Identify your need, partner to resolve and receive more than you expected.
Outsourcing has been a sought-after route for companies to improve efficiency in business processes for a long time. For decades, major corporations have vouched that this outsourcing can give businesses a boost on various frontiers. It is now being widely adopted by small and medium businesses, accounting firms, financial planners, mortgage brokers, and the possibilities of customising are endless.
Corporates have found a way to run their business at a low operational cost through outsourcing. This became a big attraction for other businesses to explore adopting outsourcing. The adoption rate of outsourcing has seen a rise, given the efficiency, cost savings and additional capability among the other driving factors. However, everything evolves more so in the fast-evolving business world. When you start seeing beyond the stigma of outsourcing, early adopters have the outcome to prove and the value generated is unmatched.
From a general context, if you are able to figure a service provider that can deliver the best value and quality for you to attain your goals, it’s a simple work relationship from there on. Same goes for outsourcing, but how do you choose the right outsourcing partner for your business?
Is outsourcing right for your company?
Think of it as delegatinga business function to a partner company that is able to efficiently deliver results with outstanding value additions that may not be available with your current set up.
These partners may be able to drive-in more value by tapping into the righttalent pool at a lower cost. This is the scenario where the outsourcing partner is able to match or exceed the quality and the qualification requirement of the process you would like to outsource at a lower cost. In other words, the benefit of a lower cost of living is passed on from the outsourcing partner to you.
Amid all the restrictions, outsourcing has remained viable, has ensured business continuity and the outsourcing partners have delivered as expected.
When done right outsourcing could be good for your business.
How job ready is the offshore team?
Training is an important aspect of hiring an offshore team. Are they trained right? How ready are they for the job you are outsourcing? Are you going to have to train and manage the team every step of the way?
Most outsourcing solutions only facilitate a staff and how you train and manage may be up to you, more like a staffing solution. This type of arrangement may not be right for you.
To make the most out of outsourcing, start with a checklist of your requirements including education level, experience, etc. Discuss with your potential outsourcing partner on how they go about fulfilling the role and the level of training the offshore team member undergoes. This saves you the time and resources, maybe even make your outsourcing journey a well-executed and pleasant one.
Which areas of your business can benefit the most if outsourced?
If delegating a few business functions to a partner company which ones would they be? Consider the benefits including areas that can benefit from time saving, value enhancing, cost reducing or other unique effects it can have on your business. You stand to gain the most when the outsourcing provider can help customise the team based on your requirements. A customised outsourcing arrangement has the potential to drive a combination of benefits that can better suit your business goals.
How do you narrow down and choose the right Outsourcing partner?
While there are so many options in the market and from large number of destinations marketed as preferred destinations, it takes some effort to zero down on an Outsourcing partner right for you.
The success stories and glowing testimonials are not enough for you to get a feeler of it in a glimpse.
Here are a few simple ways to narrow down your search for the right outsourcing partner for your business.
Why go with the first one you come across?
Although it may save time to go with the first service provider you come across, it makes more sense to talk to more than one potential partner. This helps you understand and ascertain various aspects of the arrangement. This way you can avoid missing out on the best practices and value additions that may mean more to your business.
More importantly, why buy something that cannot be customised to suit your business requirement. A partner that allows you to customise can help tailor it not only to suit your business but also to be easily adoptable by your team.
Benefits vs. cost
Apart from the saving on costs what other basic benefit does the outsourcing partner bring to the table? Cost saving doesn’t entitle you to get the best service. The cheapest in the market may not be the best quality. Cheaper options may not be able to meet the data security aspects.
You may want to consider a slightly premium outsourcing partner who is strong across-the-board. While you may not save a fortune with a premium outsourcing partner, you can lean on their experience to enable you to drive more value to your clients.
A trial job arrangement with your outsourcing provider can help preview the quality and check if it meets your expectation.
Like any other partnership, you can build a great working relationship with your outsourcing partner and a good outsourcing partner encourages that. The dialog, feedback and reporting mechanisms can help you improve the results. An open, transparent partner is one who is always open to feedback and works with you to make room for improvements.
Boobalan Madhavan | Accsource | www.accsource.com.au
- Tips To Turn Around Bookkeeping Services this Financial Year - 19 July 2022
- 7 Effective Ideas for Building an Agile Team Set for Growth - 1 June 2022
- How to choose the right outsourcing partner - 22 April 2022