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Blog » Top 4 Outsourcing Trends to Dominate in 2018

Top 4 Outsourcing Trends to Dominate in 2018

Last updated: 25 Jan, 2024 By | 6 Minutes Read

Insurance Industry Trends

Undoubtedly, 2017 has been quite an exciting year for the outsourcing sector. At the beginning of 2017, there was both exhilaration as well as anxiousness with regard to what the year would unfold. With the new president of the United States, it wasn’t sure how the market would respond or whether or not they would withstand the coming year. Regardless of such concerns, the outsourcing sector has responded to the changes as well as challenges in a very efficient manner and has appeared to be stronger than ever before.

We at Cogneesol have come up with a few emerging trends that may be widely prevalent in the year 2018. These trends, we think, are early pointers of what the outsourcing sector can look forward to in the coming year.

Over the last two decades, there have been significant technological innovations. These changes have had a profound impact on industries worldwide. The outsourcing sector has also been impacted. A large number of outsourcing trends come forward each and every year. While a few of them dissolve and the remaining evolve at a much larger scale.

Industry veterans have anticipated an array of the latest, unsettling outsourcing trends that would change the face of 2018. A few of these trends are certainly going to result in a substantial impact on the outsourcing sector. One must keep an eye on trends like automation, artificial intelligence, cloud accounting outsourcing services, finance, and healthcare.

Top 4 Outsourcing Trends that Will Rule the Market:

1. Increased Focus on Security

Specialists anticipate that more and more businesses are going to concentrate on addressing the security challenges in 2018. In recent years, security threats have become more prevalent in outsourcing on account of the advancement of the Internet of Things as well as telematics.

Industry insiders disclose that high-tech security systems will now become an industry standard. This awareness is going to propel businesses and outsourcing ventures to keep on experimenting with security systems to deal with the dilemma of security threats. An outsourcing study by Deloitte identified that 64% of businesses intend to concentrate more on setting up security standards or finding a concrete solution to address security threats.

2. Surge in Cloud Computing

One more trend that specialists deem will make waves in the outsourcing sector in 2018 is cloud computing. 2018 will take on more businesses adopting cloud-based technology for first-class and affordable solutions.

61% of businesses acknowledge that cloud computing influences outsourcing associations by reducing the expense of delivery. The increasing trend of cloud computing will assist in creating more business prospects for BPOs, cloud software providers, and ITOs.

2017 observed a stirring spike in the number of retailers adapting to fulfill numerous client needs. Specialists feel that this trend is going to gain traction in 2018 as well. Previously, the target of retailers was more on providing packages at economical costs to their clientele. Currently, a great number of retailers are concentrating more on providing comprehensive value recommendations to their clientele in order to permeate much deeper into the niche marketplace.

3. Transition towards Efficient Vendor Management

Another trend that is certain to keep creating waves in 2018 is a greater emphasis on outsourcing vendor management by businesses across sectors as well as verticals. The truth is that a recent survey revealed that 64% of businesses are attempting to enhance their vendor management abilities.

It is apparent that more businesses would be concentrating on efficient methods. They aim to deal with the intricacy of multi-vendor support models. This is to handle their everyday operations successfully.

    4. Value Proposition to Move Beyond Cost

    Typically, reducing business overhead costs happens to be the crucial motivation behind outsourcing possibilities. Nevertheless, businesses are now concentrating more on additional value areas. Studies uncover that 21% of businesses are progressing to concentrate on quality enhancement, 19% of businesses will probably concentrate on accessibility to diversified skill sets, and 11% are going to seek out financial freedom now when making outsourcing choices. This transition will certainly assist clients with an all-round value proposition and will facilitate vendors in penetrating deeper into the market.

    Bottom Line

    It will likely be exciting to find out which of the above-mentioned trends will unfurl and outlast the remaining and which fail to hold on. One thing is certain. Outsourcing will emerge as bigger and, at the same time, better with an increasing number of businesses opting to outsource back office tasks. As a matter of fact, a study shows that around 65% of businesses intend to augment their outsourcing work in the coming year.

    Planning to outsource your tasks to a reliable service provider? Let us at Cogneesol assist you with the same. Be it accounting outsourcing services, insurance back office support, legal process outsourcing, or data management solutions, we can do it all for you! Contact us at +1 646-688-2821 or email [email protected] for a free consultation.