Staying ahead of the curve is more than just having contingency plans with no applicability. At least that is what the pandemic showed us – making light of glaring troubles and gaps in regular business operations.
To stay ahead of the curve in today’s quickly varying business environment, companies, despite size or industry, must persistently be on the lookout for methods to advance efficiency, enhance profits, and control costs.
The premise is highly accurate when we consider the impact of the COVID-19 global pandemic on businesses around the globe.
Thus, currently, more than ever, IT companies are actively considering and pursuing means to outsource their IT operations or projects, which in a rather conscious and increasingly virtual environment is undoubtedly the most sensible thing to do.
Some Statistics that You Need to Know –
The global market for IT outsourcing is expected to reach $342.9 billion by 2020. By 2027, the value is expected to reach $410.2 billion.
Consider the market proof. Increasing outsourcing means that companies are buying-into the remote dedicated team alternative.
According to McKinsey, 87 percent of companies are already experiencing a talent shortage. In 2020, there will be 40 million vacant IT jobs around the world. By 2030, it is expected to have grown to 85.2 million workers.
Consider the employee preference. Local talent shortages and a nomad employee is the new-age employment.
India’s IT outsourcing sector is predicted to increase at a 7.25 percent compound annual growth rate (CAGR) from INR 5,649.47 billion in 2019 to INR 8,830 billion in 2025.
Outsourcing can go a long way toward supporting companies in attaining their goals, cutting down on overhead costs, and making certain that their in-house staff devotes their time and energy to core business competencies.
Consider the industry approval. India booming with outsourcing projects means that the industry is replete with outsourcing examples.
Why Should You Outsource During a Pandemic?
Most firms have faced operational and financial troubles as a result of the COVID-19 virus. The necessity for an adaptive workforce becomes apparent as organizations plan for their post-COVID-19 comeback.
Given the numerous issues your firm may be facing due to COVID-19, outsourcing your workforce makes sense. Outsourcing might help you get your business back on its feet by streamlining business operations and assist you in regaining control of your company.
Benefits of Outsourcing during COVID-19 Global Pandemic Crisis
Here we have brought you a list of the most valuable benefits of outsourcing that makes it the most sensible thing to carry out during this global pandemic crisis:
Better Focus on Core Business Competencies
Many activities in the workplace can serve as a distraction from the primary goal of the company founders and heads.
Therefore, as the workload increases, the business’s essential activities degrade, which negatively affects the company and hinders its growth. Outsourcing allows your company to concentrate on its core capabilities and what you do best – focus on strategic decisions and moves or new feature brainstorming – while you delegate codebase maintenance, bug management, and iterations to a dedicated remote team.
Advanced Skilled Resources
For successful software development cycles, outsourced software businesses regularly work with many skilled resources. These resources are well-equipped with advanced tools and technologies to enhance your software product. Plus they are adequately trained and have expertise in required tech stacks. Because of the vast pool of resources available to improve your business, you can scale on-demand, in whichever technology you want.
Eliminate Uncertainty & Some Major Risks
Unluckily, COVID-19 uncertainty has become a part of the new normal of the business environment. Suppose you outsource remote staff for your primary business projects or functions during this global pandemic crisis. In that case, you can eliminate some of this uncertainty and other significant risks associated with hiring, layoffs, turnover, and re-hiring processes.
Ease of getting back on track if things go sideways with regular in-office work.
When a company outsources, it needs an outsourcing partner. This partnership helps in delivering complicated outsourcing projects and maximizes customer satisfaction. It further results in excellent proficiency in software development projects or other IT services.
Reason: This is the KPI. The metric on which the vendor is engaged and paid for. Thus there is a certain guarantee of delivery with a well-planned project.
IT Outsourcing assists you in achieving a more prolific, proficient service, typically of a superior quality.
Outsourcing teams is a viable cost resilience strategy – for when companies are looking for savings in IT/Development costs with remote teams. Outsourcing also supports you in controlling expenses and saving costs (like infrastructure costs, HR expenses, recruitment and attrition costs) that further assist you in releasing capital for investment in other areas of your business.
Proven software development processesCustomer-oriented, reasonable, experienced, and standardized development procedures are the features that have emerged with modern managed outsourcing. It has grown, apparently reducing project risks and development time.
Skilled pool + Better code + On-demand talent = Quality.
Businesses can thrive in this intense competition by providing the highest quality solutions to customers and maintaining credibility in the software development industry. Thus, organizations opting for outsourcing or remote development teams will find the right vendor offering multiple profiles and an elite talent pool to pick from.
Reduced Time to Market
Companies struggle for more jobs and better reputations amongst software outsourcing jobs companies. Therefore, outsourcing vendors clearly define the delivery methodology, process and a schematic that helps them complete projects quicker. It, of course, means that each operation produces iterations faster.
Furthermore, since a vendor starts development from the get-go, there is no lag in dev cycles.
Provides Competitive Edge & Augmented Reach
Outsourcing can also assist you in making the most of your skills and knowledge in conjunction with your whole dev chain. By outsourcing, you can easily access all those abilities and facilities that are not effortlessly accessible or affordable.
Keep the benefits described above of IT outsourcing services in mind, and consider the viability for growing your business amid this global pandemic. However, if you still have any doubt that it would be a bit risky, then you can begin by outsourcing your low-cost or low-value projects first.
If you’re curious about possible engagement models or project estimates, you can connect with our experts over at Netsmartz. Share your details on our website and scale your business.
Choose smarter. Build Better.