With a need for cost-effectiveness, risk mitigation, and enhanced efficiency, more and more businesses are turning towards global outsourcing solutions. After the recent effects of COVID-19 and an increased requirement for hybrid work models, this trend has only gained more traction.

To help you learn more about the efficacy and benefits of outsourcing, here is a lowdown on how this approach is transforming the business landscape in 2022.

The Global Outsourcing Market is Set for Significant Growth

With a projected compound annual growth rate (CAGR) of 8.5 percent, the global business process outsourcing (BPO) market is set to achieve a market value of $620 billion.

This important growth is propelled by various factors, including:

  • Hybrid Work Model: The workplace is changing with remote and hybrid work, making outsourcing more seamless than ever for almost all business models.
  • COVID Risk Mitigation: After the hardships brought on by COVID-19, there is a push for digital innovation and transformation, and most businesses are spending more in areas like IT.
  • Strategic Partnerships: The role of vendors is evolving toward a strategic partnership that supports decision-making and growth. This helps businesses get more value out of global outsourcing solutions.

Outsourcing is Achieving More Than Cost-Saving Measures

Whether you turn towards software outsourcing or customer-service outsourcing, the model’s cost effectiveness makes its presence known across the board. Among other things, this has also made way for businesses to increase their outsourcing spending on IT services from 6.3 percent to 8.7 percent in 2022.

But, when put into practice the right way, outsourcing can do more than save money. Some of these most common advantages of outsourcing include the following:

  • Resilience and Agility: Outsourcing makes companies more resilient and helps them pivot quickly in the face of operational and growth challenges.
  • Expanded Talent Pool: Outsourcing gives businesses access to a massive selection of talent in highly specific areas such as data, cybersecurity, or AI.
  • Robust Team Structure: Recruitment challenges in fields such as IT make it difficult to build in-house teams. Outsourcing your work to dedicated solutions resolves this issue.

Outsourcing Helps Specific Industries with Specialized Goals

Through the flexibility of using dedicated teams and augmented staff, many industries can reap the rewards that global outsourcing solutions bring to the table.

Some of the industry-specific benefits that may further encourage this practice include the following advantages:

  • For Healthcare: Outsourcing addresses challenges wherein an increasingly complex regulatory environment and increased patient expectations make back-office tasks challenging.
  • For Shipping and Logistics: Outsourcing can resolve supply chain issues and e-commerce fulfillment scenario bottlenecks. This improves efficiency and strengthens accuracy.

  • For Finance: Outsourcing can help adopt new technologies and improve compliance and risk mitigation. This also keeps employees away from redundant tasks and increases your team’s efficiency.

Contact Distillery Today for Your Outsourcing Requirements

Among other things, the benefits of outsourcing have encouraged businesses to increase their outsourcing spending on IT services from 6.3 percent to 8.7 percent in 2022. If you belong to the same category of businesses that want to go all in on outsourcing, you may want to adopt these solutions for yourself.

At Distillery, our team of experts specializes in an array of IT divisions, ensuring that we can meet your outsourcing needs without compromise. No matter the extent of your requirements, our team’s structure, qualifications, and flexibility lets you fulfill them to the last detail.

Whether you want to explore the idea of outsourcing or feel ready to move forward with the adoption of this model, don’t hesitate to contact us for a consultation today. We will be happy to discuss your needs and follow the right steps to meet them without any delay.