When it comes to business and its core operations, many things need to be considered to ensure the organization is running smoothly. From human resources and marketing to product development and finance, the list goes on. It can be difficult for any team to handle all of these aspects effectively and ensure other departments are not affected. More and more businesses hire experts to outsource such core responsibilities to overcome such high-level challenges.
There are many benefits to outsourcing, including domain expertise from industry professionals, sustainability to achieve growth, saving money, resources, and time, accessing a larger pool of talent, and freeing up time to focus on other aspects of your business. However, it’s important to choose the right outsourcing partner that you can trust.
78% of businesses worldwide feel positive about the outsourcing partners they choose. So, let’s go over the top five functions that businesses can outsource and trust their partner to handle such important responsibilities.
1. Finance and Accounting
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Finance and accounting are two of the most commonly outsourced business functions. This is because they can be complex and time-consuming, and it’s important to have experts handle them.
71% of financial service executives outsource or offshore some of their services. Outsourcing these tasks can save you a lot of money in the long run and free up time for you to focus on other aspects of your business.
2. Digital Marketing
The online landscape is continuously changing and evolving, making it difficult for small businesses to keep up with the latest trends and strategies. As a result, many companies are outsourcing their digital marketing to professionals who have the expertise and know-how to drive results.
At least 34% of tasks were outsourced in the year 2021 by Small and Medium-sized businesses.
3. IT and Customer Services
Information technology (IT) is one of the most important functions in any business, but it can also be difficult for companies to manage without specialized expertise and technical support.
Many fast-growing companies are turning to outsourcing for their IT needs, allowing them to focus on other areas of their operation while ensuring that their systems and processes are running smoothly.
By 2025, just the global IT services outsourcing market is predicted to be worth $397.6 billion.
4. Administrative and Back Office Services
Administrative tasks, such as data entry, customer service, and record-keeping, can also be outsourced to professionals who have the experience and skills needed to get these jobs done quickly and effectively.
By outsourcing these often monotonous or repetitive tasks, businesses can free up valuable time and resources for more strategic and important initiatives. Organisations also leverage virtual assistance and machine learning to automate various back-office tasks.
5. Training and Educational Services
It’s also possible to outsource training and educational services, such as curriculum design, education consulting, and assessment testing. A Government poll from 2019 revealed that 48% of companies in the UK outsourced parts of their services due to the lack of trained in-house staff.
By outsourcing training and development, companies can build the skills of their existing workforce or train new employees on specific topics or processes efficiently. With outsourcing, you can also have access to experts in the field who can provide high-quality training, personalized content, and development services.
Outsourcing allows you to be productive and delegate important activities and procedures to professionals without hiring a large team. It also helps businesses focus on their core competencies while still being able to access the expertise and resources they need to grow and succeed.
When done right, outsourcing can be a powerful tool that can help your business reach new levels of success. So if you’re considering outsourcing any of your business functions, be sure to choose a trusted partner that can help you achieve your goals.