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What The Future Holds For Outsourcing In 2020

Integrated Globaltech Accounting & Bookkeeping Outsourcing - Future Of Outsourcing 2020
Integrated Globaltech - What The Future Holds For Outsourcing In 2020

2020 is now upon us but it is not too late to start preparing for the rest of 2020. One of the things that companies need to plan for is how the outsourcing environment will develop in the coming years and what developments will lead from these changes.

From 2020 on wards, it is predicted there will be developments in the outsourcing industry, that will result in the introduction of outsourcing to new business areas. But what other business areas can be outsourced in the future?

Since the introduction of outsourcing, businesses have been offshoring manufacturing and other services overseas to save on costs, but this has been limited to low-risk processes such as payroll processing and data entry. Over the years, companies have started to outsource basic single-service needs outside of a company's main business. For example accounting and bookkeeping services started to be outsourced on a large scale.

Most companies, especially those who have tried outsourcing, wholeheartedly believe in the benefits of outsourcing. But the arguments against outsourcing revolve around it's long term sustainability. Many businesses are afraid to get on the outsourcing bandwagon because of the concerns of lack of quality control, lack of grasp on project management and limited opportunities for innovation.

Nonetheless, amid these concerns, the outsourcing industry has continued to expand rapidly and outsourcing is now being adopted by businesses of all sizes and industries and with 2020 now upon us, it's never been more important to understand which new outsourcing trends will be valuable to your company now and in the future.

Trends For Outsourcing In 2020

Strategic Processes Being Outsourced.

We all know that most of the outsourced processes are those that are time-consuming non-core tasks, such as reception, personal assistants and data entry. However, we have seen some strategic tasks starting to be outsourced, such as accounting firms starting to outsource accounting firm services. These tasks are core business tasks of accounting firms so entrusting it to an outsourcing partner is a major step towards relationship building. In the future, it is expected that outsourcing will evolve to include more strategic areas, such as management, idea generation and innovation.

Processes Becoming Standardised.

As outsourcing becomes more prevalent, processes will begin to become more standardised across the industry.  This transition will create a level playing field for outsourcing companies come the future.

Custom Outsourcing Services.

Due to the increasing costs and the current dynamic business environment, custom outsourcing services that have flexible contract terms and scope of delivery will increase in demand in the coming years. This is making outsourcing even more attractive to businesses and organisations with specific needs and requirements and will result in a better quality of service.

Increase In Outsourcing By Startups And Small Businesses.

2020 will see an increased amount of outsourcing by small businesses and start-ups looking to reduce operational inefficiencies in order to maximise their time on marketing. This coupled with the rising prices of raw materials, shipping and energy costs will also lead to companies outsourcing to reduce their operating costs.

Cloud outsourcing.

As outsourcing evolves with technology, it is only natural to see technological innovations having an impact on outsourcing. This can been seen with the rise of cloud technology which has laid the foundations for cloud outsourcing. Cloud technology is where all outputs are stored and distributed through a cloud service. Instead of investing in expensive hardware, outsourcing companies can now offer outsourcing solutions through cloud technology. Although this trend is popular among IT outsourcing providers right now, it is now starting to gain traction in other outsourcing sectors.

Key Takeaways.

Outsourcing will continue to evolve in the future, and it is crucial for companies to keep up to date with the changes in order to make strategic and informed decisions ahead of their competitors. If your looking for a reliable outsourcing partner, well versed in the evolving outsourcing environment, feel free to contact us by clicking here to find out we can help in meeting your outsourcing requirements.

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