Outsourcing has been rapidly gaining popularity in recent times and has contributed to the reshaping of many industries, both within the country and outside. With the current changes in the world market, industries and organizations are using a lot of outsourcing trends to gain influence as well as plan different strategies for it.
It is important to note here that outsourcing is also changing the very way a company operates, both in terms of quality as well as services. Some of these services include customer support, data services, manufacturing, accounting, recruitment and other technical processes. These processes themselves have given birth to an outsourcing industry worth over $80 billion.
Current Outsourcing Trends
As of now, a majority of the industries look for outsourcing companies that are not only established but also have proper experience in the same. They look for someone who can offer services that are cost-effective and of high quality. Some of the current outsourcing trends that are shaping the 2020 world market are:
Artificial Intelligence, popularly known as AI, has been redefining businesses ever since it came into existence. It has single-handedly forced a lot of businesses and industries to either change the way they work or simply close off. Furthermore, in the years to come, it will continue to be what is known as ‘Disruptive Technology’.
In 2020, AI is also getting integrated into a more digital level. It is helping businesses strategize and develop plans with more accurate data. Also, the quality of data being very good, humans and technology are now interacting in a much better and advanced manner.
Business process outsourcing will certainly become key in bridging the gap between automation and human interaction.
Social media is steadily becoming a very big channel for customer service. One of the biggest trends of outsourcing on a global level, businesses are now hiring human specialists who are trained to work with technology and automation. These specialists provide support to others around the world through social media channels.
Adoption of SaaS and Cloud Technology
The rate at which cloud technologies are being adopted by businesses these days is staggering. In addition to becoming more diverse, cloud technology is also addressing many security concerns and gaining dynamism. Where outsourcing is concerned, many businesses are now offering their services to customers over cloud storage. Cloud computing services is also one of the outsourcing trends that is gaining popularity amongst most organizations.
These outsourcing trends, along with others, are offering new services and ideas to the businesses, thereby shaping the 2020 world market. It is also helping them to develop and gain advantages over their competition in the market. Moreover, it is also helping these businesses to connect with, and make their mark in the global economy. By allowing companies to focus on their area of expertise and thus improve their efficiency, these outsourcing trends are also affecting the way the entire company works, be it in their internal processes, or their overall cost of production.
OHI is a specialized finance and accounting outsourcing service provider with over thirteen years of finance and accounting outsourcing experience. We have strong functional outsourcing expertise in end to end accounting processes covering daily accounting activities, reconciliations, month end and year-end account finalization processes, employee reimbursements, payroll processing, management reporting and financial analysis.
OHI serves close to 300+ clients across USA, UK and Canada. We invite you to experience finance and accounting outsourcing through us.