The COVID-19 pandemic had a significant impact on outsourcing, and it is likely that some of these effects have persisted and continue to shape the way we view outsourcing. We look at 5 ways in which the pandemic positively affected outsourcing.
- Accelerated Digital Transformation: Remote working in the financial sector was adopted at lower levels than it was in the IT sector. The pandemic changed that, and organisations adopted an almost fully remote system. While many have returned to the office, it did make senior management consider the fact that remote working could be successful and therefore outsourcing was within the realm of possibilities. Whether your team is based in India or Iceland – digital transformation has made it possible for staff to get the job done and for management to support them adequately.
- Increased flexibility and scalability: The uncertainty caused by the pandemic made it challenging for businesses to predict their future needs accurately. Outsourcing provided a flexible and scalable option to meet fluctuating demands. Companies could access a pool of skilled professionals and adjust the scope of outsourcing services as needed without committing to long-term contracts or extensive hiring.
- Access to specialised skills and competencies: The labour shortages in both Ireland and the UK have been discussed at length. Skilled staff want to feel part of the bigger picture in a commercial organisation. By having them bogged down processing transactional work (for example), they will not feel a sense of fulfilment. Companies who embraced outsourcing realised that the transactional work could be completed to a high standard by their outsourced team, leaving the local team to focus on more strategic and impactful day-to-day work.
- Adoption of virtual collaboration tools: The pandemic accelerated the adoption of virtual collaboration tools and communication platforms. Businesses and outsourcing partners had to adapt to new ways of working, leading to increased efficiency and better collaboration across geographies and time zones. This meant that most teams were easily able to work with their outsourced resource, regardless of where they were based.
- Better risk management: The pandemic demonstrated the importance of risk management and business continuity planning. Companies that had established robust outsourcing relationships found it easier to shift workloads, maintain operations, and mitigate risks during disruptions. Outsourcing companies have invested huge sums of money into compliance and risk management practices. These assurances mean that clients can work in the knowledge that their data is in safe hands.
Change is constant and as such, every organisation needs to consider the benefits of new practices to keep ahead of the competition, and fuel growth.
Teams PLUS Your Outsourcing Partner – Specialising in Accounting and Auditing Services
Teams PLUS is an Irish outsourcing company, specialising in accounting and auditing services. We match your needs with qualified and experienced team members, sourced specifically for you and based in our state-of-the-art office in India. With robust security protocols, ISO certification and fully GDPR compliant, the integrity of your data is always assured.
We differ from bench outsourcing models, in that our members work exclusively with you, as an extension of your local team. This means you get the work you want delivered the way you want it. Experienced and highly qualified, they hit the ground running and you are guaranteed quality work, continuity of service and the ability to scale your business without the cost and commitment of hiring permanent staff.
Get in touch with us to find out more about outsourcing and how it can help your business. No obligation. Simply contact us and we can arrange a call at a time that suits you.
