4 out of Every 10 Surveyed Businesses Outsource their Accounting Processes: GoodFirms Survey

Advertisement

75.5% of surveyees choose to outsource business services to increase productivity.

Washington, April 11, 2023 (GLOBE NEWSWIRE) — GoodFirms, an internationally recognized B2B ratings, and reviews platform, recently released its new research report-“Business Process Outsourcing – Purpose, Market, and Future Scope.” The survey was conducted to acquire knowledge about the current state of the business process outsourcing (BPO) industry, the reasons behind outsourcing business functions, top outsourced business activities, the benefits of outsourcing, and its potential in the future. The survey also aims to identify the emerging trends in the global outsourcing markets and the challenges organizations face while outsourcing their business processes. 

Advertisement

The BPO sector is growing faster as various industries include outsourcing in their business models. Today, the most reliable BPO companies are helping organizations to manage their business operations, enhance their bottom line, improve efficiency and customer satisfaction, and gain a competitive edge. 

GoodFirms’ research reveals the current state of outsourcing: 55.6% of businesses outsource their business processes, while 18.5% of surveyed organizations are in the initiating stage. The study also highlights that business process outsourcing (BPO) is divided into three categories in which 44.4% of businesses prefer Offshoring, 32.1% opt for nearshoring, and 17.6% choose onshore based on their outsourcing requisites.

Accounting, Marketing, IT Management, Human Resources, and Customer Care are the top five outsourced business functions and services, reveals GoodFirms survey.  Apart from that, the GoodFirms survey also identifies the other most outsourced business activities: lead generation, software development, data analysis, and legal functions.

Key reasons for outsourcing business services: Increase productivity, reduce operational complexity, gain access to quality resources and services, lower operating costs, save time/labor, achieve around-the-clock business operations, fix lack of technology issues, meet increasing employee expectations/certain regularity requirements, etc.

Further, the research unveils the top factors in choosing a service provider: experience, pricing, reviews, customer service, location, cultural connect, infrastructure, business compliance measures, size of a skilled team, track record of meeting deadlines, and legal history with prior clients.

GoodFirms research discloses the benefits organizations have achieved after outsourcing their business processes. 69.5% of surveyed businesses reported their processes have become faster, 66.8% assert they can serve 24/7, 59.5% feel that overhead costs have decreased, 47.7% say that they now  have access to global expertise, 37.5% reported that customer complaints had reduced considerably.

Losing control over processes, risk of competitors liaising with an outsourced company, increase in price by outsourcing partner, data security and protection concerns, finding a trustworthy authentic partner, legal/compliance faults by outsourcing partners, more exposure to Geo-political risks and managing tax regimes are the significant concerns in outsourcing business processes. 

This survey conducted by GoodFirms also uncovers the current trends in the business process outsourcing field. A shift towards omnichannel, ongoing talent war in the BPO industry, businesses involving BPO partners in strategic decisions, rising demand for specialized outsourcing services, and increasing RPA in the BPO landscape are the top trends in the BPO sector.

Key Findings:

  • 19.2% of surveyed businesses have outsourced their customer service department.
  • 75.5% of surveyees choose to outsource business services to increase productivity.
  • 62.1% of businesses outsource their business functions to reduce operational complexity.
  • 58.3% of businesses outsource to gain access to quality resources and services.
  • The world is witnessing increasing robotic process automation in the BPO landscape.
  • High-end and diversified services will replace cost as a key differentiating factor in selecting BPO providers.

About Research:

GoodFirms Survey-“Business Process Outsourcing – Purpose, Market, and Future Scope” queried 725 businesses for their feedback on the current state of the BPO industry, its major types, the most outsourced business functions, the purpose of outsourcing, and future scope. 

To read and download more research articles by GoodFirms, click here.

If you wish to participate in GoodFirms’ future research studies, register your name and company details with GoodFirms.

About GoodFirms:

GoodFirms is a Washington, D.C-based B2B review and rating platform that focuses on delivering rich, original, and in-depth coverage about the IT products and services to the readers. The company works with a mission to serve the B2B players. Both service seekers and service providers benefit from the reviews, ratings and research insights delivered by GoodFirms.

CONTACT: Sophia Jayden ([email protected])

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. AfternoonHeadlines.com takes no editorial responsibility for the same.