The Surge of Outsourcing

Out of the many previously unforeseen things that the world has learned during the COVID-19 pandemic, one impacted the majority of businesses internationally: we cannot fully rely on in-person, face-to-face work settings anymore. Hence, the surge of outsourcing on a global scale.

Now, more than ever, there is a need for flexibility in workers’ setups. The work-from-home culture is now in full display, and we are in awe at just how many people feel that this is the lifestyle for them. There are, of course, still downsides to this type of work, namely, there are just a lot of things about running a business that cannot be done remotely. And in the global stage, falling behind in any aspect of one’s business could lead to catastrophic results for the future of one’s company.

In the past, this need has been addressed either with increasing the employees’ workload or by hiring new employees to show up daily to the corporate office and accomplish all the to-do’s needed to keep things running. However, now that the world’s eyes have been opened to a new kind of reality—the kind where we realize, “Hmmm, maybe I really shouldn’t put all of my eggs in one basket, huh”—we are no longer limited to these prior assumptions.

The Global Shift to Outsourcing

Enter the superstar of the show: outsourcing. Even prior to the pandemic, there had already been a shift to the hiring of Business Process Outsourcing (BPO) companies worldwide. This shift continued to make itself known; so much so, that in 2021 alone, this market has been valued at a whopping $245.9 billion. And the numbers predict that this upward trend will only continue. More and more businesses are now outsourcing different aspects of their work, and about one-third of small businesses are already following in their footsteps. Some of the most common responsibilities outsourced to BPO employees include accounting, information technology, and digital marketing.

This need for off-shoring jobs has increased during the pandemic. Less people in the corporate workspace meant a need for companies to transition to online work setups, and during the initial lull, BPO companies had their hands full helping their clients integrate and get used to this form of work. After all, who better to help with deciphering this new mountain of information (new to the clients, at least), than those who can manage the ins and outs of a business while seated in front of a computer? While the world was in chaos, it was the BPOs who carried the minutiae that the companies could no longer shoulder.

This is not the only advantage that outsourcing has offered though. Of course, there are the more apparent advantages, such as the savings associated with hiring people from outside the country, the availability of employees 24/7 and the outsourced company’s ability to foster international trade and commerce without the need to physically be in the same room as your clients. Another advantage however, which one may not notice easily, is the simplicity that outsourcing can bring to a company’s growth.

How Outsourcing Grows Your Business

Outsourced work contributes more than just administrative or even creative work, it actually grows your business in a very simple way. Outsourcing frees up yours and your employees’ time to focus on the buzzword of the century: “innovation.”

How much time is freed up by having a skilled assistant manage your schedule for you? When you outsource an accountant, how many headaches does it save you because you no longer need to do the books yourself? How much time do you save when you are no longer the one who needs to call people for supplies or reservations? When you outsource the day-to-day tasks of running a business, your mind is freed to focus on the bigger picture.

But there’s something great that happens as a direct result of this. In fact, it is a cascade of great things.

Outsourcing Will Change The World

The shift in workflow from doing everything by yourself to having other people do it for you will have a dramatic effect on all parties involved. This change in company focus and direction will increase efficiency in your work. This efficiency will then drive more innovation, feeding into it the creativity that hasn’t been sapped out by dozens of emails and time that wasn’t wasted setting up a lunch meeting with your client.

This innovation will, in turn, improve production, improve throughputs and ratings, and grow your business from the most fundamental of beginnings. What’s more is that this boom in your business and good partnership with the BPO company will continue to be mutually rewarding for both sides.

The Surge Continues

It is safe to say that there is increased awareness of the importance of flexible work and how “digital” is now the way to go. These setups are now linked to people’s productivity as they can pretty much access their jobs anywhere. We are certain to see more businesses transition into this in the future.

What’s great to see as well is how outsourcing will play a very integral part in this change. Since the ease that jobs are accomplished increases for most workers. Businesses will eventually increase their work demands and the cascade continues on from there.

Outsourcing is now an essential part of international commerce. As the surge of outsourcing continues, more BPOs will pop up to meet the demands of the market. And this is no more apparent than in the Philippines.

YVP Spearheads The Trend

BPO in the Philippines is thriving. The country now has the greatest number of call centers internationally. In 2019, BPO has contributed $26 billion to the Philippine economy, and this number will continue to increase in the coming years.

The Philippines is now considered the hub of outsourcing, and among the dozens of competitors. Your Virtual People, Inc. stands out from the rest.

YVP is at the forefront of international commerce, serving a diverse set of clientele. We offer services to ease your tired minds and help you refocus towards bigger and better goals for your company. With YVP, you are assured of quality solutions to your BPO needs, spearheaded by skilled individuals who are keen on helping you grow your business.

The Surge of Outsourcing Statistics

Grand View Research
- 2021: global outsourcing market valued at $245.91B
SuperStaff
- Global BPO industry expected to grow up to $405.6B by 2027
- >⅓ of small businesses outsource various functions
- 68% of large consumer product companies in the US outsource a portion of their workforce
- Among the most commonly outsourced tasks are accounting (37%), information technology (37%), and digital marketing (34%)
- Industries that outsource the most
  - - IT: global IT outsourcing market expected to be worth $397.6B by 2025
    - Financial services: ~71% of financial service executives outsource certain functions
    - Customer service: value expected to reach $81.5B by 2023
    - Retail: ~70% of retailers and manufacturers outsource specific services
    - Healthcare: telehealth demand; global healthcare outsourcing sector will be $229.2B by 2025
- Trupp Global
- The trend of working remotely has risen by 159% since 2009.
OptiBPO
- Global Outsourcing Statistics that Matter to Businesses (infographics)

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