- September 7, 2020
- Posted by: mbhadani
- Category: Financial Services, outsourcing in india, outsourcing industry
Top do's and don'ts for the Finance Industry
Outsourcing can be an unfamiliar territory for many financial services firms. Which provider should you choose, what should you offshore and how many offshore team members should you have are just some of the questions that spring to mind when researching financial services outsourcing providers.
If you are looking for some tips and inside knowledge on the do’s and don’ts of financial services outsourcing, then this article is for you!
So, what should you do?
Understand Your Requirements
Every financial services firm should start with this – understand your objectives and needs. There is no point outsourcing just because everyone else is doing it. Outsourcing is a solution so you should have things in your financial services firm that you want to improve. From there you can look at outsourcing as an option to assist in improving or providing a solution for your firm.
Look at what you have put in your 2020/20201 financial year plan and APT can discuss your options and see if outsourcing is the right decision for your business.
Ensure you choose an outsourcing provider who specialises in your industry
This is an important factor when deciding to outsource as the success of your outsourcing journey can be largely impacted if you choose the wrong provider. At APT we specialise in financial services outsourcing and offer a range of services so you can focus on your core business. Not only can we assist with your back end processes but we can also offer financial industry insights to assist your financial services firm.
Look for Commitment
No matter what kind of project you are planning to outsource – simple or complex, big or small, it is extremely important that your chosen team of professionals complete the tasks taken in hand with utmost dedication and commitment. If you don’t find a committed team, then it is unlikely your outsourcing journey will succeed.
Outsourcing is a big decision and you should therefore ensure you do as much research as possible to ensure you choose the right outsourcing partner. Before locking into a contract with your outsourcing provider, you should ensure you look at reviews, testimonials and even contact one of the clients who have a similar business structure to yours. This will assist in ensuring you choose the right provider.
What shouldn’t you do?
Don’t think of outsourcing as a short-term thing
If you enter your outsourcing contract with the mindset that outsourcing is a short-term thing, it is likely you won’t get the results you want. You choose an outsourcing provider that is in it for the long run and wants to see the success of your business. Your outsourcing partner should be an extension of your business, not used as a one of consultancy basis.
If you haven’t outsourced before consider getting trial tun – don't just jump straight in the deep end
Many outsourcing providers will offer a trial period to ensure they are the right fit for your business.
Once you decide you wish to outsource work to APT, we can offer you a trial job. You can send us a trial work and assess our quality of work and competencies and decide if you would like to implement your decision of outsourcing your business processes.
Don’t Forget Your Outsourced Projects Need Your Attention Too
While your offshore team are an extension of your business, it is important to make sure you don’t forget your outsourced projects need attention to. Communication is key with outsourcing and both your onshore team and your outsourcing provider should ensure you are both take initiative to communicate between each other about any projects underway.