Every business wants to save their money and get accurate results in less time. For this purpose, offshoring is one of the ideal approaches. Lately, most organizations like to outsource some part of their business offshore to profit from the various benefits related to offshoring like – reduction of expenses. With such expanded development of offshore outsourcing, different sorts of outsourcing models have begun their journey into the market.
Global Shared Work Model
It is a collective methodology that includes designating or incorporating a subset of the business department to another and separate, semi-self-ruling business place. The global shared services outsourcing model can help the business in many ways, such as:
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- Cutting down the expenses.
- More efficiency in the work with no compromise in the quality.
- A better understanding of tasks assigned to the employees,
- Higher ROI
Enhances business values
In Global shared services, you can outsource various accounting and bookkeeping services like – invoice generation, inventory management, payroll processing, and tax filing.
Hybrid Model
This model is a perfect amalgamation of nearshore, onshore and offshore outsourcing types. It helps in providing the most ideal arrangement that lines up with the necessities and objectives of the firm while limiting the expenses. This model gives admittance to the worldwide abilities of an offshore model. You will also have the local presence of an onshore model.
The hybrid model allows you to perform major client servicing tasks close to the client’s demographic and hiring an outsourcing partner to perform other non-core business activities. You can save a lot of money through this model. For example – Accounting firms hire an offshore outsourcing partner to complete their repetitive bookkeeping tasks and focus on major client satisfaction activities.
Multi-sourcing Model
In a multi-sourcing model, a business comes into an agreement with different outsource partners to perform major all the activities related to business. Here your in-house team will only be focusing on the major tasks that bring greater ROI.
This model helps in bringing excellent quality to the work as you will outsource the work to experienced and skilled people. For example – In a business, one outsourcing agency will be handling accounting bookkeeping, the second one might be seeing IT-related issues and the third one will be handling customer care tasks.
The benefits of this model are:
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- You don’t have to rely on a single vendor.
- More efficient working to meet the client’s needs.
- Experts handle all the different functions of your business.
- One of the biggest disadvantages of this model is that it can be very less flexible and the decision-making processes of your business can be severely affected because of the delay from one side of the outsourcing firm.
Global Delivery Model:
Here the work is divided among different teams who might be working either nearby the client’s location or remotely. The main motive of business here is to get work done easily with accuracy and productivity. Firms use this model to provide customised services to their clients. This model is quite popular in the IT industry. It helps in the distribution of work in a much smarter way to get it completed in a short period of time.
Conclusion
As the pandemic continues, numerous businesses are considering different offshore outsourcing models to lower down the pressure of work. Accounting firms are looking for agencies that can perform their repetitive bookkeeping tasks. Moreover, by outsourcing, organisations can save multiple overhead costs and free up their in-house teams.