What are the advantages companies aim for to achieve in an outsourcing collaboration?

• Presence in locations where a certain skill is available without the need to relocate
• Cost-saving by involving resources without needing to hire in-house professionals and also by taking benefit cheaper and available resources within new markets while maintaining a high quality level
• The possibility of involving resources for a short period of time or project-based. Long-term assistance is always an option as well
• Flexibility of working with multiple outsourcing partners before making a choice and having the possibility to share risks and project responsibility
• Having the option to involve specialized professionals fast within a project without needing to develop a certain expertize in-house, therefore reducing time and costs
• Placing focus on core business activities ensuring business continuity and success

Are there any risks to be taken into consideration when deciding to opt for an outsourcing collaboration?

• Time-zone discrepancies and difficult communication can often result in exceeded deadlines and problems within projects
• Data and information confidentiality is a very important aspect considering the fact that information is shared with an external partner
• Occurrence of hidden costs and estimating all costs when starting and conducting a project with an outsourcing partner in order to ensure that the initially estimated budget is not exceeded