Across the globe, a huge amount of organizations are actually using outsourcing for essential and non-essential tasks. Outsourcing, which used to be a curse word for many people in the past decade, is now becoming a necesarry resource.
It is a resource that is becoming more and more relied on particularly as more companies have been forced to work remotely. In 2019, the worldwide outsourcing market was worth $92.5 billion and shows no signs of slowing down.
Here are a few interesting facts you may not have known before;
“The top reason for outsourcing is saving money.“
59% of companies that were asked about why they outsource said that it was to cut their costs on labour. I think most of us already know that the most expensive resource in most businesses is the cost of paying their employees. Outsourcing is the most efficient and legal form of making significant savings.
“37 % of small businesses use outsourcing to handle at least one of their business processes.“
This one speaks for itself. Small businesses do what they can to try and get out of the “small business” bracket. How do they do this? They have to follow the lead of larger companies. This is the example that is being set and becoming “industry standard”. As well as money saving, outsourcing frees up any business owners most valuable resource; time.
“In 58% of cases, innovation was used to increase the quality of outsourcing.”
When time becomes a commodity, quality is something that can be improved significantly. Infact, user experience has been noted to increase by 38% and in turn, grow client revenue by 31%.
These are a few reasons many companies now are taking advantage of having the world at their finger tips. With COVID-19, which is changing the way we traditionally work, businesses, not only in the U.S but across the globe, are now reviewing their current infrastructure and give it a 2020 facelift.