A new report from Wipfli reveals how companies are leveraging outsourcing to access critical expertise, enhance efficiency, and focus on core business functions. The 2024 Outsourcing Report provides an in-depth analysis of outsourcing trends based on a comprehensive survey of 360 C-suite leaders.
Key findings
- Increasing outsourcing adoption: Nearly three-quarters of surveyed leaders have outsourced business functions or executive roles, with 78% having done so in the last six months.
- Positive outcomes: 93% of organizations reported positive experiences with outsourcing, citing time and cost savings, reduced stress, and improved focus on strategic objectives.
- Types of work: Nearly half of our panel outsourced finance and accounting (47%) and technology (46%). About 34% outsourced HR-related work.
- Selection criteria: Industry expertise, data privacy and cost were the top factors in selecting outsourced partners.
- Future trends: There is a growing interest in executive-level outsourcing, particularly for roles like CTO and CISO, as companies seek specialized expertise.
“Our research shows that outsourcing is no longer just a cost-saving measure but a strategic tool for accessing talent and driving innovation,” said Christina Trapp, who leads Wipfli’s outsourcing practice. “Companies that embrace outsourcing can navigate challenges more effectively and position themselves for long-term success.”
The report also addresses common concerns about outsourcing, such as quality and security, offering solutions to overcome these barriers. It highlights the importance of careful planning, clear communication and goal alignment for successful outsourcing partnerships.
The full report includes commentary from survey panelists, plus insights from outsourcing consultants at Wipfli. Wipfli’s outsourced consulting services cover finance and accounting, operations, technology, executive leadership and HR.
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Tags: Small Business
