The world is currently heading toward a truly global economy. Businesses from all over the globe are forming networks and these connections take many forms. Whether they’re supply chains, interrelated businesses, or burgeoning new industries, the world’s commercial establishments have never been so interwoven.
Outsourcing is one of the ways businesses are forming connections and strengthening themselves. Thanks to outsourcing, your company can provide specialized services while focusing on building your strengths. You can help your business stay relevant by keeping track of important trends in outsourcing.
Watching these developments is critical to ensuring your business is one step ahead of the competition.
Outsourcing is on the Rise
According to research, approximately 70 percent of businesses currently employing outsourcing plan to increase their usage of the service. As much as 35 percent of these businesses plan to boost their outsourcing significantly. Among outsourcing service providers, 83 percent are expecting their industry to expand.
It’s not difficult to see why outsourcing will grow when you take into account the many advantages it provides businesses. Thanks to outsourcing, companies can enjoy reduced operational costs, enhanced customer experience, and improved information technology.
Increased Outsourced IT
Cutting-edge industries are often some of the most competitive businesses. Each company is struggling for an edge over their competitors, whether its something drastic as an innovation or something simple like more effective operations. Reliable information technology is one such advantage and it could provide the previous advantages.
From 2018 to 2019, experts predicted that businesses around the world would spend 3.2 percent more money on IT services. Companies are hard-pressed to find their own IT specialists, and some lack the resources to maintain designated departments. This creates a huge market for outsourced IT services.
New Outsourcing Hotspots Appear
For years, most businesses have turned to a few Asian countries for their outsourcing needs. Many companies have formed partnerships with outsourcing providers India and China.
However, new hotspots for outsourcing are popping up all over the map, offering more options for your business. In Asia alone, the Philippines has reliable SEO outsourcing firms. Meanwhile, Eastern European countries are breaking into the outsourcing business. Countries like Romania, Ukraine, and Belarus are all poised to become new hotspots for IT outsourcing.
Growing Focus on Cybersecurity
Information technology is not only an important outsourced service, but it’s also the reason the industry is as effective as it is today. Thanks to increased connectivity through the internet and the proliferation of mobile devices, it’s easier than ever to communicate and cooperate with businesses across the world.
The rise of digital outsourcing brings cybersecurity to the fore. With so much sensitive data and financial transactions shuffling back and forth through digital channels, protecting them from attacks is the primary concern. The future of outsourcing contains more focus on neutralizing digital threats, protecting data rights, and establishing compliance.
New Technologies are Making a Big Impact
The emergence of new technologies means businesses will launch into action to secure specialists who can provide these developments. One such technology is the growing field of virtual or augmented realities. Experts predict these fields will grow to over $130 billion by 2021. As businesses explore how VR/AR can benefit their businesses, the demand for outsourced developers of these fields will skyrocket, creating new opportunities.
Outsourcing is more than just a service or an industry. It’s a way to build bridges that span the world. By keeping an eye on outsourcing trends, your business can establish more connections and bring the world closer than ever.