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From startups to large companies, the outsourcing model is applied as a method that helps the organization to grow and scale. However, there specific industries that prevail in global outsourcing trends. Industries with large capital expenditures, large daily volumes of transactions, and information outsource their business functions more the most.
Besides the above-mentioned factors, the industries that delegated their business processes to partner organization do it for the following reasons:
Cost efficiency
Lack of organizational capacities
Focusing on core functions
Access to expertise and talent
Different industries make their calculations and define which department would benefit more the organizations both in terms of value and cost-efficiency if outsourced.
IT
Global outsourcing trends confirm that IT services are at the top of most outsourced business functions. Nowadays, every company or organization needs to incorporate tech-driven capabilities in order to thrive in highly competitive markets.
Healthcare
Outsourcing is helping the healthcare industry to provide quality patient care. The industry not only faces ongoing challenges, but it also can prevent future issues. Big data analytics is shaping the healthcare industry. Medical data is being collected, stored, digitalized, and shared between professionals. PBOs make it possible that large amounts of data are handled in a simple way. All the collected data and specific algorithms can make predictions for medical conditions, patients’ treatment, and follow-up care.
The Hospitality and Travel Industries
These two are fast-growing driven by customer demand. At the same time, competition is on the rise. The business environment in the hospitality and travel industry is now shaped by online connectivity, assistance, and instant communication. BPOs help customers with various segments of the industry such as reservation and booking, confirmations, complaint management, baggage inquiries, and tracing, etc.
Finance and Accounting
BPOs that handle these processes comprise highly qualified team members that specialize in accounting, bookkeeping, audit, and other financial functions. Experience has proven the advantages that companies get when such functions are not handled internally.
Law
Not every company has the luxury to take care of a complex project that requires plenty of time to be completed. Why do it, when there is always the option of subcontracting legal services to small firms that can do it at a lower cost. Legal services result in huge bills when done in-house.
Sales and marketing
This industry consists of a mixture of talent, technology, and proven sales practices. Professionals located worldwide take care of business needs, support organizations that re-organize or expand their marketing departments. Digital marketing, SEO, advertising, online presence, and social media management, analytics, data research are a must in agile sales and marketing sectors.
Numerous companies around the world look for vendors to source out the above-mentioned functions. How and where they look for depends on requirements such as location, nearshore/offshore, time zone, cultural affinity, workforce age, experience, the legal framework, etc. If you are looking for a BPO destination, Albania may be one of the best options. The industry is growing in the country that could benefit your company in various ways.