When it comes to business, buyers want more from the powers that be; they want core value – consistent action and participation. It’s no longer about the quality of a product. Buyers care about society and global issues, and they are zoning in on the organizations proactively supporting these issues. Going forward, customers plan to do business with organizations that weave social responsibility into their entire business models.
The biopharma industry has achieved many of these benefits, particularly through the outsourcing of clinical development, manufacturing, and basic IT functions. Though we have only just begun to harness the full value these services can bring to the table. From improving sales to streamlining analytics and regulatory affairs, outsourcing has the potential to significantly increase efficiencies across the development lifecycle, with the greatest potential benefits achieved in downstream commercial functions.
This business process service delivery model provides quality and cost at parity with traditional BPO services but with optimized enhancements. These include a qualified, trained, untapped talent pool with skill sets aligned to match client needs; lower attrition rates and higher corresponding levels of employee engagement; and opportunities to fulfill corporate social responsibility and diversity objectives while operating within a traditional BPO framework.
Traditionally, IT outsourcing has been viewed merely as a cost-saving tactic, but nowadays, IT outsourcing has become a more strategic and an effective business strategy that brings added-value to the organisation. Due to latest emerging technology trends, companies are looking for speedier, more efficient and agile delivery of services that enable business transformation. This could have a profound influence on the way IT and business executives see the role of outsourcing in enabling organisations to transform their business into a digital one.
Most enterprises that outsource service delivery to a third-party service provider have in place a center of excellence (CoE.) These CoEs typically focus on streamlining processes and governing how the two parties’ complementary skills and resources should work together to drive outsourcing excellence. But when digital labor enters into the contractual agreement between the buyer and the provider, a considerably different shape, form and flavor of governance – what we call a digital labor CoE – is required to effectively address the expanded universe of involved stakeholders and risk and control issues.
Achieving real and productive collaboration with your outsourcing partners requires hard work and a framework for designing and implementing long-term outsourcing relationships based on innovation and the achievement of mutual goals. Extensive research by the University of Tennessee resulted in the development of a new, hybrid outcome-based business model researchers coined as “Vested Outsourcing” or Vested for short. The research led to the book Vested Outsourcing: Five Rules That Will Transform Outsourcing, which outlines the need for a new, modern way to outsource based on trust, collaboration, and working together to achieve mutually beneficial goals.