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We are located in a globalized market. It has never been easier to outsource business endeavours. No matter the industry and niche, it is quite possible that something is more feasible to be outsourced. This is especially true when it comes to non-physical products and services. Outsourcing software and development is pretty much the new normal for all industries. We hate technology to thank for that. It has made it easier than ever to connect different parts of the world. Distance is no longer such a big issue as it was just a few years ago. Also, the need for IT specialists keeps growing. Employers are finding it increasingly difficult to hire people locally. And why would they? These days, there is no reason to hire someone remotely. Here are some of the most important IT trends that we can find when considering outsourcing our endeavours.
There is a lot of money to be made and saved by outsourcing. Especially industries that do not have a physical product. Think about it, the overhead for transporting or storing the product is simply not there. The value that service-based companies delegate to external sources is immense. The statistics are there to prove it. The IT outsourcing market is only expected to grow. Statistics also say that from 2020 to 2024, the outsourcing market will grow 5% every year. Tech is not an easy field to get into. That is why employers have to search far and wide for suitable employees. The technology we have today enables us to narrow the gap between the two. The talent shortage is plaguing the industry for some time now. These latest outsourcing trends will help alleviate shortages. Tech businesses are much more confident in outsourcing their developers.
The amount spent on outsourcing has grown substantially. This goes for both full-time staffing and temporary jobs. This is further enabled by platforms like Upwork, Freelancer and 99Designs. By extension, these platforms are experiencing significant revenue growth. Upwork is dominating the industry. Consequently, it is experiencing the slowest amount of growth. The other two are enjoying a healthy 92% and 350% growth, respectfully. And this is just for the 2012 -2014 time period. In 2018, the online outsourcing industry has reached $5 billion in exchange. So, there must be something to it. There are two marketplaces now. The online and the traditional one. As with all markets, these compete with each other. The convenience and feasibility of the online market make it a compelling sell. In IT, we are no longer constrained by distance. The benefits of outsourcing outweigh the cons if there are any.
With the new working environments come new workers. Millennials value other workplace benefits other than pure compensation. A particular topic of workplace flexibility is more important than ever. This means spending less time in a stuffy office than previously thought possible. And why not? With the advent of the internet, the gap between the office and home has become smaller and smaller. The work-life balance is of great importance to the new generations of workers. The more time they can spend working remotely, the more satisfied they will be. Workplace flexibility enables them to choose their working environment. Also, it determines how they work. Traditional hiring systems do not take into account geographical locations between the parties. People that have long commute times are sure to appreciate a more flexible alternative. It provides the employees more time for themselves. The IT sector can always use more time to unwind.
Businesses benefit from having the access to a much larger talent pool. No matter how large your company is, you can find the right employee for you. Entrepreneurs are no longer constricted with the more conventional limitations of hiring locally. Now, you can hire the best talent with only the constant constraint of your budget. This is opposed to also having to take geographical location into account. You now have access to the global pool of talent. Also, you do not have to rent expensive office areas. No longer do you need to buy or rent space in an expensive region. You and your employees can work from anywhere, remotely. These expenses can be avoided. Since office space, rent and mortgages tend to get expensive, it is a very tempting proposition. Based on where you are located this may vary from place to place.
As mentioned before, workplace flexibility will greatly help alleviate your real estate footprint. Now that we have access to global talent, they will not require large office spaces. The trends show a clear move towards a more remote working environment. This has only been exacerbated by events such as pandemics. Employees are downright forbidden to work in close, tightly packed offices. Which makes sense, as governments around the world take preventive measures. This is especially beneficial to small businesses. These can save up to $10,000 per employee per year. And that is in real estate costs, only. No longer do we have the obligation to seat every single employee on our payroll. It is much more feasible and beneficial to invest those finances in the online hiring marketplace. Save money in the long run and make your employees more satisfied.
In general, the software is going to the cloud. There is a clear shift from the local to the cloud services. While many prefer to have everything locally, remote hosting is slowly gaining ground. Software as a service is an industry that weighs in hundreds of billions of dollars in 2021. These markets are seeing a steady growth of approximately 24% every year. Migrating to the cloud will take a lot of time, effort and financing. But there are many benefits to cloud computing. Especially for a business. But regular consumers will soon also see its benefits. Cloud-based computing solutions offer better data protection. Also, the performance is greater, per dollar spent. Another not so obvious advantage is the ability to quickly and cheaply modernize the business process. Need more storage space or performance? Just switch to a more comprehensive hosting plan. The convenience is the selling point.
Your business is also globalized. With the variety in customer base, come many difficulties. It becomes much more complicated to satisfy all of them. You will need to use the services of multiple outsourcing companies. Do not make the mistake of leaning on only one contractor. And why should you? It has never been easier to find as many as you need. Some contractors are good at their trade, while others excel in different areas. You pretty much must try to interact with multiple contractors in order to stay competitive. There are many quality web designers in Sydney to check out. It is easy as pie to assess their experience, expertise and reviews. Make a calculated decision on who to hire and for what purpose. In turn, this will force the providers to become more specialized. They will do a smaller number of things, but more professionally. That’s good for us.
In today’s world, data and information are the most guarded elements of a business. That is why these were always under heavy attack. Security in the digital world is the highest priority for any company. Even then, we regularly hear of a data breach or a ransomware attack. There is an increased demand for customer data to be well-secured. Luckily for everyone, there have been great developments in data security. AI, multiple-factor authentication, etc. all serve these purposes. Combined, these offer a comprehensive security package. Also, these are mostly free. Anyone can have a level of security not thought possible just a few years ago. Outsourcing security to other companies is thus a good idea. These specialize heavily in their craft. They have many years of experience. Companies such as these will employ all the tools they have to keep your data safe. Eliminate risks and guard your data closely.
In a globalized marketplace, no one can be a jack of all trades. The industry leaders may afford such a status. But even these tend to get distracted and lose focus on their main goals. Also, they never seem to excel at neither of their original ideas. On the other hand, outsourcing can alleviate the stress of many necessary business processes. No longer do you need to hire locally or rely on internal resources to do everything. You can hire anyone around the world to do what you need to be done. It provides us with a large pool of specialized expertise. But it also provides potential partners with a larger number of possible employers. Make sure to get in line with the times and pay close attention to the shifting IT market. With these tips, make it work for you.
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