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With new companies like Uber and AirBnb changing the rules of the game for those with more established “traditional” business models, many are turning to outsourcing as one way to diversify, specialize, cut costs and become more competitive in a modern business environment. Getting this move right can be challenging, but on this video interview Peter Bannink, Project Editor of ISO 37500, shares with us how a new ISO standard on outsourcing can help organizations do just that.
Outsourcing, the transfer of work to an external company, is nothing new. But recent years have seen an exponential increase in this practice and this is expected to continue.
Behind this pattern are companies choosing to focus on their core business areas and reduce costs. Although the premise of outsourcing can be beneficial, the introduction of an external third party can also backfire and result in lower quality, more complicated interactions, slower turnaround times and unhappy customers and employees. But new guidance can help organizations reap the benefits and avoid common pitfalls.
According to Bannink, ISO 37500, which focuses on business relations, especially business-to-business transactions, will help organizations put in place an adaptive business model to enable successful outsourcing interactions.
