To Outsource or Not to Outsource – You Decide
Here are four critical factors to consider before deciding to outsource your project:
- Cost: This is one of the first factors that you have to consider before outsourcing. Start by creating two columns. In Column A list all the expenses that you will have to pay for if your project is handled in-house. In Column B list down the costs that you have to incur if you outsource the project. Include all your projected costs.
Once you have this ready, you can estimate the appropriate cost that you will have to spend on a yearly basis. You can further estimate the cost based on the estimated length of the contract. Based on your calculations, you will be able to arrive at a decision if your project should be outsourced.
- Benefit: Make a note of all the primary benefits that you can expect from the outsourcing relationship. You can expect to benefit from cost savings, fast turnaround time, higher system availability and reduced resources. After you have listed all the benefits that you are likely gain from an outsourcing relationship, put a monetary value next to each benefit, so that you will have a good idea as to how much you can benefit from outsourcing a particular business process.
- Flexibility: While thinking about flexibility, think about all the indirect benefits that you can gain from the outsourcing relationship. Unlike cost savings, which is a direct benefit, these are benefits that you can avail only with outsourcing. For example, your current employees can be utilized for other projects, of if your online marketing is taken up by your outsourcing vendor, you can concentrate more on outdoor marketing.
- Risk: You might not have thought about the risk involved in outsourcing. But it is good idea to identify some of the key risk factors and the impact that they will have on your business. Some common risks could be your vendor going out of business, your project not completed within the deadline or your processes not strictly followed. Whatever be the risk that you can think of, place a monetary value next to it. By this, you will be able to find out how much your business will be affected if you are faced with such risks.
Armed with information and hard core numbers about cost, benefits, flexibility and risks, you can know for sure if outsourcing is good or bad for your business.
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