The global outsourcing market is expected to reach $262.2 billion by 2022, mainly due to how cost-efficient it is and its many development benefits.
If you want to bolster your business’s bottom-line quickly, outsourcing is the way to go. Outsourcing refers to contracting a third party and assigning them some part of your business operations. This new, more efficient business model—which has been adopted by private and public sector companies worldwide—offers several benefits. Need evidence? Here are some key insights from Deloitte’s 2016-18 survey reports:
- More than 65% of firms that hired BPO services will continue to do so.
- In terms of value, 84% of deals originated via outsourcing markets in the US.
Let’s delve deeper to understand why outsourcing is such a great deal:
1. Skilled Expertise
Finding skilled and talented people for your business is a challenge. And this is where outsourcing excels. The model helps your business by offering expert hands on deck in your specific field.
You can outsource numerous business processes, from accounting, finance, tax management, data mining, and processing to OCR. You also get the job done at a lower cost than if you had to hire in-house staff.
2. In-House Productivity
Evidence shows that employee productivity is positively affected by outsourcing. The practice transforms core business functions by enhancing employee focus by 57%.
It enables you to access top-notch expertise and exceed in-house productivity goals; this helps you save around 60% in operational costs over time.
Outsourcing complex tasks to a third-party service provider helps your in-house teamwork work more diligently and on the company’s core business operations, allowing them to improve the customer experience.
3. Reduces Hiring and T&D Cost
Your business may be scaling up, but the need for continuous talent acquisition and management won’t stop. Outsourcing a specific business function eliminates the hiring process for an in-house team. You’ll save on costs associated with recruitment, screening, testing, hiring, and training new candidates.
4. Risk Management
Considering the global economy’s condition, businesses are struggling. With massive unemployment, the oil market crash, and financial downturns, shareholders and SME owners are scrambling to control the situation.
A hidden yet fantastic benefit of outsourcing is its risk assessment and mitigating capabilities. The company keeps meeting deadlines by delivering projects in a timely manner, no matter what the prevailing conditions.
5. Less Office Space
Having full-time employees in your office adds up to significant operational, commuting, and compensatory costs. Moreover, it also increases the overheads and utilities of your office building. Outsourcing helps you reduce costs by minimizing the employee headcount, which translates into higher margins and reduced fixed expenses.
How Can We Help You?
At 3Alpha LLC, we have highly trained and expert employees who can outshine your in-house team with their detailed, round the clock, efficient work. We offer various services such as E-commerce catalog processing, BIM, OCR, payroll tax evasion, data digitization, database management, CAD drafting, and many more.
If you want to gain a massive competitive edge, get in touch with us right away!