Today, the need to boost efficiency in businesses has become increasingly vital. The key transformation that can take place in any business is increased efficiency, which in turn would bring in other results such as minimal cost and boosted profit. In this post, you will learn about top trends that are currently transforming businesses.
Trend #1: Outsourcing
At the core of trendy techniques for transforming businesses is outsourcing. This business solution has been an evergreen technique that can help bring a business to the forefront when applied correctly. And, up to this day, the use of outsourcing in running a business and performing business tasks is increasing.
You need not be told that outsourcing is a business transforming solution for reasons that include the following;
- It’s a tremendous cost saver
- It gives you access to global human capital
- You don’t need a brick-and-mortar office to hire outsourcing service providers, especially for start-up entrepreneurs
- It saves time
- And, when you combine all of the above benefits, what you get is a competitive advantage and increased profits
Trend #2: Increased Automation
Automation is also key in business transformation. The adoption of automation increasingly has profoundly impacted the whole global economy, and the United States economy is probably witnessing this radical transformation more than any other nation, especially in its manufacturing sector.
The increasing use of digital technology and highly computerized machines has been the secret behind the unequaled success witnessed by companies in time past. And, any business or company in the present dispensation that adopts the same model will see even better results because technology has become better than what it was in those days.
Just like outsourcing, automation saves huge costs because the need for human labor (which is more expensive) will reduce drastically. According to a study, between the years 2007 and 2016, manufacturing output per hour went up by 15 percent, while the volume of employees reduced drastically.
Also, according to the study carried out by Brookings Institute, approximately 6 million manufacturing jobs between the years 2000 and 2010 were shed, but this did not affect productivity — in fact, productivity boomed while this was happening. Indeed, the increased use of automation has helped in transforming not just production/operations, but also administrative/back-office business tasks.
Trend #3: Increased Services
The use of technology increases and especially with the evolvement of IoT also ushered in the need for more complex support. Hence, it has become increasingly essential to get the required support that would keep your business up and running in an optimal manner.
Such support may come in different forms such as operations, maintenance, training, and/or services. Whatever the support is, it’s important that it is reliable, fast, as well as personalized to your business needs. Interestingly, it is mostly via outsourcing that you can get such complex supports and services in a more affordable manner.
Indeed, these three trends can transform your business dramatically.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams.