WHAT IS OUTSOURCING?

Outsourcing is a strategy that involves hiring a team member outside of your organisation who is usually 100% dedicated to supporting your local team in whatever capacity they require. The terms outsourcing and offshoring are often used interchangeably. While outsourcing means hiring a team member(s) outside of your business anywhere in the world, offshoring means hiring a team member(s) overseas specifically.

What is outsourcing?

OUTSOURCING MARKET SNAPSHOT

The global business process outsourcing (BPO) industry is expected to grow at a compound annual growth rate (CAGR) of 8.5%, reaching a total market value of U.S. $620 billion by 2032. This growth can be attributed to the many organisations who have developed an increased reliance on the convenience of outsourcing.

Global Industry Analysts published a report in May 2021 that highlighted the predicted growth for the BPO industry. Key findings included:

  • Led by countries such as Australia, India and South Korea, the finance and accounting BPO segment is set to hit a compound annual growth rate of 5.8%, reaching more than $20 billion by 2027
  • The U.S. BPO market was estimated at around $70 billion in 2020
  • Latin American BPO markets are going to grow 5.1% during the same period.

The market leaders and global hotspots for business process outsourcing include:

THE PHILIPPINES

In 2020 alone, the Philippines outsourcing industry employed an additional 23,000 people, increasing the total number of BPO employees in the Philippines to 1.2 million

INDIA

Caters to over 56% of the world’s BPO needs and is expected to employ 1.1 million people and deliver annual growth rate of 50%

MEXICO

The healthcare BPO market is expected to reach USD $33.46 billion by 2026

SOUTH AFRICA

22% year on year BPO industry growth over the past 4 years

EUROPE

The BPO market is forecasted to grow to USD $113.11 million by 2029.

WHY OUTSOURCE AND WHAT ARE THE BENEFITS?

Organisations are constantly looking for ways to improve efficiencies and deliver cost savings. Whether your organisation is struggling to scale and grow, or wages are increasing due to economic changes, business leaders should seek to invest in strategies that will enable sustainable growth.

Here are some of the primary advantages and benefits of outsourcing:

HOW TO CHOOSE THE RIGHT OUTSOURCING PROVIDER?

Before selecting an outsourcing provider it is crucial you understand how they operate and what they do to ensure important metrics are achieved and maintained. Ask the right questions about operations, holiday and leave, security, human resources, recruitment, invoicing and account management. By asking the right questions that delve into how an outsourcing provider ‘works’, you can ensure you partner with an outsourcing provider who is in alignment and can support your business goals.

About_how to chooose the right outsourcing provider

HOW TO GET YOUR BUSINESS OFFSHORE READY?

In order to get the most from hiring offshore staff, it’s important to prepare your business so that you are offshore ready. Here are three steps to take to ensure your business is prepared for outsourcing:

STEP
1
What is outsourcing?
TELL YOUR STAFF

The most effective way is to engage your team up front, sharing your ideas and vision with them in order to manage any initial push back straight away.

STEP
2
What is outsourcing?
TASKS TO OUTSOURCE

Clearly define the tasks within your business that you are going to have your outsourced team complete.

STEP
3
What is outsourcing?
GET THE TECHNOLOGY RIGHT

Keep your software up-to-date to ensure smooth sailing. Make sure you have a computer, headset, webcam and web conferencing platform to allow for seamless communication with your outsourced team.

WHY CHOOSE BEEPO AS YOUR OUTSOURCING PARTNER?

What is outsourcing?

Beepo provides exceptional workforce support across various industries, including tech, financial services, accountancy, NDIS, real estate and professional services. Our primary focus is to help businesses successfully increase their margins and grow sustainably with the help of offshore staff.

At Beepo, outsourcing is accessible for businesses of all shapes and sizes. We provide a wide range of affordable offshore staffing solutions to meet the specific needs of businesses looking to build success in domestic and international markets. With state of the art infrastructure, facilities and technology, our teams are located in Clark in the Philippines. The Philippines is home to a highly educated population with exceptional English, so it’s an ideal location for your outsourced team member(s)

Find out what services you can outsource with Beepo here.

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