If you think technology companies are the only industry vertical that is leveraging outsourcing services to get ahead, you’re missing a big part of the picture. While technology companies are in most cases comfortable with cloud-based solutions and ‘as-a-service’ models, −, i.e., Software-as-a-Service (SaaS), software development services, etc.− other industries seeing outsourcing as a strategic decision. In fact, according to a Technavio between 2018 and 2022 the global outsourcing market is likely to grow at a CAGR of 5.84%. (Source: Technavio). Analysts predict that in addition to lowering costs, companies are also turning to outsourcing for help to improve automation, cloud services and other digital technologies that can transform the business and help them achieve efficient and accelerated growth.
Companies across industries are turning to outside agents to deliver a diverse and specialized skill set, greater financial flexibility, the ability to gain access to new market areas more quickly. From back-office tasks like data management and finance and accounting to marketing services, client support, and project management, the right partner can help businesses across a range of industries to become more competitive, innovative and well-connected with their customers. Many experts believe that in 2018 and beyond leading enterprises, both large and small, will continue to embrace outsourcing. Let’s review how some business areas outside of technology are leveraging outsourcing as a path to improve customer service and to become more competitive.
- Hospitals and healthcare industries- Many small and medium-sized hospitals and health care providers are turning to specialized partners to help with a range of services, including financial management activities. Financial management experts are critical because they are supporting healthcare providers in their effort to identify cost- savings, streamline workflows, and improve the payments processes. And, healthcare companies are achieving significant costs savings and efficiency gains without the need to buy, deploy and maintain large-scale financial management systems. Those that rely on financial experts are finding that they can much more quickly resolve accounts and speed account processing which in turn allows these centers to re-focus from financial responsibilities to providing a more positive patient experience as well as the ability to improve patient care at all levels.
- Legal firms- Outsourcing paralegal and legal support services have become an increasingly popular way for legal firms and attorneys to increase their bottom lines. By relying on freelance paralegal services, for instance, firms are getting the benefit of having access to a team of always-available, highly-skilled paralegal professionals without the need to provide office space, benefits or a regular salary. Not only does this drive down the cost of these critical support services, but it also has the potential to reduce stress on attorneys and contribute to better work/life balance for senior level attorneys. When high-level staff members are freed up from administrative tasks, they can be more productive, better serve clients needs and improve revenues. (Source: New England Law Journal).
- Startups- To build out their technology infrastructures and capitalize on new opportunities quickly, startups require the right combination of automated digital technologies and skilled resources. In a tight labor market, the shortage of skilled labor, like application developers, security professionals or finance teams, can be particularly challenging for startups that have limited resources or sporadic financing. Those looking for specialized skills or to accelerate the development of their product or services are moving away from hiring full-time employees, and instead, they are relying on outside resources to improve the speed of their development work and the quality of products. Many well-known startups such as Skype, GitHub, and Slack, have worked with outsourcing partners on the development of the products with great success.
If your organization is looking to focus on its core competencies and to build stronger connections with customers, without any of the risks involved with hiring, training and managing full-time employees internally, outsourcing can be a cost-effective and highly-attractive option. Regardless of what industry you’re in or what back-office services you need, talk to Outsourcive today about how we help you think outside the box to meet your goals. With our strategic back-office support services you can focus on securing new customers and capitalizing on new growth opportunities, and we’ll take care of the rest.