Outsourcing Demand Expected to Increase Due to COVID-19
COVID-19 has compelled companies to change the way they do business. Some are due to quarantine measures put in place by governments, others are due to anxieties or fears of getting infected by the disease. This is where outsourcing comes in, as it proves to be a great alternative when it comes to continuing business operations during this pandemic crisis.
According to the 2020 Global Managed Services report from NTT, many are expected to outsource more work as businesses start to operate in the new norm. Based on the survey of 1,250 executives in 29 different countries, about 45% of businesses will outsource rather than hire in-house in the next months.
Survey findings also include:
- Reducing security risks as the top reason for choosing an outsourcing service provider.
- 48% of business leaders acknowledge the need to optimize the workplace environment.
- Technical expertise as the primary factor for selecting a service provider, with security and cloud infrastructure leading the demands.
Nowadays, most businesses are working remotely because of health concerns. Companies are stopping physical business operations, or adopting the “new normal” where safety measures are put in place in the office or employees are advised to work at home. To successfully transition, businesses should enhance security, as working from home also has their own set of concerns regarding the protection of company data.
Take Advantage of Cost Savings
The biggest challenge of the pandemic crisis is how to stay in business despite the decrease in sales. In these trying times, you can take advantage of the cost savings benefit of outsourcing. Rather than hiring an in-house employee, you can outsource great talent at a fraction of a cost. Due to the difference in wages between countries, work done in-house can be completed elsewhere at a fraction of the cost.
In fact, according to Deloitte’s 2016 Global Outsourcing Survey, the main reason businesses outsource overseas teams is because it’s an effective way to cut costs. But outsourcing is much more than a money-saving option. If you look at all the responses based on the report, there are many other great reasons why businesses outsource.
Areas Your Company Can Outsource
Companies who outsource have reported increase in positive review and customer satisfaction. It can help you by giving essential and long-term benefits like costing, expertise, efficiency and effectiveness and getting higher revenue.
Your time is better spent on the specialized, strategic aspects of your business. Time-consuming tasks like content creation, social media, SEM, SEO, or digital marketing as a whole can easily be outsourced. Since marketing is crucial to your brand’s success, outsourcing marketing will help increase your site visibility, conversions, and revenue.
Experienced sales and lead development experts can help improve close rates and increase profitability. By outsourcing, you can also benefit from lower overhead costs and improved efficiency, which will increase revenue in no time.
Get Back on Track
In the current business landscape, there’s no better time than today to see how outsourcing can be a solution. Organizations need to make a recovery plan to lessen the negative impact of COVID-19. The time is now to look for a trusted outsourcing partner that will help you run your business smoothly.
The biggest challenge of this pandemic crisis is to continue business operations amidst health concerns. The road to recovery will not be easy, and no one knows when this pandemic will end. Make sure you have a comprehensive plan to get your business back on track.