Outsourcing has changed the health industry positively, helping companies to better prioritise and meet the needs of their customers. 78% of businesses all over the world feel positive about their outsourcing partners, and you could join them.
Find out more about what outsourcing is, and how it’s changing the health industry for the better.
What Is Outsourcing?
Outsourcing is the act of hiring an external company to complete a task. They are often tasks that would have originally been done in-house, but are now completed by a third-party business.
In the health industry, outsourcing may take the form of an external biological process development facility being used, rather than a company needing to complete this role within their own business operations.
Outsourcing is a relatively new business practice, originating in the 1980s as larger businesses looked to boost their output while keeping costs low.
Benefits for the Health Industry
Before outsourcing went mainstream, individual health companies usually did all their tasks in-house. This had significant costs which prevented reinvestment.
Labour costs were extremely high because there were many more employees on an individual company’s payroll. There were also a lot of training costs to provide a large workforce with the tools they needed to effectively and safely complete their work.
Having more staff also brings high costs for technology and uniforms. This is more significant in the health industry than other sectors, where specialist equipment, such as high-quality masks and machines, are used.
Not only will outsourcing save your company lots of money, but it will also make you money that can be invested in new technologies.
Companies responsible for too many operations spread themselves too thinly, and customers notice.
Good customer service will lead to repeat purchases, boosting the income you can generate.
In the United States of America, poor customer service costs businesses more than $75 billion a year, a loss of profit that grows each year. Outsourcing can help to change this.
Outsourcing to third-party health companies allows you to focus on the main responsibilities of your business. When companies try to complete too many tasks successfully, there is often a decline in the quality of the individual services.
Bringing in another company to complete the tasks you can’t prioritise or simply don’t wish to, is a great idea – letting your employees work in the areas their best suited to.
Avoiding Time Zone Challenges
By outsourcing some of your operations, you can avoid the time zone challenge faced by global health companies. By outsourcing to a third-party business in another country, you can still get the job done while you’re closed.
Outsourcing can ensure that the needs of your customers are met, wherever in the world they may be.
The Bottom Line
Despite only becoming a prominent business option in the 1980s, outsourcing has many advantages and is helping the health industry to meet new challenges and prioritise their customers.
Outsourcing can save and generate money – which can be invested into new research.