Navigating the Road to Outsourcing and Offshoring
It’s not uncommon for some of the most forward thinking and agile businesses to make an offshore play and move parts of their business overseas in a bid to reap the rewards associated with this, including scale, efficiency and savings, not to mention accessing a fresh pool of talent at a fraction of the price you would pay closer to home.
UK Deep tech investment was up 17% last year, the highest rate of growth anywhere in the world. This is being driven by a wide portfolio of organisations from global corporations, small businesses, and minor startups. 37% of small businesses currently outsource at least one of their business processes but, unsurprisingly, it’s businesses with more than 50 employees which are 66% more likely to outsource their business processes.
Outsourcing is an area which looks to have a strong future. In fact, Grand View Research expects a compounded annual growth rate of 8% in the period between 2020 and 2027.
Outsourcing and offshoring can quickly increase your output, improve your technical skills and expertise as well as expanding your business capability with limited associated costs. In the past, a key barrier or objection was geography; with companies wanting their teams all in the one place, but thanks to COVID-19, the world got a whole lot smaller; location and where you hang your hat is becoming increasingly irrelevant.
Whilst these benefits on their own can be the catalyst in your decision making process, it’s useful to understand some of the risks involved and what you can do to mitigate these and maximise the opportunity. Let’s take a deep dive to explore….
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