External support across a range of functions is enabling businesses to remain competitive and relevant — and keep hold of their most valuable assets: people. Outsourcing and collaborating are key to success in today’s organizations.
“It’s impossible to survive in today’s business world without meaningful collaboration,” asserts Li-Anne Ooi CPA, Investment Analyst at Singapore-based Jungle Ventures, a venture capitalist firm focusing on early-stage technology investments in Asia.
“Businesses big and small realise that they cannot do everything under one roof, and are being a lot more strategic about tasks they wish to outsource.”
External support brings many benefits to businesses, research by Deloitte reveals, according to a BBC.com feature. Primarily, outsourcing enables firms to focus on core activities and competencies, solve capacity issues, and achieve cost savings. In addition, external partners can enhance service quality, provide additional intellectual capital, and help drive transformational change.
Ooi’s employers currently manage two funds, the most recent of which closed at US$100 million in 2016. This year, Jungle Ventures plans to raise a further US$200 million. Given the size of the firm’s portfolio, key to its success is being agile, efficient and productive, and relying on external partners to perform tasks best executed by people outside of the organization.
Such reliance isn’t uncommon. Today’s businesses commonly outsource a variety of tasks that are critical to their day-to-day functioning, explains Ooi. These include HR, finance, marketing, and training and development. Across all functions, external providers can help improve customer experience, deliver new capabilities, and increase product quality while lowering cost of delivery.