ARE you thinking of outsourcing? Or are you currently outsourcing processes in your organization? Here are some stats that would be helpful for you.
Before the pandemic, the outsourcing market worldwide was worth $92.5 billion.
* In 2021 or a year into repeated lockdowns, the worldwide outsourcing market had grown to $245.9 billion and is expected to increase at a 9 percent compound annual growth rate by the year 2030. (Grandviewresearch 2021).
It’s staggering growth in the span of a little less than a year.
* The United States military industry accounts earned $100 billion in income, making it the most significant outsourced transaction. (City University of New York, 2009)
* In the banking industry, 40 percent of help desk employment is outsourced. (Credit Donkey 2015)
* The biggest issue for more than half of outsourced organizations is data security. (Digitalguardian, 2020)
* Outsourced global financial services are now worth $130 billion. (Fortunly, 2021)
* Both big (50 or more employees) and small (50 employees or fewer) businesses outsource. Thirty percent of small businesses now outsource.
* For small businesses, the most common outsourced jobs are accounting and IT services. The next common service is digital marketing.
Companies outsource for efficiency. In an increasingly competitive business arena, focusing on core processes allows businesses flexibility.
* Even with the advent of social media marketing, lead creation, and cold calling are still effective and thus, frequently outsourced.
* To save money and other resources, more than 25 percent of businesses will outsource company development.
* With a literacy rate of 95 percent the Philippines is, at present, the most favored destination for customer service. (UNESCO report, 2018)
* Despite reservations about sharing data, chief intelligence officers are still keen on interacting and exchanging data with outsourcing companies. (Customerthink, 2020)
* The main reason 57 percent of companies use business process outsourcing is to concentrate on operations, activities, and core issues. (Statista, 2021)
* three-fourths of businesses worldwide outsource their information technology requirements. In the same study, half of the businesses employ support staff for communicating with consumers.
Even Human Resources and Customer Service are outsourced.
* More than 40 percent of banking and financial institution support desks are outsourced.
* Due to the post-pandemic requirements, businesses spend significant resources on accounting operations. Thus, accounting procedures is the second most outsourced service. These business process outsourcing statistics show that outsourcing or engaging the help of a service provider can be more efficient (and cost-efficient) than employing, training, and paying a full team. In many cases, a specialized organization such as NEARSOL can perform a specific business task better than an in-house team.
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NEARSOL is a US-based BPO and service company that offers clients custom-design solutions. With major hubs in Manila and Iloilo, it began operations in 2011 and has since gained a strong presence in the Latin American regions, the Caribbean, and the Asia Pacific, winning many awards for quality and service along the way. Most recent of which is its Great Place to Work-Certified™ Recognition, a global accreditation that tells stakeholders what employees think of the company culture.
Visit our LinkedIn to learn more about our company and our global footprint./PN
