Popular applications of outsourcing
BPO (Business Process Outsourcing) and IT outsourcing are the most common forms of outsourcing. According to IDC statistics, the BPO market share is about to increase at a 5.7 percent CAGR (compound annual growth rate) and reach up to $209.4 billion in 2017 and based on data by Gartner IT outsourcing reached an estimated $287 billion in 2013.
The offbeat opportunities
1. Recruitment outsourcing
According to TalentCulture, an estimated 50 % of big international companies outsource all or part of their recruitment processes and overall HR functions. With the opportunities given by new technologies, distance working is becoming an increasingly viable option but for workers themselves and for recruiters. You no longer need an in-house recruitment team if you have the right partner to outsource your HR needs.
2. Sales outsourcing
If your in-house team is not experienced in finding leads and closing sales deals or is overwhelmed by the volume of leads that need to receive a follow-up, outsourcing sales functions can help you make the best of the situation. Furthermore, outsourcing can save you time and energy that could be re-invested in other core business processes. You can thus increase the ROI of sales investments while avoiding the additional costs of hiring new workers for your team and spending money on training.
You can outsource those marketing functions that are more activity-oriented and leave decision making and strategic marketing tasks within your own team. According to Forbes analyst Ilya Pozin, if you’re a small business or an organization focused on other strategic growth initiatives, your marketing efforts are better off to be outsourced to an agency that can strategize and execute across multiple marketing channels on your behalf. In short, use your outsourcing partner’s SEO expertise to your benefit and save money and energy in the process.
4. Healthcare outsourcing
Despite it is not that much talked about, healthcare outsourcing is one of the most profitable and fastest-growing segments in the outsourcing industry. A key role in this is played by the emergence of newer and better IT Healthcare solutions. This shift to software and electronic solutions during early diagnostic stages, treatment, and patient care is making Healthcare IT (HCIT) outsourcing and important and necessary segment in healthcare. In a report by MarketsandMarkets, the U.S. healthcare IT outsourcing market is estimated to grow by an astonishing 42.8 percent in the next 5 years.
5. Legal outsourcing
In the US legal services are extremely expensive, thus finding a capable outsourcing partner, who can help you find a more cost-effective way to deal with important legal functions could save you literally millions of dollars. A real-life example from 2009 is the international mining group Rio Tinto which outsourced some of its legal services (document reviews, legal research) and reduced its costs by $14 million in saved legal spending.