This year’s Oscars stunned everyone. The world witnessed the embarrassing moment when presenters Faye Dunaway and Warren Beaty felicitated the producers of La La Land with the Best Picture award, but it was Moonlight that was the actual winner of the category. The awkward action brought the Academy of Motion Picture Arts and Science and related Oscar entities to the spotlight. This is a perfect example of the potential repercussions that wrong choices or unwise decisions can have, even for a minute.
Well, here we are going to talk nothing of movies or Oscars. The main objective of the example shared above is to make you realize the importance of doing a proper background check and being vigilant while taking an important decision, which, if goes wrong might put you in a similar quandary.
Large-scale companies across the globe are haggling with loads of work, with limited resources to handle it and eventually losing focus on their major services or products. With the rise of globalization, this situation has improved. Businesses have become more inclined towards outsourcing a part of their work or a project to a specialized external service provider, to lessen the burden on their existing employees and at the same time maintain the quality of the services outsourced. Hence, for making things proceed in the right direction and getting excellent results, it is paramount for firms to spend some time in evaluating their requirements and then start looking out for an outsourcing company that matches their needs and can deliver them tailored results.
Thanks to the booming global economy, the outsourcing industry is growing at a rapid pace, but ‘why and what to outsource’ is not the question that is haunting businesses anymore. Instead, what worries both large and small scale companies is the question that which outsourcing company will be best for them. With hordes of outsourcing companies flocking the market, it has become essential to take into account certain factors before choosing the outsourcing agency. Let’s take a look at some of the considerations that firms should evaluate before bringing the external company on the table.
- The cost of outsourcing – As the number of outsourcing companies has taken a quantum leap, it is essential for firms to do detailed research on the prices prevailing in the market before taking the decision. One of the key aims of allocating the work to a third party is to cut down the costs. To achieve this, companies need to be updated of the market prices, so that they can get a clear idea as to whether the price quoted by the outsourcing company is correct. It’s important to be judicious while taking the decision and ensure that the quality is not compromised.
- Effective communication – To make sure that the projects are on track, there should be smooth communication between the company and the outsourcing firm. The external service provider should understand the importance of maintaining seamless communication and should be able to engage with the in-house team without any trouble. Companies should do a check on the track record of the outsourcing partner they wish to employ.
- Skilled Personnel – Resources of the outsourcing company can either make or break the project. Hence, a squad of knowledgeable and experienced resources is essential for excellent project delivery. It’s not that difficult to analyze how the outsourcing company scores on this parameter. What the companies need is a keen eye for research. It’s important to carefully evaluate the workforce of the outsourcing company to get an idea of whether they possess the required skills and if they have worked on similar projects before. They can ask the firm for case studies and can go through its portfolio, to get more insights on their crew of professionals.
- Proper Infrastructure – It’s essential to check the infrastructure of the service provider, before beginning to outsource the work. The outsourcing company should have good infrastructure in place with back-ups, in the case of connectivity issues, to avoid any sort of disruptions. Companies should also check whether the outsourcing firm has an adequate number of skilled resources to meet their project requirements.
- IP Protection and confidentiality – Legal protection mechanisms differ from country to country. If the outsourcing company is based out of a different place, it’s essential that it fully understands the needs of the firm as far as protection of IP rights is concerned. Also, companies need to ensure that the country where their service provider operates from, has stringent trademark, patent and copyright laws in place. This will avoid risks of breach of confidentiality of information on the part of the outsourcing company.
Geopolitical risks, geographical location, time zones, etc., are other important factors that need to be considered before taking the final call. Deciding on which outsourcing company will fit the bill, is one of the most crucial decisions that can direct businesses towards a positive and excelling growth trajectory. Hence, it’s pivotal to give heed to the above mentioned elements and spend considerable time in examining them, to get the best results.