COVID-19 resulted in over 20.5 million jobs lost in the U.S. alone. As the economy recovers, workforce participation is at an all-time low, falling to 61.2% in March 2021, the lowest it's been since 1976. Unemployed, laid off and furloughed workers that do return to the workforce do so with a fundamental shift in the mindset, impacting how and where work gets done.
The COVID-19 pandemic has changed the parking and transportation industry in countless ways. Corporate offices once filled with hustle and bustle have mostly turned into ghost towns, resulting in a significantly decreased need for shuttle and transportation services. So, what’s next for the future of shuttles? As pharmaceutical companies race to distribute vaccines, a vision of life returning to normal draws closer.
From being a startup to a scale-up, businesses today have the advantage of cutting-edge technology and a diverse talent pool to realize their vision. But when growth is happening at a faster pace and wider scale than expected, there’s a danger for some companies to fall behind.
This period of growth can cause small businesses to fail if they have limited resources to keep up with the velocity of change. For those ready to take the next step, however, their growth plans often include business process outsourcing (BPO) as a strategy.
Companies everywhere have come to accept the impacts of the pandemic on the future of work in stages that are eerily similar to the stages of grief: First, there was the wait-and-see phase, in which business leaders cautiously monitored news of the growing COVID-19 threat; then recovery mode, when enterprises were forced to adopt work-at-home functionality to keep their employees safe.
Among the multitude of challenges the COVID pandemic has inflicted on businesses, the heightened requirement to straddle the precarious divide between prudency with operational budgets on one side and not throwing the return-on-investment baby out with the expenditure bathwater on the other represents a particularly painful headache.
Future of Sourcing Digital is excited to continue our popular series “Women in Global Sourcing.” This series highlights, celebrates, and acknowledges women who are pioneers and leaders in the industry and who have been influential in moving the industry forward. It is our pleasure to feature Aditi Pany this week.
Outsourcing provides businesses with easy access to a skilled and low-cost pool of talent. Rather than spend time and money to hire or train full-time employees, many companies hire an outsourced team.
Outsourcing your business processes helps to increase productivity and efficiency while freeing up employees for more meaningful work. From payroll to customer service to advertising, outsourcing is a flexible way to bolster your capacity without increasing costs or headaches.
For various reasons, software development outsourcing is a smart choice for well-established organizations. It’s a proven option for businesses to achieve their digital transformation goals while minimizing risks and maintaining a cost-savings approach. Today, to outsource software requirements means helping the business gain greater economies of scale as well as focus on its core competencies without spending significant time and money.
One of the key things around Intelligent Automation (IA) is to ensure it has a strong business foundation not just in planning, execution and validation but also in assessing and reporting business benefits. While this may seem simple, it’s often not done well in most organizations and leads to a skewed view of business benefits from automating business processes.
Business process outsourcing saves companies significant time and money, enabling them to focus on their core business activities. And nowhere is this more impactful than in the document processing arena. Billions of pages of documents move between companies, their partners/suppliers and customers each year.
When the COVID-19 global pandemic struck, businesses faced the task of rapidly shifting office-based employees to remote environments. Today, the primary focus is on managing these makeshift workplace models more efficiently. In the process, long-term initiatives are now on the back burner.
In 1990, two business academics, C.K. Prahalad and Gary Hamel, teamed to write one of the Harvard Business Review's most influential articles on the nature of the modern firm and, by extension, outsourcing. They introduced the concept of core competence, which they called the “most powerful way to prevail” in global commerce.
Amid the pandemic, it’s fair to say the outsourced service operating model, particularly in customer service, has experienced forced change. While cost has always been the key driver in services outsourcing, Covid-19 has caused a monumental shift from cost being the critical point, to risk management and quality as the metrics and measures that now matter most. Call centers have had a particularly tough time of things; the actions that many of them have taken have been admirable, but it’s becoming clearer that long-term change has accelerated to the short term.
Cloud-based platforms and globalization have pushed supply chains to new limits and capabilities, creating many new business opportunities for those who can manage the growing complexity.
Outsourcing is becoming a common way companies handle these changes and needs, but it can be confusing, especially when new industry terms crop up with little explanation. So, we're looking at three common logistics outsourcing models to explain what they are and what they can do for your business: the 3PL, 4PL and 5PL.