Research reveals 5 biggest outsourcing pain points facing business buyers
More organizations globally are choosing to outsource business services such as customer support, contact centers, HR management, digital channel fulfillment, accounting, legal and training.
Multiple factors influence this strategic decision to outsource services, including cost reduction, accessing value-add services, tapping into best practice, improving customer experience lifecycle management and service delivery, and mitigating business continuity risks.
Unpacking the outsourcing buying journey
However, global business buyers face numerous challenges and pain points along their strategically important outsourcing buying journey.
Extensive market research conducted by GBS.World that surveyed global business buyers in key sourcing regions such as Australia, Canada, the UK and the US, identified the five most common outsourcing pain points facing business buyers.
These insights are outlined in a best practice eBook available for download from the GBS.World Marketplace.
Challenges on multiple fronts
A key insight from the research reveals that it often takes buyers between three (48%) and six months (7%) before they find a right-fit service provider.
Additionally, 60% of survey respondents cited a lack of credible and reliable quantitative and qualitative market intelligence and research on outsourcing best practice as an impediment to better outsourcing outcomes.
This type of information can influence a company’s strategy and better inform decision-making processes related to defining their need and approach to outsourcing.
In a closely related finding, 58% of respondents stated that they did not have one place to go to analyze, compare and source services.
Respondents also lamented the general lack of relevant information available to inform decision-making around the best/right nearshore or offshore locations.
With so many global outsourcing service providers currently competing for business, it has become extremely onerous and time-consuming to short-list and select the right/best fit service providers – 56% of respondents in the GBS.World research indicated that they battled to shortlist best-fit service providers.
As revealed in the eBook, buyers typically battle to source relevant and authentic information on potential outsourcing service providers in their buying journey. Moreover, they often need to collate and analyze unstructured data from multiple disparate sources.
Furthermore, 47% of buyers report experiencing challenges when attempting to access unbiased profiles and surveys on service providers and technology vendors, according to the eBook.
A research-backed solution
In response to the myriad challenges revealed in the market research and outlined in the 5 Outsourcing Pain Points Facing Business Buyers eBook, GBS.World has developed a portal to directly address the main pain points and challenges that the industry currently faces.
The World Source Marketplace for Global Business Services (GBS.World) is a global online marketplace that enables buyers to find and engage service providers or nearshore/offshore locations worldwide to meet various needs and requirements.
The comprehensive interactive, easily searchable and intuitive platform empowers buyers to go beyond basic search-and-match services currently available.
The platform intelligently sources and matches buyers, providers and locations across a wide-ranging offering of global business services by leveraging research-centric analysis, market intelligence and sourcing services that match buyer requirements to service providers and locations.
For deeper insights and solutions to the major challenges facing outsourcers, register and download the 5 Outsourcing Pain Points Facing Business Buyers eBook here