Global workplaces are all the rage these days, and for good reason. Outsourcing has emerged as a business strategy that allows you to stay connected in fast-paced, internet-oriented industries.
As something that’s trusted by companies of all sizes, outsourcing can allow a business to focus on your own core competencies by entrusting specific tasks to an external team of professionals. Suffice to say, spending on business process outsourcing is expected to reach $212 billion by the end of 2023.
With 2023 halfway through, the outsourcing industry is poised for a large uptick in growth by the end of year. Let’s explore some key trends for the future of outsourcing, as well as how business owners can leverage these trends to stay competitive:
You may have heard of the emergence of Artificial Intelligence (AI) and automation technologies. Well, they’re beginning to pop into the outsourcing world as well. Early in 2023, you can already see AI-powered automations streamlining workflows. However, AI will not fully replace human workers, but will augment their work instead.
For example, customer service chatbots can cut out the lengthy time it takes for a customer to type out their complaint, and will instead gather the necessary information to be sent to a human customer service agent to be taken care of. From a customer service standpoint, this makes the customer experience a smoother one.
Additionally, AI can also help when it comes to data analysis, process automation, and the like, all of which can be overseen by humans. Instead of relying fully on the features of AI and automation, you and your outsourcing partner can instead create processes around them to deliver a customer-oriented customer experience. Doing this can not only boost operational efficiency, but also minimize the risk of errors, and come up with faster turnaround times for projects.
In 2022, 21% of people (particularly managers and business owners) said they were challenged when communicating with their outsourced team. That’s bound to change in 2023. In the future of outsourcing, collaboration will be key to success. Easier and snag-free communication between the core business and their outsourcing partners allows for higher efficiency.
Thanks to continuous innovation in meeting and management platforms, it’s now easier than ever to close the gap between businesses and their outsourcing partners. In 2023, outsourcing providers will fill the role of strategic partners, collaborating closely with firms to align business goals, share important insights, and drive growth.
Businesses will look for experts with a particular specialization to meet their more unique requirements in their field. With that in mind, outsourcing providers in niched industries will gain more prominence in 2023. These providers can focus more on specific industries, and offer in-depth knowledge of their services and highly-specialized teams.
By partnering with outsourcing providers such as these, businesses can without a doubt tap into industry-specific insights and gain a competitive edge. The trend towards niche outsourcing also allows companies to have more control over their outsourcing arrangements and ensures a closer alignment with their strategic objectives. It can even cut down operational labor costs by up to 70%.
Have you experienced a data breach or a privacy scare? These will become more common in 2023, so the security of your business’ data should not be taken for granted. In 2023, 83% of IT leaders choose to outsource security, so it’s high time you should too.
For you to safely outsource, partner up with a provider who has a heightened focus on data protection measures. Make sure they also have security protocols and network systems in place — all of which must adhere to regulatory requirements. In this vein, make sure to outsource with a partner that values your data security. Strengthening your data protection will be crucial as you take on 2023.
The outsourcing landscape is evolving rapidly, with plenty of exciting opportunities to boost operations. As we move further into 2023, these trends will shape the future of outsourcing.
Stay ahead in the ever-changing business landscape. Harness the power of outsourcing to unlock your business’ full potential. FGC+ is happy to tailor-fit our outsourcing solutions to your business. Learn more through our website at www.fgcplus.com.