Many companies have big dreams. To support the vision they want, companies often think they need cutting edge technology, up-to-date financials to drive business growth, data that helps them move forward and quality security parameters that make them feel protected.
Although these are great goals to have, not many organizations can accomplish them using their internal staff alone. Each goal takes deep market expertise, industry knowledge and strategic foresight along with experience to make it happen. Rather than hiring internal employees or specialists, organizations often turn to outsourcing to complement the skill sets and knowledge of their team and to grow their thinking. They often partner with outside specialties with the right expertise and ideas to provide access to the knowledge to make their goals reality.
Outsourcing is simply the process of hiring an outside source to help with particular tasks. This could be an individual freelancer or a consultant company with expertise in a specific field. Outsourcing services can be found across a number of industries, including accounting, technology, cybersecurity, data, human resources and more. You essentially create your dream team through trusted advisors, consultants and resources on loan when and where you need them and for what you need them for.
Global outsourcing services allows organizations to scale quickly. Outsourcing can be helpful for organizations that want to get a better handle on their finances, create a budget, enter transaction conversations, conduct an internal audit or whose ultimate focus might be construction for remodeling or expansion, for example, but their finances are not aligned to that goal. Rapid growth calls for additional support, fast.
Perhaps you need IT help to transition to a new platform or better utilize an existing software or to improve security options.
Identifying the areas of your business and the types of consulting that will help you work better into the future will help you plan for growth as well as prepare for the unplanned.
Outsourcing is not a replacement to core functions of a business, ones that are aligned with the organizations mission and values. Rather, outsourcing helps support and serves as a resource for needed services, where having someone on staff does not make sense, right now. Organizations often outsource accounting, payroll and/or cybersecurity. Often, organizations outsource to bring in needed expertise or an extra set of hands where they cannot yet bring someone on fulltime to serve as a CFO, CIO, CSO, etc. Outsourcing is a way to supplement business needs and goals and current staff resources.
Organizations outsource for a variety of different reasons and the functions of outsourcing serve different purposes. It is not uncommon to outsource bookkeeping, payroll, internal audits, information technology services and/or accounting. However, depending on the goals you have set and the needed expertise will determine if an organization is looking for someone fulltime, parttime and at what level of experience. Do you need a part-time bookkeeper or someone to process your payroll? Or, are you looking for a strategic technology, financial or security professional to provide high level thought leadership and direction for your organization; both are available and often in a co-source, outsource or on a project basis.
Another example of outsourcing is for tech support. As the world turns more digital, the right technology has become paramount to an organization’s success. But what if something breaks? Or you have a list of system optimizations a mile long with no one to do it? How can you be sure you’re getting the most out of your technology investments? Working with an experienced solutions team is a great alternative for organizations without an internal technology team to manage system needs and governance.
You don’t need to hire an internal dream team in order to meet your organization’s strategic goals.
Outsourcing talent is critical in business today, and the benefits are endless.
Now that all the benefits of outsourcing have been outlined, the task at hand is whether or not to outsource for your particular organization. And, if so, now, or in the future?
Recent global events have made companies hyper aware of remote working options and the need for advances in technology. It also solidified the beneficial relationship between service providers and companies. While companies will continue to invest more in developing in-house capabilities, research also shows that a majority of companies will continue to outsource tasks far into the future. Outsourcing has been normalized for companies of all sizes and is set to remain a smart and strategic business option.
So, as you move forward with selecting a services outsourcer, be selective and strategic. Rather than searching for a handful of consultants to do various tasks, forge deeper, more intentional relationships with a select few.
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