How Companies Will be Outsourcing by 2024

Posted by EOX Vantage on Jul 17, 2023 9:22:00 AM

Working smarter, not harder is going to be a primary success factor in the future. As technology continues to evolve, business processes will continue to increase speed in turnaround time and the companies that can not keep up will inevitably be left behind. 

How can companies keep up? Outsourcing is a technique that has allowed companies to continue to evolve and grow without having to grow in company size. However, with innovation continuing to grow, there may be a way for processes to not even need to go into the hands of a person! Here are the top 10 areas in software that can help support the outsourcing efforts of a company: 

  • Project Management: There are many software tools that enable efficient project collaboration, progress monitoring and more between different departments. 
  • Customer Relationship Management System: This software can oversee and manage customer relationships, interactions, and activities and share customer data with the company to better tailor their marketing and sales efforts to nurture the customer towards additional sales. 
  • Human Resources Management: This software will allow for an easier management of employee data, benefits administration, payroll and other HR-related tasks of a company. 
  • Quality Assurance and Testing: Tools that are responsible for test management, bus tracking and automated testing can maintain if not increase the overall quality of a company whether it be from a production standpoint, operational aspect or technological point of view. 
  • File Sharing and Document Management: A file-sharing management system that is cloud-based can simplify the exchange and storage of files, documents and other project-related information within a company. 
  • Accounting and Financial Management: Solutions for financial and accounting management by leveraging software can include leveraging different software to help streamline processes and improve the accuracy and transparency of the current real-time data of a company's financials. 
  • Performance Analytics: An Enterprise Operating System (EOS) is a popular software solution that brings all data into one place for upper management to see the company's data as a whole, across all departments, to evaluate different KPIs, and track the success of performance. 

There are many ways that technology can be implemented for companies to increase overall performance as well as visibility in performance when considering growing and deciding whether to outsource a department or just a specific part of company operations. Having the data and knowledge of how to track processes and streamlining them with automation and artificial intelligence may be an even better solution than hiring another company to manually complete various processes. 

If you are a company that has long processing times with the goal to grow and simultaneously keep up with competitors, reach out to EOX Vantage today to learn about how your current processes could be automated, implemented with different types of artificial intelligence and robotic processing. We specialize in creating tailored solutions to our clients based on their specific needs and current processes.