It is hard to think of an industry not affected by the COVID-19 pandemic across the world. Industries including services related industries have felt the squeeze or have been affected by organisational and financial challenges. Businesses are also exploring and evaluating solutions that can assist in fulfilment of their client requirements and ensure safety and growth of their local staff.
Most businesses have had to also retrace on operational efficiency including amend budgets to help endure the effects of the pandemic.
In what maybe a challenging year in decades, outsourcing some of their operational and administrative functions while pursuing financially stability and revenue inflow has been one solution widely being adopted by businesses.
For forward-looking companies the outsourcing benefits relevant even in the pandemic scenario includes,
- More efficiency to process flows
- Scale-up Productivity
- Focus on revenue-generation
- Operation Cost optimization
- Expansion without the need to invest in Infrastructure and office space.
Outsourcing allows businesses to keep up with the competition
Outsourcing is not just for huge firms and everybody can do it. For small businesses, it is particularly helpful since they do not have the budget or capital to handle their operations. In addition, it is better to outsource as it would meet their financial requirement, and they don’t even have to think about recruiting more individuals to bring in new talents. In addition to that, it will allow them to compete with large corporations by providing the same knowledge, resources, and services to their potential clients.
Apart from the pandemic induced effects, one challenge that is ever constant in business is ‘Competition’. It is never a bad time to take charge and adopt areas that can be leveraged to improve efficiency and manage costs. These areas not only grant dedicated time and human capital to concentrate on revenue generation, it can further your position ahead of competition.
Aside from the direct effects of the pandemic, businesses today have to catch-up with the changing business landscape, including regulatory changes, updates to technology, and the time saving approach authorities have adopted to promote efficiency.
Bringing more efficiency to the daily workflow while also scaling productivity, will become the focus of many businesses in the future. Even to businesses completely uninitiated to outsourcing with transparency, flexibility, visibility, and control in the outsourced processes.
Most firms who outsource can attest that this solution can simplify a few strategic and in-house obstacles. Outsourcing enables the management to focus on revenue generating operations and at the same time reduce the time costs incurred towards the hiring, training, up-skilling, development and etc. Also, in uncertain conditions it simplifies scaling up or toning down the operation to suit the needs.
A customer-centric outsourcing provider helps businesses with three important operational elements associated with success,
- To overcome productivity hurdles
- Streamlining the processes
- Supplementing additional resources and skillsets
The pandemic as bad as it can be has presented businesses with an unexpected opportunity to reassess the priorities, plan of action and operational approach. Outsourcing opens an avenue to eliminate outlays rising from non-core activities, this in turn enables growth and innovation. Outsourcing also presents new opportunities for existing talents, eliminates the need for hiring and training revenue generating talents.
Every dollar spent on a new hire required for critical functions including those for revenue generation and the company’s core competencies can be savings. That’s also more budget is at your disposal to hire revenue generating workforce. In addition to the savings, the newly freed time can be utilised and spent setting new goals and finding ways to achieve them. In short, apart from cost reduction, outsourcing enables existing, in-house talent to concentrate and contribute towards strategic and revenue generating functions.
AccSource is an outsourcing platform developed to support and deliver value creation, cost improvement all along the Accounting, Compliance, Operational and Administrative value chain. The processes comprises of transaction processing to compliance, operations, administrative and business analytics. Feel free to schedule a call to explore the competitive advantage and other value additions your business can gain.