The increased need for scalability and flexibility is driving the need for inexpensive offshore IT solutions, yet there aren't enough skilled offshore developers working in the global outsourcing sector. In order to reduce costs and increase efficiency as the economy recovers from the pandemic, international corporations are increasingly turning to outsourcing firms in Bangladesh.

Additionally, an outsourcing company in Bangladesh provides benefits like cost savings and enhanced efficiency while minimizing the risk involved with certain operations. As a consequence, your business will become more flexible, adaptable, and agile.

Do you need a team of offshore developers?

Let's examine several scenarios in which you could choose to invest in a capable outsourcing partner:

• If your innovation is inadequate

At times, your daily routine may make you feel wasted. If this is not resolved within a certain time range, it will constitute a barrier to keeping your firm operates.

• Capabilities have been maxed out

Your project is halted due to capacity restrictions, resulting in a loss of business and reputation. To proceed at a reasonable pace, you might need to outsource.

• You are unable to carry out specialized tasks in emerging technologies

If your in-house personnel lack expertise or the ability to do a certain task, you must immediately outsource it. Random hiring wastes time and causes delays in project completion, which has a detrimental impact on your company's growth.

• Your company needs to grow

Business process outsourcing is also necessary as a result of rapid company expansion. In any situation, you must meet the demand put out by the market. With outsourcing, you may quickly provide your service on a large scale and get around a lack of experienced labour.

• You'll be late for the deadline.

You can meet deadlines and grow your business as you see fit without endangering your clients by outsourcing.

Determining the need for outsourcing is essential. Making the wrong decision might have more severe consequences. A crew that is currently overworked or in need of further training is surely a sign that your project needs to be outsourced.

Also Read: What to look for when hiring an outsourcing company in Bangladesh

Does outsourcing expose businesses to risks?

As the global economy continues to expand, an increasing number of organizations are seeking to outsource in an effort to reduce costs and increase competitiveness. However, outsourcing may become less common in the future given the current surge in protectionist attitudes. However, outsourcing may become less common in the future given the current surge in protectionist attitudes. It is critical to assess their needs and put effective risk management techniques into place.

When businesses outsource particular jobs, they inadvertently transfer the risks associated with these operations to the supplier. Verifying that the outsourced provider has sound risk management strategies is essential.

Numerous factors influence why companies outsource. The first benefit is the low cost of employing an outside source. The second is allocating internal resources to strategic projects. Last but not least, outsourcing reduces risk by distributing it across a bigger platform.

Recognizing the important consideration in Offshore IT Outsourcing

When preparing for the success of any outsourced IT project or system maintenance, there are numerous factors to take into account, from normal security breaches to development disasters.

The following factors are crucial in IT Outsourcing:

• Operational

Process management mistakes, hardware and software issues, asset physical damage, domestic and international fraud, and market manipulation are a few of these.

• Data protection

This covers risks including passwords, data tampering, data theft, unauthorized access to private data, and eavesdropping.

• Compliance

Infractions of laws, codes of conduct, or professional norms that have a negative impact on a company's finances, reputation, or organizational status are referred to as compliance risks.

• Cybercrimes

This category also includes unethical business practices, safety violations, a lack of innovation, sustainability, and sustainability, in addition to low-quality products or services.

Check out The Biggest Software Security Threats of 2022.

How Did COVID-19 Affect IT Outsourcing?

Due to the current circumstances, we must also take COVID-19's effects into account in addition to the previously indicated risks. Although the full extent of its influence is not yet known, there are several tendencies to be on the lookout for.

Supply Chain Management is a concern

Supply chain management is receiving more attention from the C-suite than ever before since localized lockdowns have a global impact on how businesses operate.

Growing Use of Automation 

Automation is frequently used to replace labour-intensive jobs. As a result, fewer human resources are required, freeing up qualified individuals to work on key projects.

Also Read: Top 5 automation testing tools to gear up website development

Rapid Take-Up of Public Cloud Services

Businesses are increasingly using public cloud services (IaaS & SaaS) more frequently since they may remotely scale up or down corporate activities as needed. All of these issues have led to an increase in the demand for IT outsourcing and specialized technical support. In fact, 5% annual growth in the market for IT outsourcing is predicted between 2021 and 2024. Furthermore, if your business decides to benefit from the trend toward IT outsourcing, it may do so with the right partner and a risk-reduction strategy in place.

Essential Measures for Risk Reduction

So, how can you lower the risks? 

Without a doubt, it makes sense to work with a provider of technology solutions with experience in outsourcing client engagements.

BJIT is certain that the strategies outlined below work since it has successfully provided outsourced services for more than 20 years. Businesses have been thoroughly examined and found to be extremely effective, even in 2020, when they would have to move to a completely remote work style. In all of our engagements, BJIT was able to do this with ease, regardless of the location.

These are the procedures for ensuring the success of an outsourcing project. Therefore, Organizations should:

1. Ensure that workplace culture and ethics are consistent

Check to see if all the organizations involved in the project have the same culture and values. Work ethics, NDA, and common beliefs all help to reduce the dangers brought on by the human element.

2. Place project management at the forefront

A 2020 Project Management Institute (PMI) study found that since project management is devalued by businesses, 67% of transformation initiatives fail. The success of global outsourcing is greatly influenced by a skilled Project Management Office (PMO) and expertise.

3. Establish routine Status Updates

Regular updates on the project's status are required to keep everyone on track. It enables the adoption of corrective actions to address issues and bring about results. A transparent project reporting process keeps stakeholders informed. It facilitates decision-making and lessens the likelihood of project flaws and surprises.

4. If you want to cut costs and grow your firm, "Scope In."

Scalability across the whole project is essential for agility in a dynamic market. The scale should be introduced in the proper quantity, and then increased. Future growth may be flexible and inexpensive because of scalability.

5. Recognize the potential response, capabilities, and availability of the resource. 

A key component of scalability is having access to a technology partner with a skilled and flexible staff. This enables the business to overcome technology challenges and respond to unanticipated events like a global pandemic.

6. Take a look at the quality assurance (QA) methods

Automated QA testing processes reduce risk at every level of the development life cycle. Both functional and non-functional testing In order to reduce risk and increase control, global technology companies like BJIT utilizes special tools and procedures that provide a complete roadmap to oversee every component of the project.

7. Recognize the outsourcing partner's business continuity plans.

A sophisticated IT infrastructure can help to ensure business continuity if a sudden threat arises. An illustration of the necessity for an adaptable operational structure is the COVID-19 pandemic.

Pick Benefit Over Danger

It is important to take your time choosing the best partner and whether to outsource. However, an outsourcing company in Bangladesh can be an effective way to achieve both goals given the quick speed of technological adoption and the need to expedite time-to-market capabilities.

When you are aware of the risks and have a strategy in place, it is simpler to reduce them. With a 99% success rate over the past 20 years, we have completed outsourced projects and are knowledgeable about what works and what doesn't. Using the methods in this article, you may correctly assess and choose an outsourcer for your project.

BJIT is here to help you manage risks with attention to detail to achieve success in the global market via next-generation technology for our clients.

Do you have a strong desire to embrace digital transformation? Then, with BJIT, choose fewer risks for more rewards!