The continuous development of technology has given power to consumers. For your business to survive and flourish in this era, your processes need to keep up with the pace of your target market.
The outsourcing industry has come into its own as a result of companies across industries and around the globe looking for ways to manage specific processes efficiently and at a lower cost.
The main benefit of hiring a third-party service provider is the cost-efficiency. Turning to outsourcing saves your business money and effort from needing to find and train employees, to the required skill level and overhead costs incurred from expanding your workforce. In addition, outsourcing providers have their own facilities and equipment, saving you from investing in those requirements.
Outsourcing covers a wide array of services, including customer support, accounting, IT services, development, human resources, and even digital marketing. For small to medium businesses, outsourcing scale marketing efforts and other critical but resource-heavy processes can make all the difference in sustaining operations.
This also lessens the burden on management—with outsourcing solutions covering essential services, you can focus on managing projects, closing sales, gaining customers, creating a flexible workspace, and other core activities that directly influence your business’ growth.
As the outsourcing industry continues to evolve, a number of key trends have emerged—robotic process automation (RPA), social media as a customer service channel, cloud computing, tailored outsourcing, and up-skilling.
Technology plays a significant role in RPA and cloud computing, as the use of artificial intelligence in automating processes and managing and storing information on the cloud is a gamechanger in current practices. Social media also shows promise as a customer service channel, given the large active user bases and brands’ digital presence and marketing efforts.
Finally, tailored outsourcing and up-skilling ensure you cultivate your outsourced talents for in-demand skills and in-depth expertise. This allows you to offer highly-customized solutions to potential clients that best suit any needs at scale with their operations.
Whether it’s to run a homegrown small business or ensure offshore project success, the outsourcing industry is growing alongside the industries it provides services for. As this industry continues to become more widespread and competitive, there’s a chance that you can improve your business’ overall performance efficiently and inexpensively through outsourcing.
The most critical part of any outsourcing endeavor is a well-informed plan. The infographic below discusses outsourcing statistics for 2020 to help your business decide on the best strategies for your outsourcing needs.