Since the COVID-19 virus hit us in early 2020, many companies downsized personnel and entire departments that weren’t considered essential for their short-term needs. Keeping the business solvent meant deep cuts in staff that resulted in the loss of valuable, experienced resources that most likely won’t return. At least not to their former employers.
Market Outlook for Outsourcing
Fast-forward to 2021 and we’re finally close to recovering. Vaccines are already being distributed and the stock market is marching forward toward record levels. Let’s hope it stays that way. What many companies have discovered in their rebuilding efforts is that finding quality candidates to backfill those staff losses has been a challenge.
In addition to back office functions like data processing and document management, the same lack of resources can be said for market research, business development, data analysis and other quantitative reporting. While businesses are once again ramping up their sales forecasts with anticipation for growth, the challenge to stay lean and productive is turning toward business process outsourcing (BPO) and outsourced service models. The recent announcement about our partnership with Centelon business services came as a result of filling a need in the market. In a report released in September 2020, market researcher Technavio forecasts BPO growth by $76.90 billion (US) during 2020-2024. Grand View Research, Inc. forecasts a compound annual growth rate (CAGR) of 8.0% from 2020 to 2027. That was long before we actually had a successful vaccine being distributed.
A New Mission: From Surviving to Thriving
The challenge for business executives today is to identify those areas of need that are (or will) impact revenue and to find quality resources to meet complex demands. Focusing on core competencies in these unstable times is not easy. An advisory consultant that specializes in turnaround, process redesign and capitalization strategies may be in order. Our latest business partner, Schmidt Business Consultants, LLC is a good example of outsourced business planning services. One thing is clear. As the recovery from COVID-19 ensues and we get back to a new normal, many businesses will continue the trend of keeping FTE staffing and overhead as lean as possible for as long as they can. With businesses looking to go from surviving to thriving, the use of outsourced services will continue to grow.
Contact Vesteras about your marketing, business development and business service needs to see how we can make your job easier.
Illustration courtesy of Centelon