According to the reports of from Opinium and LiveArea, 28% of the total number of existing businesses are looking for project outsourcing opportunities, as a survival strategy against COVID 19.
With the advent of COVID 19 in the month of March, everything has come to a standstill. Everybody is stuck at home because of this pandemic, which invariably means that nobody is being able to work from their offices properly. All this has hugely impacted businesses all around the world.
This has given a huge boost to the IT outsourcing industry, as large-scale projects began being outsourced to a variety of agencies so that the work that is being hampered because of the pandemic can be managed and recovered.
Thus, as an attempt to develop even greater business, reliance and agility, during this situation
Businesses are opting to outsource most fo their projects to third party agencies. They are trying their best to mitigate the risk brought upon by the pandemic.
Around 28%, which is almost one-third of the total number of businesses available in the UK are trying to outsource projects of at least one business area to survive the COVID 19 crisis.
According to the researches done by Opinium and LiveArea, 37% of IT projects and 32% of the marketing projects are predicted to be outsourced, during this period.
This blog focuses on how outsourcing can prove beneficial for business, during the pandemic. This invariably means that the advantages of outsourcing software development projects will have to be talked about. However, at first, let us talk a bit about the process of project outsourcing.
How Project Outsourcing Works?
When a particular project is talked about, which involves outsourced software development and inclusion of offshore IT vendors, it is apparent that a company has taken the decision to spend money on an external agency to complete its projects.
Outsourcing basically refers to a decision, which generally comes to your find, when you realise that your in-house team of developers are somehow not able to manage the work pressure. Often times, where there is a situation when the pressure of work is insurmountable and you make your development team focus on a particular project during that period, other important work gets neglected as a result.
This kind of situation gives birth to the decision of outsourcing a project. Where you give the responsibility of completion of a particular project to an external agency and pay for it. This relieves your in-house team from extra pressure. Depending on your outsourcing partner, you can also get high-quality output, if you spend more money and choose an experienced and skilful one.
Now after talking about the basic concept of project outsourcing lets talk about how the process can be beneficial during COVID 19.
How Can Project Outsourcing Prove to be Beneficial?
In addition to what we have talked about in the previous section of the blog, geographic dispersion is another very significant term, which needs to be kept in mind. This is considered by businesses all around the world, as one the most effective risk management strategies. This technique can both ensure output quality and at the same time build resilience against a number of disruptions, like a pandemic.
Adoption of a distributed global services model can also prove to be immensely beneficial. This model involves you reaching out to countries, which are still safe from the impacts of the virus and search for a software development company, which can perform the job that you want it to. This process is also very effective in diffusing enterprise risk.
Outsourcing your projects in the time of a crisis like this makes sure that your in-house employees are free to focus on the core responsibilities and duties of the company. COVID 19 outbreak has left many countries in difficult situations, where they are having to adopt steep budget cuts and are left with no scope for discretionary expenses. Outsourcing helps these companies to handle an impact like this.
In this new world, created by the pandemic, the freelance workers or agencies, will no more be considered just as ‘developers for hire’, but will more likely be addressed as ‘strategic partners’, who have assisted companies in this time of crisis. This can give birth to profitable connections, which can benefit your business in the long run.
It is very difficult to currently predict and understand the implications of COVID 19 until it finally leaves us. It is similarly difficult to foresee, how businesses around the world will be impacted by it. Spending money on software development services can prove to be beneficial not only in this period of crisis but also in the future. Yes, businesses will have to bring major changes in their manner of functioning, but with time, with the proper amount of assistance, they will come back to their glory days.