Survey shows 55.6% of businesses outsource their processes

GoodFirms‘ recent research report on Business Process Outsourcing (BPO) has revealed that 55.6% of businesses outsource their business processes. The report also sheds light on the reasons behind outsourcing, top outsourced business activities, benefits of outsourcing, and challenges organizations face while outsourcing their business processes.

According to the survey conducted by GoodFirms, accounting, marketing, IT management, human resources, and customer care are the top five outsourced business functions and services. The study also reveals that 44.4% of businesses prefer offshoring, 32.1% opt for nearshoring, and 17.6% choose onshore based on their outsourcing requirements.

The report further discloses that the key reasons for outsourcing business services are to increase productivity, reduce operational complexity, gain access to quality resources and services, lower operating costs, save time/labor, achieve around-the-clock business operations, fix lack of technology issues, meet increasing employee expectations/certain regularity requirements, and more.

The research also highlights the benefits organizations have achieved after outsourcing their business processes, such as faster processes (69.5%), 24/7 availability (66.8%), decreased overhead costs (59.5%), access to global expertise (47.7%), and reduced customer complaints (37.5%).

However, the survey also reveals the major concerns in outsourcing business processes, such as losing control over processes, risk of competitors liaising with an outsourced company, increase in price by outsourcing partner, data security and protection concerns, finding a trustworthy authentic partner, legal/compliance faults by outsourcing partners, more exposure to Geo-political risks, and managing tax regimes.

GoodFirms’ research report also uncovers the current trends in the BPO sector, such as a shift towards omnichannel, ongoing talent war in the BPO industry, businesses involving BPO partners in strategic decisions, rising demand for specialized outsourcing services, and increasing robotic process automation in the BPO landscape.

The survey conducted by GoodFirms involved feedback from 725 businesses on the current state of the BPO industry, its major types, the most outsourced business functions, the purpose of outsourcing, and future scope.

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