It’s 2020 and of course, the beginning of a new decade. However, the old debate regarding outsourcing a part of the business is still relevant and keep people confused.
Amidst all the pre-assumed complications of outsourcing, that especially make traditional businesses rely on their own efforts, the outsourcing industry has grown over the years. More modern-day companies are shifting towards making their operations smarter and as a result, third parties have become an integral part of the strategic decisions.
The reason behind this move is very simple; the technological advancements that outsourcing partners offer in order to make your businesses more efficient and provide cost-effective opportunities. Hence, taking advantage of the perks, businesses can then also focus more on core functions and innovation.
According to the predictions made by experts, the outsourcing industry is expected to experience an annual growth rate of 7.4% in the upcoming 6 years.
While the continuous transformation in the outsourcing industry is also another factor to consider, businesses will soon have more chances to become global, digital and mint more profits. But as we are focusing more on why you should go for outsourcing partners more for your services, we have listed down three of the most important outsourcing trends that will dominate in 2020 and therefore, you can also take advantage of them.
Less Cost, More Value
In order to stand more competitive in the times to come, the future of businesses relies on providing more value to the customers at less cost. Hence, this can only be achieved by improving the processes, enhancing the agility and transforming the organization with the outsourcing partners.
Furthermore, estimates also tell that outsourcing the services can help you save 15% of the cost which you can later invest in technology for core operations, talent development or hiring more specialists to make your business move forward. Things like cloud, RPA, and artificial intelligence (AI) will not only add more value to the outsourcing business but also help you achieve more at less cost.
Now you would only have to decide which part of the business you want to outsource and what is the value proposition in terms of cost especially.
Focusing From Non-Core to Core
When the back-end of your business remains covered by a trusted outsourcing company, you get the additional advantage of focusing more on client relationships which in the end is going to give you more business and is a core part of the business.
Besides that, digging deep into the idea, disruptive outsourcing can also bring innovation, automation and improved product and services quality in the non-core tasks of a business. It helps to minimize the capacity and capability gaps while resulting in more capital chances for any business.
Strategic Partnerships or Collaborations
Long gone are the days of transactional outsourcing. Today, companies have the chance to go for strategic partnerships with the outsourcing firm and by doing so the collaboration allows both the parties to opt for a mutually decided outcome and effective process to achieve the goal.
Moreover, the collaboration will also bring risk sharing due to which the outsourcing firm will have equal responsibility, which can continuously lead to even better and effective solutions.
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