Outsourcing – A boon in the pandemic era
The pandemic has bamboozled and crumbled the multiplex present and future endeavors of a multitude of ventures.
According to the BBC, “most economies are now in recession.”
The global economy is dealing with COVID-19, inflation and policy uncertainty at the same time, with government spending and monetary policies in uncharted territory. Rising inequality and security challenges are especially harmful to developing countries,” World Bank Group President David Malpass quoted,
“Putting more countries on a positive growth path necessitates coordinated international action as well as a comprehensive set of national policy responses.”
As the mutant virus is on a surge over again and the global economy is confronting a major economic recession, considering that this situation may hang in the air for a spell, several organizations have banked on outside sourcing, i.e., “Outsourcing” the Plan B, which is indeed worthwhile.
The inception of a tenable Plan B is a rife-of-yore term known as “Outsourcing”.
The term outsourcing, derived from the phrase outside resourcing, was coined in 1981. As per The Economist, the concept has “established a strong presence since the time of the Second World War,” and it usually includes the contracting of a Business Process, manufacturing, facilities management, and customer support assistance are examples of operational (e.g., payroll processing, claims processing) and/or non-core operations. Since ages trades across borders and continents thrived in India through sea channels and it was believed that only physical goods can be traded on.
But Information Technology and the Internet in the past 15 years has changed the complete picture. The internet and the IT sector have definite potential for contributing to broad-based growth and broader economic objectives. The IT services are the swiftest global trade now.
The internet has changed everything, and services are now the fastest-growing sector of international trade. Many global corporations have discovered that it is less cost prohibitive to outsource many white-collar tasks, such as accounting, IT support, and payrolls, to locations in India. Companies in India are climbing up the value chain to become global powerhouses, not merely as an outsourcing base.
Borek Solutions instituted on the maxim “Building Dedicated Remote Teams” is cognizant of the photosynthesis of how an organization assimilates “outsourcing”.
The stratagem of Outsourcing a Process, project or task sow the seeds of the numerous corollary benefits and why it can be a panacea in these unprecedented times.
But before counting the blessings, let’s glance at the holistic process of outsourcing from its genesis.
Outsourcing – The Process
1. Research, Analyze & understand the trade requisites
First things first, it’s paramount to do in-depth research, analysis, and understand the business requisites. The business unit determines its need to improve an existing process, reduce costs, or create a new product and predominantly the genre of services i.e., Front-end or backend services that need to be outsourced. Based on this a cost-and-benefit analysis is designed.
2. Approach
There is a multitudinous setup that furnishes with the outsourcing services the organization demand. However, to handpick the superlative service contingent on the organization’s requirement, cost and time are imperative. The Business unit approaches the service provider & delineates the requisites.
3. Analysis & Ballpark estimate
The Outsourcing service provider analyzes and comprehends the organization’s requirements. Formulate a blueprint and a ballpark estimate based on the analysis. After a green flag from the business unit, the service provider gets down to the nitty-gritty of the process and implements the pilot project.
4. Inception
After the rigorous training of the resources and the subject matter experts, the project embarks by the set standards and procedures. It presupposes that the process is being implemented and functions in line with the company regulations.
5. Performance Evaluation
Performance evaluation is an integral part of any outsourcing process, although it may be difficult to conduct. It conveys to the organization whether the remote assistance methods are right. They demonstrate where we stand in achieving the targets and whether more training and development programs are required for up-skilling the resources.
Now let’s ponder upon the Benefits of Outsourcing
Subject Matter Experts: Outsourcing as its rudimentary dividend builds a dedicated remote team of subject matter experts. The hired staff matures through the process of training and honing on their expertise and skill enhancement. The hired resource goes through a rigorous overhauling process of training and testing. This is why hiring some outsourcing company means securing safe hands for handling your business goals.
Contended clients: A competent outsourced team can engage with the customers, engross fortunes for upselling, cross-selling, and remarketing. Eloquent and dexterous assistance with a stronghold in customer dealings leads to a contended client and positive feedback as well. It is significant for your business growth.
Optimized cost: One of the most cardinal factors the businesses beef up and thrive on is an optimization of costs. Establishing outsourced teams assists in implementing cost-cutting measures on human resources, maintaining infrastructure and other resources that promote a business process, which sequentially effectuates better utilization of resources.
Focus on Mainstream services: Outsourcing business processing creates scope for optimum utilization of resources to gain an edge over competitors through cutting-edge technology. This will save your precious cost and time, which can be channelized to focus on core competencies. Hence, deriving extra-ordinary ROI will be a walkover.
And because you have an agile remote team working on the core and non-core operations skillfully, you will have a lot of spare time for focusing on and revamping the substantial business areas.
Borek Solutions, banking upon our conviction and folklore of “Building dedicated remote teams”, outsources a heterogeneous collection of top-notch and high-quality resources and services.
It has a diversified range of services under the categories of Information technology, Business process management, sales, and marketing to offer to our global clients. We have been exceptional in outsourcing our services and helping our clients achieve their targets with quality assurance.
The Conclusion
Especially in this unprecedented and deteriorating pandemic era, Outsourcing is indeed a recourse for numerous industries and setups worldwide, who want to build a team of remote subject matter experts, mince and optimize their hiring and infrastructure costs and focus on the linchpin mainstream services to garner more profits.
