than an American would for the same work performed, that money is comparable to an American salary in the local economy, if not better. These people often live in countries with repressive or stagnating governments and economies, and before outsourcing had little hope for a better life. Those same people would make strong candidates for terrorism, and providing them an incentive to cooperate on the international stage would help dry

up the pool of available suicide bombers around the world.

GLOBAL ADVANTAGE: INTERNATIONAL PEACE AND STABILITY

Outsourcing creates international interdependence, thereby reducing the likelihood of wars. China, Taiwan, and Japan have traditionally been enemies to each other over the past few centuries. China has yet to forget or truly forgive Japan for their invasion, and Taiwan continues to chafe for independence from China.

These tensions often boiled over into armed conflict in the past, yet today the three entities are tightly linked by outsourcing and global supply chaining. As the countries become more interdependent through economics, their incentive to go to war decreases precipitously, and that area of the world becomes more stabilized.

GLOBAL ADVANTAGE: INTERCULTURAL UNDERSTANDING

Outsourcing increases global and cultural understanding. When American companies outsourced the Y2K computer code updating to India, a whole new wave of cultural innovation started. Americans now have a greater understanding of India beyond elephants and a red dot. Indians now understand more of American besides cowboys and Beverly Hills 90210. Both cultures benefit from the other as businesses collaborate and share ideas. Business partners visit each country and return home to share their stories and ask their local supermarkets if they stock a certain item that they loved from their visit to the other country. Intercultural understanding grows, and with increased understanding comes decreased fear and suspicion. Each society becomes more open to the other, facilitating the exchange of culture and ideas.

CONSUMER ADVANTAGE: INCREASED COMPETITION

Outsourcing increases competition, which increases product and service quality, along with reducing prices for the consumer. The customer stands to gain from outsourcing in product quality, technological innovation, and price. Just as America saw a vast change in the car industry with the advent of Japanese vehicles, outsourcing will force American workers to work hard to maintain their position at the top of the economic food chain. Outsourcing has created stiff global competition, and Americans will have to become more innovative and work harder to stay ahead of the game. While all the work requires effort, the payoff is enormous in terms of innovation, product quality, price, and economic stimulus to stymied foreign countries.

Outsourcing has revolutionized the way corporations do business. Modern technology has brought the whole world to a level playing field, and the result will be greater corporate profits, stabilized countries, improved economies, greater innovation, and improved cultural understanding. Outsourcing is the way of the future, and the pathway to living in a peaceful, unified world.

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If you want to improve your credit score first you need to understand how your score is calculated. Trying to improve your score while not having a general idea of how the score is created would be like trying to drive through a foreign country without a road map you will probably get lost and not end up where you want to be.

First let’s be clear about what a credit score is.

For almost every lender a credit score is your FICO Score, a score generated using an algorithm that was created and is owned by a company called the Fair Isaac Corporation. There may be other scores available but this is the standard used in the industry and therefore the one we will discuss here.

Your FICO Score is calculated by evaluating five main components of your credit history: your payment history, the amounts you owe, the length of your credit history, your new credit, and the types of credit you use. Each component counts as a percentage of your overall score as shown below:

35% Payment History
30% Amounts Owed
15% Length of Credit History
10% New Credit
10% Types of Credit Used

Now let’s examine each of these components more closely.

Payment History Your payment history is the most important component of your credit score. A good payment history, paying all of your bills on time each month, shows the lender you are a low risk borrower. A bad payment history, missing or late payments, will tell the lender that you are more of a risk. Needless to say, if you want to improve or maintain your score you need to be sure to make every payment on time.

Amounts Owed The amounts you owe, sometimes referred to as utilization, is another important factor influencing your score. The FICO scoring formula examines your total balances versus your total available credit limits as well as your individual balances versus your individual credit limits. A higher score is generally achieved if you are able to keep both your total and individual account utilization under 30%.

Length of Credit History The length of time you have had credit is also very important. A long credit history shows lenders that you have been able to manage your debt responsibly over time. On the other hand, a short credit history gives lenders less information to use when determining if you are a good risk or not. Having long standing credit relationships with lenders is the best way to build a strong credit history.

New Credit New credit includes all new credit you have applied for and obtained. When you apply for credit an inquiry is made by the lender. This inquiry shows up on your credit report. If there are too many new inquiries your FICO Score may drop since it would seem that you are “hungry” for new credit and may be a greater risk to lenders. If you open a new account due it will affect the previous component, Length of Credit History, by driving down the average age of your accounts making your overall credit history seem shorter. Lenders prefer to see borrowers that have added credit slowly and responsibly over time instead of those who continually apply for credit.

Types of Credit Used Lenders like to know that you can handle a variety of credit types. There are various types of credit including but not limited to credit cards, charge cards, installment loans (i.e. auto loans), and mortgages. Have a well rounded mix of these can help you achieve the highest possible credit score.

Improving your credit score can take time, especially if you have had a few credit missteps in the past. If that’s the case then the most important ingredient is patience and now that you know what it takes to build a good credit score you can start on your way to improving yours today.