The entire global outsourcing services business stayed under the radar for quite a long time since its inception, but not anymore.
According to Aravind, CEO of XXXX, a global outsourcing firm offering BPO financial services, “Businesses for many years now have relied on outsourcing partners, predominantly offshore, as it helps them achieve cost cuts in getting low-value tasks done. But the scenario is quite different post-pandemic. With increasing expertise and streamlined processes, outsourcing firms are now delivering exceptional services of high value. They are now helping bigger companies with strategic planning and insightful business decisions, offering them an innovative edge over their competitors.”
Economic Slowdown Further Fuelled Outsourcing Market
Global business operations trajectory has been severely hit due to an intense grapple with the covid-19 virus outbreak paved an economic slowdown and even recession in many parts of the world. This further boosted the demand for outsourcing firms that could manage their high-value tasks end-to-end.
Today, the global outsourcing services market is valued at more than USD 620.381 billion and is forecasted to grow by a CAGR of 5.54% to USD 904.948 billion by 2027, according to ResearchAndMarkets.com.
Businesses Are Now Relying On Outsourcing Firms For High-Value Tasks
“Businesses can no longer survive without stripping inefficiencies, reducing operational bottlenecks, and increasing margins, which is exactly what outsourcing firms have been delivering to their clients for several decades now. So, considering all options, the market for outsourcing firms is here to stay and will form the backbone of any new-age business where companies are keeping their workforce small, offering focused and targeting their customers with personalized services”, according to XYZ of ABC, which has been outsourcing their high-value finance functions since 2016.
Financial analysis, financial reporting services, budgeting & planning, cashflow services, capital budgeting, decisions and control, resource allocation, surplus disposal, acquisitions, and mergers are some of the leading high-value financial functions businesses from across the globe outsource to firms. “In the coming days, we will be seeing more nuclear businesses comprising of executive level professionals holding each of the major areas of the business as a skeleton while outsourcing the entire operations to leading outsourcing firms,” says XXXX, CEO of YYYY outsourcing firm, a US-based leading outsourcing firm.
Outsourcing Will Become Mainstream In Few Years
Successful businesses bring together different pieces to achieve a goal. So, if an organization cannot access the right talent and expertise, it will miss out on opportunities. If they lack proper tools and technologies, they are stripped of the chances that will help them scale their growth. In reality, outsourcing is slowly becoming the mainstream idea for businesses of all sizes and industries across the globe.