Searching for your Outsourcing Partner? Here are 8 Factors to Consider!

As an owner, manager, CEO of a business, you must have thought of giving away some of your services to a 3rd party, thus lowering your stress. Right? The pay parity comes from the state and federal taxes, which ultimately determines country’s economic standpoint (GDP) and wage-setting institution. Outsourcing your business processes certainly lessens the burden and solves issues of hiring and training the talent.

A Brandon Gaille report says that 46% of the companies have stated their topmost reason for outsourcing a business process was to reduce operating costs.

Outsourcing business processes is a vital step in setting up a great organized business, without hammering yourself with the process driven monotonous tasks but rather helps concentrating on core business activities. Also, making sure that the task is completed in the given time frame. With the world moving faster, there is no reason to stop and ponder. Time is valued by money and it is very important to increase productivity by working faster and smarter. Also, when the work is done by keeping in mind the high-quality standards the results are more inclined towards quality delivery. Usually outsourcing the business activity are beneficiary since the work efficiency is higher and the labour cost lower.

Here is a thorough breakdown of the top reasons as to why people outsource:

  1. Costs Control — 44%
  2. Access to IT resources which are not available internally — 34%
  3. Freeing up the internal employees — 31%
  4. Customer centric focus — 28%
  5. Business/Company growth reorganization/transformation — 22%
  6. TAT Time period — 15%
  7. Gain access to expertise which are unavailable internally — 15%

Let’s, move further to ponder over the 8 factors which can make your Outsourcing Business a success!

Financial Factor –

Cost is the major factor driving the world economy today! When every single work is done keeping a budget in mind then why not your outsourcing business? By outsourcing business-related fewer activity from vendors, you can save a huge amount without getting concerned about the cost. This gradually leads to higher profit margin and much lower operational and labor cost, thus a win-win situation for both the parties.

But how are you supposed to judge the vendor entirely on this soul reason? To get a clear idea of how costing is going to affect your business, learn about the country’s economy, dig deeper and understand their geographical areas and the economic infrastructure of the place before investing. Access to the areas where the quality of work is not hampered because of their cheaper prizes.

Research –

When you are looking for outsourcing business activities your business vendor must be reliable and trustworthy enough. Do a thorough check by visiting every prospect partner through their website, review sites, news about the company or contact them personally asking for a quotation of their services. Work portfolio, professional testimonials, client longevity are some of the factors that gives understanding of how well the outsourcing partnership will work.

Business Insights –

Social Media account is a brilliant way to get more insights about any company. It doesn’t just speak about the work culture, but also helps understanding people and processes within the company under consideration. Of course, you would not like to get associated with company which is not a cultural fit with yours. You can also get to know about the client-company relations, type of project expertise the company has and so on and so forth. It’s a great tool to have a closer look and without the barrier of anyone manipulating your thought process, since there is no barrier to judge the growth and pitfall of the company.

Bridging the Time Barrier

One of the most important advantage an outsourcing partner can provide is of 24 hours work cycle. Imagine a situation where you leave your office at end of the day with some urgent project deliverables having assigned to your outsourcing partner and see all accurately completed projects the next day when you reach your office. Isn’t it a great feeling to start you day!

Innovative Mindset and Infrastructure

‘Change is the only constant’. In the world of i9 processor if you choose to be a Celeron, then believe it or not, it’s not going to work. Company’s infrastructure is an eye-opener – The software’s used and the work culture of the company is what speaks about high professional attributes that the company possess. A company could be judged depending on its values and philosophy externally and internally by speaking to them on a one on one basis.

Quality Workforce  

The reason you should look for outsourcing business is the dearth of the excellent quality talent pool. The skilled workforce required in the areas of technology and management is almost nil. This point illustrates on the qualities that you need to consider before you outsource your process. You should consider the following qualities before choosing your outsourcing vendor-

  1. Careful planning and mitigation of all the processes.
  2. Weather the workload is distributed properly to the concerned person.
  3. What are the factors do your outsourcing vendor consider during the times of crises?
  4. Weather the workload is distributed properly to the concerned person.

              Source – ASQ American Society of Quality

Non-Disclosure Agreement (NDA)

This is the most important and crucial stage of the outsourcing business. You must know all the necessary details of your work pendulum and the kind of services your outsourcing vendor is providing. This agreement makes you legally sorted when it comes to data security, protection of business information and patented products. So, having entered an NDA with outsourcing company will safeguard all your business interests.

One-Stop-Shop

Running after different service providers for your different needs in business can make your life difficult. It is advisable to work with a company which works more like a strategic partner than just a onetime service provider. While selecting a strategic partner for your business, it is of prime importance to partner with a company providing spread of services you frequently need in different processes of your business, reducing your efforts to look for different partner every time. In a nutshell, look for a One-Stop-Shop!

Indovance Expertise

We at Indovance believes in providing quality driven high standards of work with the quickest turnaround time. Our expertise includes giving excellent drafting and modelling work in Mechanical, Civil, Architecture, Graphics and Pre-media Services. For more information log on to our website www.indovance.com or you can also call us to book an online appointment on +1-919-238-4044.