The comings and goings of business across any industry these days are, to say the least, ever-evolving. And in this day and age, with the world always delving deeper and deeper into the far reaches of digitalisation and technological advancement and further innovation, it goes without saying that business is just one of practically all industries that is being given a digital revitalisation. The way of the world is changing, and the industries, individuals, and countries and regions of the world are growing to adapt in time, to realign with the new world. For business, that means revitalising old (and frankly, outdated) business strategies and replacing them with new strategies that will help them to soar higher in success in their respective industries. Because the world has changed, the modern consumer is different to traditional consumers (or perhaps it is the other way around…but either way, the point remains the same). What this means is that consumers no longer respond the same way that they used to, to business strategies. And it just so happens that the same is true for how business strategies find success against competition in their respective industries.
One of the most underestimated modern business strategies is without out a doubt outsourcing. Essentially, outsourcing refers to the practice of hiring outside parties to handle certain aspects and components of a business. It is a business method that has come with its fair share of challenges, even controversy. And yet, despite facing critical acclaim from all angles, outsourcing has gone on to prove itself incredibly valuable – provided it is used appropriately and smartly. The key to using outsourcing responsibly is learning where it is best used, and where it is best avoided. Every business has its strengths from the beginning. The strengths are the areas of the business that the talent has existed in from the start, and where the professionalism meets the knowledge and specialisation. For some businesses, their strength is their marketing, and for other businesses, their weakness is their consumer engagement. The weaknesses are the components of the business that can benefit from outsourcing, while the strengths are the aspects of the company that must be kept strictly in-house.
If this is where the true inner talent lies, why risk entrusting those aspects to anyone else at all? There are many prime examples of outsourcing having been a phenomenal success, and all of them are powerful in their own right. Whether it is graphic designers or insurance brokers (or anything in between), in the right circumstances, outsourcing can be a business’ best friend in this modern age. The power in outsourcing is that it can elevate a company beyond the wildest expectations, transforming weaknesses into immense strengths, and thus creating the strongest possible foundation for the future of the business in question. Outsourcing has been the talk of the town for a few years ago, and not always in the best of ways. It has taken money, practice, and especially energy and time to truly gain a solid understanding of outsourcing. Now that businesses have a strong grasp on its depths, those that can harness it all best are reaping the rewards on an ongoing basis.
One of the most globally covered stories of outsourcing success comes out of none other than the makeup industry. Reality star and (newly-minted self-made billionaire Kylie Jenner kick-started her makeup company Kylie Cosmetics a few years ago. Since the dawn of the now-empire’s inception, a key business strategy for Jenner was outsourcing. While the formulas and creative process are all Jenner, she outsources everything from packaging to marketing (it is interesting to note that her marketing strategy is mostly via social media, making a cost-effective marketing concept a billion-dollar-idea). It is Jenner’s smart use of outsourcing that has contributed significantly to her billionaire status, and her success in the increasingly competitive makeup industry. And it is a success story that keeps on climbing. Just one example of outsourcing success, Jenner’s smart use of the strategy has made it more known than ever just how beneficial outsourcing can be.
The reality of business management is that it is not only fundamentally important, but also completely transformative during times of immense change. For example, the modern world is one that is ripe with feats of digitalisation and technological advancement, and as a result it has changed dramatically. As such, industries – including the businesses that function within those industries – change as well. The business strategies that are most effective today are not the same ones that were most powerful twenty, even ten years ago. Times have changed, and so has the way that business functions and thrives. One of the most prominent business strategies in the modern world is outsourcing. Despite gaining much controversy along the way, outsourcing has proven to be immensely successful when used appropriately and smartly. In fact, the roaring success made possible from outsourcing is so influential to a business’ ongoing longevity and success that outsourcing is today the leading upcoming modern business strategy – and it likely will only continue to prove its value going forward.