How To Get Utmost Benefit And Maximum ROI With Your Outsourcing Firm

2. Overview The outsourcing industry has experienced tremendous growth over the past ten years. Currently, the United States outsources approximately 300,000 jobs each year, and in 2019 Business Process Outsourcing (BPO) generated US$26 billion, whereas the Global Outsourcing Market was worth $92.5 Billion (Source: Capital Counselor Outsourcing Statistics April 2021). Large companies are 66% more likely to outsource than small ones. The primary reason for outsourcing is the reduction in cost while the second reason is flexibility.

3. Global Spending on BPO ( US $ Billion) 200 150 100 50 0 2017 2018 2019 2020 2021 Source: Deloitte Global Outsourcing Survey 2016

4. Why Should You Outsource Your Business Operations? Outsourcing is usually more profitable than hiring management professionals to do the work. By cooperating with outsourcing agencies, your organization will benefit from industry expertise and a larger talent pool, thereby saving time, minimizing costs, and leveraging more skilled workers. With this, there are numerous more benefits of outsourcing your business.

5. How does your organization perceive the benefits of outsourcing? Enables Focus on Core Business Cost Cutting Solves Capability Issues Greater Global Scalability Critical Business Needs Enhances Service Quality Manages Business Environment Helps Meet Regulatory Needs 0 25 50 75 Source: Deloitte Global Outsourcing Survey 2016

6. 6 Tips To Maximise Your Return On Investment 1. Choose the right Outsourcing agency 2. Go for a Free Trial 3. Choose the right outsourcing model 4. Leverage the best-in-class technology 5. Ensure a constant communication 6. Maintain maximum transparency

7. Tip 1. Choose the Right Outsourcing Agency Before choosing any outsourcing agency, make sure you have done full research. Before you go any further, check the online reviews and create shortlists of a few companies. Conduct a thorough background check, check past company records and customer reviews, and don’t forget to check company records to avoid any deception. All experience is an arch wherethrough gleams that untraveled world margins fade forever and forever as we move, make sure to check if the company has enough experience. If a company meets all the criteria, then it may be the right company for you.

8. Tip 2. Go for a Free Trial Many outsourcing companies offer free trials to their new customers, so please check if a company offers free trials. When you are looking for a new company, testing can be very useful. Through the free trial, you can familiarize yourself with the workflow of external partners and help promote your future work and before formal engagement, it allows to experience the product in person and make more informed purchasing decisions

9. Tip 3. Choose the Right Outsourcing Model There are majorly 3 types of Outsourcing models that are used across the industry Project Based Model Shared Team Model Fixed Price Model

10. Project-Based Model: If you have short-term needs for a single project, this model may be appropriate for you. In this outsourcing model, your outsourcing provider tackles most of the responsibility of the project. The outsourcing partner works on the project based on client’s requirements, scope, and workflow. If your team is good at specifying the project needs, this model is very effective. In this way, your outsourcing partner will spend less time resolving issues, shortening your project completion time and will help you save money.

11. Fixed Price-Based Model: When you have long-term and stable demand, a fixed price-based model may be advantageous. It is a contract-based model in which both parties agree to work for a specified time. This model is beneficial for both parties because they can work for longer time period, which in turn will lead to a continuous flow of funds and a defined workflow.

12. Shared Team-Based Model: This model is also called a hybrid model because the project tasks are distributed between the outsourcing partner and the internal team members. You can distribute work across teams, you can skip time-consuming back-end tasks, and you can focus on the core business functions of your business.

13. Tip 4. Leverage best-in-class technology: This model is also called a hybrid model because the project tasks are distributed between the outsourcing partner and the internal team members. You can distribute work across teams, you can skip time-consuming back-end tasks, and you can focus on the core business functions of your business.

14. Tip 5. Ensure Constant Communication When working with offshore teams in different time zones, regular communication is required to avoid any deviations, which is an important part of effective management. Only through continuous communication can we coordinate the two teams and keep the workflow and progress in sync. You can also use project management and communications software, such as Slack, to keep up with the outsourcing team.

15. Tip 6. Maintain Maximum Transparency Outsourcing companies often use cloud-based software to help you keep up with the work done. The software gives you complete control over the work done. Check the completed work regularly and make sure you continue to follow up in regular intervals. Communication is the key to success, so if you have any questions or concerns about your work, keep asking your outsourcing company.

16. Conclusion: You must avoid making mistakes such as lack of research and poor communication when looking for an offshore team, and don't compromise on quality for the sake of money. Also, don’t ignore the importance of frequent follow-ups, as this will help you complete your work on time. If you do it right, you can get the most benefit from outsourcing. Since outsourcing, almost 78% of customers are satisfied with their work. Please make sure that you do all the above and become one of the satisfied and satisfied customers.

17. At Stanfox, we believe that customer satisfaction is our utmost duty and we do not compromise any of our work. We use the latest software to maintain a smooth work process, our skilled employees are proficient in completing work, we use first-class communication tools to maintain effective communication with customers, we have excellent customer records and sufficient industry experience. Email: info@stanfoxes.com Website: www.stanfoxes.com