5 Multi-Processing Services Outsourcers are Delivering within Growth Partners
Outsourcers are in a constant arms race in providing bespoke solutions to global clients, driving innovation, collaboration, and improved quality in service delivery. However, clients are demanding even more tailored deliverables through specialized services.
This has led to outsourcers to develop multi-processing services to achieve optimal customization. Cloud technology, automation and analytics has paved the road for these next generation outsource processing services.
The evolution of multi-processing has inadvertently enlightened both client and outsourcer to new growth opportunities. The more specialized outsourced services allow clients to focus even more on their key objectives and deliver higher quality output to their customers, achieving higher revenues. Simultaneously, the demand for multi-processing has exposed new avenues of opportunity for outsourcers to diversify their service offering and gain traction in new markets. Therefore, a new growth partnership ecosystem comprised of clients and their outsourcers has emerged.
This article will briefly review 5 multi-processing services that form the flint and spark of this new growth partnership. These include the following:
- Data management and data processing;
- Accounting-as-a-service (AaaS);
- Telehealth and medical processing;
- Legal process outsourcing (LPO); and
- Software-developer-as-a-service (SDaaS).
1. Data management and data processing
In the current business environment, leveraging off big data to make informed business decisions and optimize profitability is no longer just a fancied practice, it is a necessity. Although, every second huge volumes of data are generated those enterprises simply become overwhelmed in trying to make sense of it themselves.
Clients are demanding outsourcing service provides to deliver specialized data management and data processing services to remedy the data volume headache. Outsourcers have created specialist data divisions who can acquire, validate, store, protect, and process data in a way that’s less time-intensive and more cost effective. Big data can then be leveraged with relative ease, in real-time, resulting in effective customer engagement and increasing the customer lifetime value.
The development of data management and data processing as a multi-processing service has developed new partnership arrangements between clients and outsourcers. Having accessible and visual data allows clients to increase profitability, while outsourcers now have a new revenue generator, creating an unexplored business opportunity.
Accounting-as-a-service (AaaS) is an innovative, next-generation method of outsourced accounting specialist services. AaaS is offered through the internet, underpinned by cloud technology, making accounting a modular service design, rather than an office-to-office relationship. Advanced artificial intelligence (AI) tools have been implemented to automate much of the accounting process. Services are offered on a monthly subscription, rather than being priced per hour of the accountant’s time. This has changed outsourced accounting forever.
AaaS provides increased flexibility. The client can be based in London, while the accountant is in India, charging highly competitive rates compared to developed Western nations. Cloud accounting software can be connected to an enterprise’s financial tools and bank feeds. Therefore, accounting data can be viewed in real-time.
The shortened feedback loop enables businesses to make better decisions and adapt more quickly to changing situations. Businesses can see where they need to cut down on costs, increase marketing efforts on a product and to exploit new opportunities. AaaS has provided accounting outsourcers new growth opportunities through this specialized service.
Outsourcers have quickly realized the business case of AaaS, including Outsource Global, where AaaS services range from baseline telemarketing and customer care services to specialist AaaS service knowledge workers.
3. Telehealth and medical processing
The health sector is looking at a new multi-processing service in their health service outsourcers in the form of telehealth and medical processing. Telehealth is simply the distribution of health services and information through electronic and telecommunications channels. Clinician and patient contact, care, advice, monitoring, and remote admissions can be delivered in this horizontal service line. Video call, streaming media, the internet, terrestrial and wireless communications, and store-and-forward-imaging are some of the technologies that are used.
Telehealth and medical processing are another layer of outsourced medical processing services that enables further specialization in the medical services sector. Costs are reduced further from this. Additionally, medical practices can avoid complications experienced by in-house medical service teams, due to unexpected delays, organisational issues or other challenges that slow the medical services process. At the same time, this additional multi-process specialization has given medical and health outsourcers another diversified growth path.
4. Legal process outsourcing
Legal process outsourcing (LPO) has emerged as an essential outsourcing specialisation for corporate legal departments. LPO entails sending certain legal processes to third-party outsourcers, either offshore to a location with the same legal system or to an onshore law outsourcing enterprise.
Through this new multi-processing outsourcing specialisation, legal processes can be delivered by a fraction of the cost. For instance, an attorney in the U.S. will charge between US$150 to US$500 per hour when performing various legal services. LPO specialists charge a fraction of this rate, either because their delivery locations are located in regions with low price points or high efficiency rates or both.
‘’Legal costs are skyrocketing in major source markets and multinational corporations are continuing to put pressure on their legal departments to seek LPO solutions to mitigate costs.’’, says Outsource Global Founder and CEO, Amal Hassan. Low-cost outsourcing destinations, such as Nigeria, have become key legal process outsourcing locations, providing legal services ranging from administrative functions to high-level case dependent contributions. Outsource Global offers legal services on both of these levels to the U.S. market.
Increased specialization in legal outsourcing have opened new opportunities for legal outsourcers, multiplying new growth paths.
5. Software developer as-a-service
Based on the same principles as Aaas, contact-centre-as-a-service (CCaaS), platform-as-a-service or (PaaS), software-developer-as-a-service (SDaaS) are one of the newest multi-processing services offered to software development teams. SDaaS is an on-demand development service that can customize a software development team to each development project. The high rates of efficiency and output quality that are achieved reduce software development costs significantly. Also, SDaaS reduces the exposure of risks associated with IT system maintenance and enhancement.
SDaaS also solves the problem of sourcing software development talent. Software development is the scarcest skill globally and sourcing this talent is a headache for businesses. According to a 2021 Coding Sans report, the biggest challenge in software development is finding the in-house talent.
What is your biggest challenge in software development?
Source: Coding Sans Report, 2021
SDaaS takes that pain point away from IT teams, as they can simply outsource a dedicated team of software developers, offering a quick solution and high-quality output. Additionally, with SDaaS being an on-demand service, it allows enterprises to scale up quickly temporarily.
IT outsourcing (ITO) service providers are now seeing new growth channels within software development due to this specific demand. Clients are achieving efficiencies, maximizing profits. Therefore, the emergence of SDaaS is another brick in the growth partnership foundation between clients and outsourcers.
Client demand and outsourcer innovation has resulted in a plethora of new multi-processing services. This has given clients efficiency and cost benefits, while creating new business paths for outsourcers. Increased process and cost efficiency has also created new markets for clients, feeding this new growth partnership in a cycle of perpetual business opportunity. Amal Hassan points out that this has also created opportunities for outsourcers in non-traditional outsourcing destinations: ‘’The emerging demand for multi-processing has created beneficial business arrangements in new, lessor known regions, including Nigeria, which has become a rich destination for multi-processing services.’’
Both client and outsourcer have each other to thank. New multi-processing services will likely emerge in the near future, making this space an exciting one to watch.