FINDING THE RIGHT OUTSOURCING PARTNER
Outsourcing, as a business strategy, has been around for a while now and it has fast become a lucrative industry with $62 billion (USD) global revenue in 2018 alone. Start-ups and established businesses alike have turned to this approach for the many advantages it gives. More than just reducing cost, the real value is in enabling companies to tap into global talent, while allowing them to focus on their growth and to expand their international footprint. With the majority of firms having outsourcing experience still opting to do so in the long-term, outsourcing has unquestionably proven to positively impact an organization’s bottom line.
The real question now is, among the many outsourcing companies out there, how do you find the one that is
right for you? The saturated market can be overwhelming, with each company promising different solutions at different pricing packages. How do you know which one will genuinely take your company to the next level? As efficient as outsourcing has been, true success lies in finding the right outsourcing services partner.
Here are some things you’ll need to consider:
1. Your need
Before anything else, the first thing you have to do is to take a step back and check on the specific needs of your organization. You will not do well to start looking for providers when, in the first place, you have not clearly set your requirements and expectations. Once you’ve completed that internal assessment, you’ll be able to appropriately match your needs with the provider who can support them with their solutions.
Most reliable outsourcing companies have two or three industries that they consider their core competencies. With experience in their belts, they have knowledgeable people and well-tried structures capable of filling the gaps in your
operations. When shortlisting for this aspect, some questions to ask would be: What type of accounts have they worked on in the past? What is their success rate? When was the last time they worked on a project similar to yours? Take a deeper look into what methods they use to resolve issues and track progress. Don’t hesitate to ask for references and to diligently look into them.
You need to figure out how much money you are willing to invest and find a partner within your budget bracket. Top-notch services usually command top-notch prices; but there are many high-quality providers willing to adjust and negotiate whenever needed. Just keep in mind that you may have considered outsourcing to cut on costs, but skimping too much can actually cost more in the long run. Finding the right balance between price and quality is key.
4. Cultural fit
As part of the selection process, find out about the company’s culture and its marketing and management practices. Their over-all process and the general disposition of their own employees will speak volumes about how easy they will be to work with in the future. Every outsourcing provider operates in a unique way. Their qualities must match your own company’s culture so that you’ll always have the best collaboration, even when conflicts arise.
To take full advantage of the benefits of outsourcing, choosing the right service provider is crucial. Yes, it is a tedious and challenging process – but it is one that deserves careful consideration, as the right vendor can make or break your strategy. Take it from Google, Alibaba, Slack, Skype and many other big companies who credit their outsourcing partners for their current success. Done right, you’ll be building a strong business partnership that you can leverage on and take your business to greater heights.