what-to-expect-in-2021

The COVID-19 pandemic has made 2020 an uphill climb. As we enter the new year, were seeing what kind of terrain 2021 will have in store. While there are reasons to be optimistic, its going to be far from an easy journey towards business recovery and stability. Following this, having good partners, especially for outsourcing services, is key to regaining footing.

The year of the pandemic

In June 2020, the World Bank warned that the COVID-19 pandemic would bring about the deepest global recession in 80 years.

The months before and since have seen the closure of many businesses, loss of jobs, and the straining of social safety nets. In October, the World Health Organization reported that nearly half of the worlds 3.3 billion-strong global workforce were at risk of losing their livelihoods, with informal economy workers being the most vulnerable.

Businesses and organizations that have sought to endure the tide have needed to enact swift and far-reaching changes to make it in the new normal, including making decisions on how to ensure the safety of their employees, bringing services online, and securing supply chains.

Even then, pursuing business operations had to be done against a sense of uncertainty, as the number of infected cases rose.

The fallout was expected to be particularly strong, given COVID-19’s global reach, and the disruptions necessarily caused by social distancing, especially in industries where social contact is inevitable.

According to the International Monetary Funds World Economic Outlook, October 2020: A Long and Difficult Ascent, lockdowns and personal decisions to social distance regardless of lockdown status, have resulted in higher unemployment and lower spending. However while lockdowns have negative short-term economic effects, allowing infections to continue have severe long-term effects. They noted that as long as significant health risks persist, economic activity is likely to remain subdued.

Cautious optimism in 2021

The latter part of 2020 has seen more promising news, with the development and approval of COVID-19 vaccines.

As of December, Bloomberg reports that more than 4.4 million vaccinations have been administered around the world. Six vaccines have been released for public use, with the inoculations designed by Pfizer-BioNTech and Moderna reported to reduce coronavirus infections by 95 percent.

McKinsey reported at the end of September that executives were three times more likely, compared to back in June, to say that economic conditions have improved both at home and globally. The majority of respondents also expected that profits and demand for their services would increase in the near future.

These views largely remained the same heading into October 2020, wherein 57 percent of respondents also expected an increase in global growth rate over the next six months.

The process of economic recovery will be aided in part by investments in the Business Process Outsourcing sector.

The Joint Foreign Chambers of the Philippines is targeting to generate USD 50 billion in foreign investments, as well as three million new jobs, over the next decade in various sectors including manufacturing, infrastructure, and outsourcing.

Through the challenges of the pandemic, one of the things that has been great for the Philippines is how resilient the BPO industry has been through this global black swan event,said American Chamber of Commerce of the Philippines President Peter Hayden.

I think there is additional opportunity ahead as companies look to create really great service options with great economic advantages.

But while there are reasons to be optimistic, the road to recovery is a long one.

The end of the year is a good time to reflect on how your business has been affected by the pandemic. Have you been able to survive, or even to thrive and grow? What is your company expecting to face in 2021?

In looking forward to next year and beyond, the choice of who to partner with to ensure maximum growth is one of prime importance.

Why outsource?

Partnering with outsourcing firms is a decision many companies make as a means of cutting back on costs and widening business reach. By shifting some operations to trusted third party service partners, businesses are able to maximize delivering value. This is even more important in the aftermath of the pandemic, when the global economy is still feeling the aftershocks of lockdown and sudden changes in consumer habits.

These are some of the reasons why you should consider outsourcing as your organization makes its way into 2021:

Business continuity plan. Outsourced services may be an integral part of your business continuity plan. During the pandemic, outsourcing has been a way to keep businesses afloat while they find their footing again.

During the pandemic, we at Visaya experienced having to take on more responsibilities from certain clients, who found that their other service providers were unable to keep up with the changes needed during the pandemic. We helped secure uninterrupted client support even as we ourselves moved to ensure our own employeessafety and continued ability to work.

Cost management. Outsourcing has traditionally allowed companies to cut back on expenses by providing a more cost effective means to perform services.

The question of how to place your resources is of special consideration given the potentially costly pivots companies have had to make during the pandemic.

Global market reach. Resources can also be directed towards extending global market reach through technology-driven outsourcing.

Despite the knocks the pandemic has delivered, it has also opened up opportunities for companies to reach out to wider audiences through the accelerated adoption of digital tools and service delivery platforms, augmented by efficient third party outsourcing.

Return focus where it needs to be. Outsourcing allows you to put the focus back on your core services and concerns, while less important tasks can be delegated to your outsourcing partner.

For Visaya’s clients in the medical field, we took on logistical concerns that would otherwise burden their operations, so that they could focus on their prime concerns – meeting with patients, and ensuring their healthcare.

Partnering with Visaya

At Visaya, we weathered the year of the pandemic alongside our clients.

In a survey given to check up on our clients’ experiences during the pandemic, it was noted that Visaya showed consistency and reliabilityas a business partner.

We created new structures to allow continued operations even as widespread lockdown was enacted. This included finding safe housing for employees, furnishing work-from-home staff with personal devices, and setting up protocols for virus testing. Most of all, we remained in constant communication with our clients, taking the fallout of the pandemic one step at a time.

At Visaya, our experiences during the pandemic have shown that we prioritize coordination and expectation setting with our clients, especially given an environment of uncertainty. Most tellingly, one client had “not felt any effects of the pandemic” when it came to their involvement with Visaya.

No matter what youre expecting in 2021, choosing the right partner ensures better savings, dependable business continuity, and improved efficiency. Visaya offers strategic, results-oriented outsourcing services, delivering the most cost efficient solutions, with the most value.

Connect with Visaya today at sales@visayakpo.com.

Resources:

The coronavirus effect on global economic sentiment

https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/the-coronavirus-effect-on-global-economic-sentiment

Economic Conditions Snapshot, September 2020: McKinsey Global Survey Results

https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/economic-conditions-snapshot-september-2020-mckinsey-global-survey-results

World Economic Outlook, October 2020: A Long and Difficult Ascent

https://www.imf.org/en/Publications/WEO#:~:text=Description%3A%20Global%20growth%20is%20projected%20to%20rise%20from%20an%20estimated,World%20Economic%20Outlook%20(WEO)

Global Economic Prospects June 2020

https://www.worldbank.org/en/publication/global-economic-prospects

Impact of COVID-19 on people’s livelihoods, their health and our food systems

https://www.who.int/news/item/13-10-2020-impact-of-covid-19-on-people%27s-livelihoods-their-health-and-our-food-systems

Why Companies Outsource

https://www.thebalance.com/why-do-companies-outsource-2553035

Frequently Asked Questions about COVID-19 Vaccination

https://www.cdc.gov/coronavirus/2019-ncov/vaccines/faq.html

More Than 4.4 Million Shots Given: Covid-19 Vaccine Tracker

https://www.bloomberg.com/graphics/covid-vaccine-tracker-global-distribution/

Inside Outsourcing: The Outsourcing Week in Review, 9th December 2020

Foreign firms eye $50-B FDI over 10 years

https://www.bworldonline.com/foreign-firms-eye-50-b-fdi-over-10-years/