Wipfli reveals outsourcing trends report in Milwaukee, Sept 2024
- Wipfli has released its first Outsourcing Trends Report based on a survey of 360 C-suite leaders.
- The report indicates that nearly three-quarters of leaders have outsourced functions recently, with 93% reporting positive outcomes.
- The findings suggest that outsourcing is evolving into a strategic tool for accessing specialized talent and driving innovation.
Wipfli, a prominent consulting firm, unveiled its Outsourcing Trends Report on September 9, 2024, in Milwaukee. This report is based on a comprehensive survey involving 360 C-suite leaders, providing valuable insights into the current state and future trends of outsourcing. The findings reveal that outsourcing is increasingly viewed as a strategic approach rather than merely a cost-saving measure. Nearly 75% of the surveyed leaders have engaged in outsourcing activities, with a notable 78% having done so within the past six months. The report highlights that 93% of organizations experienced positive outcomes from outsourcing, including time and cost savings, reduced stress, and enhanced focus on strategic objectives. The types of functions most commonly outsourced include finance and accounting (47%), technology (46%), and HR-related work (34%). This trend indicates a shift towards leveraging external expertise to improve operational efficiency. Selection criteria for outsourcing partners emphasize the importance of industry expertise, data privacy, and cost considerations. Additionally, there is a growing interest in executive-level outsourcing, particularly for specialized roles such as Chief Technology Officer (CTO) and Chief Information Security Officer (CISO). Wipfli's report also addresses common concerns regarding quality and security in outsourcing, offering solutions to mitigate these issues. The overall message underscores that companies embracing outsourcing can navigate challenges more effectively and position themselves for long-term success.