Outsourcing & co-sourcing Outsourcing – as well as its sister variant co-sourcing or staff augmentation as it may alternatively be referred to – are not so new as concepts but ever-growing in popularity as methods to reduce cost and gain efficiencies amid the intensely competitive market conditions in contemporary times, especially after the outbreak of
The 2020s have not been kind to the global economy, with various geo-political situations and the COVID-19 pandemic resulting in the closure of thousands, if not millions, of businesses worldwide. Amid cutthroat competition in a financially uncertain and economically volatile environment, businesses today are forced to make many difficult choices. In a prior publication titled
Amid the ongoing pandemic times, remote working has increased to levels never seen before. Effectively, remote working is the new normal that should be embraced for some of its obvious advantages of giving access to a global talent pool which offers quality resources at affordable costs, availability of workforce in varying time zones, flexible teams and limited legal exposure on labor laws. Co-sourcing and outsourcing are ways to gain the advantages associated with remote working.
Time is rendering everything stale, and your ERP system is no exception. So constantly align your ERP system with changing business needs. Expertise Accelerated provides a global talent pool led by US-based experts to provide you with high-quality, affordable finance and accounting resources.
Mundane tasks are repetitive and, thus, boring, but unavoidable as well. So, this is a necessary evil that must be managed intelligently to ensure organization-wide process efficiency. Automation, delegation, outsourcing and co-sourcing are some of the ways in which process efficiency can be achieved with mundane tasks. Co-sourcing and outsourcing partners can rid companies from the inefficiencies associated with mundane tasks.
SMEs form a major chunk of the US economy, around 44 percent of the total, symbolizing the entrepreneurial creativity and capability of the US populace. However, being an SME is not easy and being a successful one is even more difficult. Outbreak of the global COVID pandemic has further compounded the challenges posed by the prevailing turbulent economic environment for the SMEs, warranting a call for remedial action. However, what cures the larger companies does not necessarily cure the SMEs. The prescription is different and so is the practitioner.
For any business, ranging from a sole proprietorship to a transnational conglomerate, decisions are the gateway to its success or failure. Therefore, the importance of informed decision-making cannot be emphasized enough in backdrop of sustaining and gaining competitive advantage.
While inflation generally serves as an incentive for businesses to profit more from a price hike, increase in cost of input and loss of consumers’ purchasing power leading to a loss in sales revenue can also adversely affect their profitability. Process reengineering, automation, long-term strategic investments and operational cost control are some of the ways a business can deal with inflation-linked adversities. Co-sourcing and outsourcing partners can be of great advisory and technical support with such solutions.
The documentation of a processes cycle is the first step towards improving business process optimization. This exercise helps map the flow of documents, data, and transactions, identifying the duplications and redundancies. The output helps eliminate process and operational inefficiencies and almost always results in the automation of repetitive tasks.
With the world in turmoil, businesses all over have been struggling. Most companies are implementing austerity measures to tide over the lean times. However, this is also an inflection point as enterprises realize that agility will be a crucial element of their post co-vid business strategy. And here, outsourcing/co-sourcing can help.