As per the online Statistics Portal Statista, the outsourced services related global market size was around 104.6 billion U.S. dollars in 2014. This fact reveals that market of outsourced services is growing at good rate.  Major boom in startups which prefer using third party vendors due to limited resources has also increased the importance of outsourcing.

In present era, various small and medium sized firms are looking for best vendors to outsource their processes.

Outsourced Processes

Major processes which are generally outsourced by a company include:

• Software Development
• Customer Care Support
• Human Resource Management
• Financial Outsourcing
• Supply Chain / Logistics
• Marketing

Social media marketing is also gaining popularity in terms of outsourcing with the expansion of digital world.

Following are some of the benefits related to outsourcing process:

Processes are Handled by Experts

Whenever a process like IT services, customer support service or backend processes are outsourced, then these are being handled by the experts that are employed by the vendor.

This happens because the outsourcing firm is having a long term experience in particular domain. This expertise developed over years helps in delivering top-notch services.

Also, the outsourcing firms provide regular training to their employees which make them more proficient.

Companies can Focus on other Processes

If a company outsources a specific process to a third party, then it is able to put all the energy and time on other important functions associated with the firm.

This ensures that the in-house services are done with more dedication and efficiency which will ultimately help in achieving better results.

Cost Savings

This is one of the major advantages when considering an outsourcing process. The companies across the world can outsource their processes to countries located in Asia like India which deliver services at quite economical costs. This happens as the workforce is available at less salary as compared to other regions of the world.

Also, the company is able to save expenditure related to infrastructure and technology through outsourcing. Maintenance costs and training related expenditure is saved which maintains the budget of the firm.

In fact, around 9 out of 10 decisions related to outsourcing are made due to cost related factors.

Processes Run 24 x 7

Most of the renowned BPOs are active 24 x 7 which ensures that there is no issue of time difference. Processes like customer support can therefore run 24 hours a day giving an advantage to companies.

So, one can be assured that work related to firm is active at vendor’s site even when the main office is closed.

Availability of Latest Technology

Generally, good outsourcing firms have access to latest technology for running and managing different processes. This technology is constantly updated by them to ensure smooth running of the process as per market needs.

Presently, various BPOs are utilizing the potential of technologies like cloud computing, social media and business analytics for providing best quality services.

So, the companies by outsourcing the processes to these tech-savvy vendors can be sure of receiving best quality services.

Quick Implementation

A company while beginning a new project does not have to wait for long time (like a year or two) for making it completely operational. By outsourcing the processes, every project can be executed quite early thereby saving a lot of time.

Scaling up of project can be done quickly if the services are being outsourced to the third parties.

Data Security

Normally, a company skips various security measures and regulations which impact them in long run. But an outsourcing service provider makes sure all the IT related measures are implemented effectively. This secures your data and helps in deliver the results hassle free.

Big outsourcing service providers also have various strategies to secure databases through processes like encryption and data masking etc.

Cost Savings for End Customers

When a company saves a lot of money by outsourcing its processes, then the services and products are offered to the customers at quite reasonable rate.

This gives a satisfaction to the customers which become loyal to the brand. So, indirectly company again earns more profit through repeated customers.

It is the combination of all these advantages due to which outsourcing of a particular process will help companies to thrive easily in the present competitive scenario.