Challenges in the business situation lately only helped build the case of outsourcing more stronger. The recent pandemic and global economic crisis is the testament to the fact that businesses not only need to survive but also to find a newer ways to overcome the challenges and grow. And to again prove the point, collaboration becomes the key for survival and growth for all businesses.
It’s all about getting ahead of the competition and stay relevant with the art of collaborate and having the right partner beside you.
Trends with Future of Outsourcing
- Trust and relations are the key to grow in the outsource business, hence process and people will gain more importance than just pricing. As a result, outsourcing providers have to standardise their solutions and design their outsourcing process for higher customer experience since pricing is mostly standardized.
- Small & Medium businesses, and start ups will be outsourcing more in order to reduce the operational cost and focus on their core strength in order to gain efficiency and significant improvement in time to market.
- Rising material cost, transportation cost, labor cost and oil cost will force companies to explore outsourcing in order to keep their operating cost low.
- Critical services of the business was always considered a threat to outsourcing, but trend is changing. Not only IT, but more high-end business functions like finance, process and HR will be outsourced as well in next decade. Yet again, collaboration is winners’ formula.
- Rising price of oil, will force companies to leverage technology more and outsource the repetitive nature of work and focus only on value added functions to remain profitable.
On top of everything, when organization is only focused on their key function areas, they become more specialised and have flexibility to try new and innovative ways to become better and take the competitive advantage. At the same time, when market expands and work demands more, it is easy to focus on expand in the core since collaborative partners are taking care of the rest.
Collaboration is new Teamwork.Rohan Shah