Offshoring has been a go-to strategy for businesses looking to develop and expand. Whether it’s a simple startup or an ambitious company wanting to go global, the offshoring of processes has always aided in any form of business growth. Even those that say they have high standards can use offshoring for their development.
Over the years, we’ve seen offshoring evolve and change, but several principles remain the same. With the emergence of new technologies, offshoring remains a primary approach for businesses wanting to stay ahead of the curve. This year in particular, offshoring has the chance to reinvigorate businesses that are looking to recover from the global pandemic.
Why Offshoring Is A Must
Roles such as marketing, IT, customer support and HR services are just some of the functions that companies can choose to offshore. Regardless of industry, it is an approach that helps both business growth and global competitiveness. As the technology evolved, so did the quality of roles being offshored. In today’s business landscape, it’s not uncommon for successful companies to have key roles or entire teams offshored.
There are other reasons why offshoring is a must. Cost reduction may be one of the primary reasons but should not be limited to just that. When companies offshore, they also get access to new markets and expand their global reach. Without the need for local overhead costs, companies can grow and scale on their terms. Through boosted productivity from their offshore team, companies can also focus on core competencies locally. In doing so, it also opens up new revenue generating opportunities they can take advantage of.
From these benefits, offshoring can often easily be compared to outsourcing. Both processes indeed have similar end goals when it comes to cost-savings. With slight differences in approaches, both also involve working with a team that takes on traditional in-house functions. However, it’s these differences that determine whether or not offshoring is for you and your business. While outsourcing is a quick solution for most, offshoring requires a more hands-on, committed approach. To truly see how offshoring helps business growth, companies must be willing to be more involved in the process. This means being part of the hiring and selecting process, assigning functions to be undertaken and cultivating their professional development. All this, while also remaining consistently engaged with their offshore team as they provide continued support. Offshoring believes in creating long-term teams that you can develop as champions of your business and industry.
Business Growth Through Trends
So how does offshoring facilitate business growth? If you look at some of the recent trends, you can see where offshoring can truly shine. Offshoring’s benefits certainly go beyond the quality of functions delegated. Those that fully braced its potential know that it is possible to offshore core functions without a decrease in productivity. Good offshoring providers can help build teams that take on these essential tasks and also deliver fast results.
One of the emerging trends seen in offshoring is how it can help shape the customer experience. Companies continue to see how important it is to have a branded experience that is uniquely theirs. This is something that offshoring can help develop. In the last year, we saw a shift in companies becoming more people-focused and almost relatable on a personal level. Businesses began to restructure their approach to office culture into one that was more empathetic and tight-knit. As a whole, the global pandemic saw the need to be in tune with the needs of people, particularly consumers and clients.
Speaking of the pandemic, one of the reasons offshoring is considered viable is its adaptability. It takes advantage of emerging trends or technologies to further develop as an industry. Perhaps there was no better example of offshoring’s adaptability than its application during the global pandemic. 2020 was one of the most challenging years in many aspects. With the pandemic having a personal, professional and global impact, it brought several things to a sudden halt. During that time, there was a need to assess and review traditional approaches to make way for changes. Whether small scale or major ones, these changes were all embraced and adapted by the offshoring approach.
Growing with the Right Provider
As stated above, offshoring is not a simple approach you can just implement. It’s a customized strategy that requires your full attention and management. However, by cultivating teams that you work with, they become an extension of your entire company who can meet all your objectives. Companies that offshore initially with the idea of cost savings eventually see the other advantages it has in its approach. The global pandemic did stall business growth, but an offshoring strategy can be the key that reinvigorates industries.
To achieve this, businesses should partner with experienced providers who can build the right strategy for you. Offshoring providers that not only can tap into a deep talent pool, but know how to properly involve clients through the entire process. They can assess their different objectives and determine a personalized offshoring approach that is right for them. In doing so, companies can begin to see why it’s an approach that manifests growth and keeps them competitive.