97,966.
That’s the number of U. S. businesses that permanently closed because of the pandemic according to the Yelp Local Economic Impact Report back in September 2020. While the U.S. and the global economy are starting to recover from the effects of the pandemic, it cannot be denied that how business is conducted has changed forever.
Before the pandemic, outsourcing was on the rise. More than 52% of small businesses considered outsourcing back in 2019. Those plans may have been disrupted by the pandemic but it doesn’t change the fact that outsourcing is still a viable business strategy.
So, what are the latest outsourcing trends to come out after the pandemic? We have listed here the top outsourcing trends that business owners should be aware of.
Robotic Process Automation
Robotic process automation (RPA) is a system for building and deploying software robots that can interact and manage software and other digital systems. Like physical robots, software robots can be made to perform specific tasks, especially those that are repetitive.
It’s such a big trend now that 48% of companies around the world are investing in RPA technology in some form.
Like other outsourcing options, RPA is popular because it can reduce costs. Building and maintaining an RPA can be outsourced to those who are experts in it. This allows a business owner to focus more on the daily running of his business.
By automating processes, costly mistakes can be reduced and avoided altogether.
Translation for Support
As more and more companies opt to outsource their business processes, there is also an uptick in the demand for translation services. Companies that are outsourcing the manufacturing of their products to other countries are finding out that they need support when it comes to language services and the best way to get that is to work with a translation agency.
“A translation agency can be an invaluable asset when outsourcing,” said Ofer Tirosh, the founder of Tomedes, a translation agency that is completely remote-first and has assisted numerous companies in outsourcing. “They can help reduce the negotiation period for outsourced manufacturing which can translate to thousands of dollars in savings. Working with a translation agency is also a must for a company that is dealing with an outsourced workforce.”
Increase in Remote Work
Perhaps the biggest change brought about by the pandemic, not just for outsourcing, but for working in general, is the realization that remote work is a really viable option for most companies.
Before the pandemic, only 20% of those whose jobs can be done remotely actually worked from home. The pandemic changed that and companies have taken notice. Companies now have the opportunity to explore other sources of talent.
Businesses and companies that have never outsourced to foreign workers are now trying out that option. While outsourcing to foreign workers has obvious benefits, it also poses some problems, for example, managing remote foreign workers can be doubly challenging.
A possible solution to resolve the language problem is to work with a translation agency to help to communicate with foreign remote workers.
Reliance on Cloud Services
This next trend is directly tied to the last one. Because of the increase in the number of remote workers, more and more companies are adopting cloud services technology. Cloud services cover a wide range of technologies and solutions but the basic idea is for all of those to be available on-demand wherever the user is located.
With cloud services, remote workers can access documents and collaborate on projects in real-time.
Cloud computing is actually a model for outsourcing itself. It allows users to save considerable money because they don’t have to build or purchase costly infrastructure.
More Security Conscious
Because there is an increase in the reliance on remote work and in cloud computing, companies are also looking for more assurance that their data will be protected. Cybersecurity will be very much in demand as an outsourcing service. Cases of data breaches can be very costly for companies and they want to assure customers that all of their data will be protected.
Increased security for data and systems is fast becoming the norm in outsourcing.
Social Media Plays a Bigger Role
For many people, social media is the internet. In fact, there are 4.48 billion social media users now around the world. These social media platforms are ideal tools for businesses to connect with their audience and market. These provide ready platforms that do not require any additional spending.
For example, Facebook can be used for providing B2C solutions. Customers can send questions directly to the page of the business. The management of the social media accounts and the task of interacting with clients can be outsourced now too and an increasing number of companies are doing that.
Social media platforms can also be used to create more engagement and to get a general pulse as to what the market and the audience are thinking.
Omnichannel Solutions
In the quest to provide a better experience to customers, businesses are now resorting to omnichannel solutions. Omnichannel communications refer to a solution where all the interactions with a customer are integrated. Whether the interaction happened in a physical store or through social media, the information will be noted in a single database.
With an omnichannel communication system, the history of the interaction of a specific customer will be available in one database and visible to anyone who will assist that customer. More and more outsourcing contact centers are providing this solution.
Increased Transparency
As companies outsource more of their processes, there will also be an increase in the demand for transparency. They would need to know how the outsourcing companies are handling all of their processes. Increased transparency will include processes for monitoring and reporting that can be shared with the clients.
The Future of Outsourcing
What is the future of outsourcing?
It’s safe to say that it will be here to stay. The value of outsourced IT services alone is expected to be over $413.72 billion by the end of 2021. That’s just one aspect of outsourcing. There are other major processes that can be assigned to other companies and contractors.
The pandemic may have disrupted the global economy but it won’t stop its integration and connection. The outsourcing trends we have listed prove that recovery has already started.