Gone are the days when Finance function used to be a department of ledgers and a CFO’s responsibility was to just prepare and present financial statements. The ever-changing business environment warrants that a CFO keeps his/her focus on transforming the finance function into a strategic one.
You can choose to go about it in two ways: Traditional, where you try to do everything in-house such as technology development, process re-engineering, consolidation etc., in short re-inventing the wheel. Second way to go about it is to outsource it to the people who are doing this for living and are experts in transformational initiatives.
The primary objective of any outsourcing initiative is to redirect focus of an organization from non-core activities to core business activities. A reliable business partner helps you not only just do that but also transforms these so-called “non-core” activities into strategic initiatives that create value for organization.
Hence, selecting an apt business partner is as critical as the outsourcing decision in itself and you must look for:
- A Stable Management Team: A stable senior leadership is an assurance to a successful outsourcing partnership. Alignment of Vision & Mission of an organization with its services is possible through committed mentors’ thought leadership only.
- Experienced Core Team: People with relevant exposure or experience are an important ingredient to the success of any outsourcing initiative. In addition, Use cases are helpful to assess the capability of a potential partner and help you in making your decision more informed.
- Future Ready Solutions: It is imperative to think ahead of the curve to keep being relevant in the times to come. Next generation technologies such as RPA, AI, ML make your process future ready and your organization future proof.
- Data Security: In the current times of rampant cyber-crimes & related incidents, it is of highest importance that your data and other information is in the safe hands. One way to make sure is to also shortlist partners basis the information security standards that they have implemented & are certified of. Other way is to have a personal chat session with the CTO or CIO.
- Cost Effectiveness: Having a business case is one of the most critical pre-requisite of any outsourcing decision, and a potential partner with the technological prowess should have it ready for you.
- Testimonials: Secure feedbacks from their existing customers. This will not only build-up your confidence, but will also demonstrate the capabilities of your potential partner.
You may not get everything best at one shop, but best rating on above parameters basis your outsourcing objective will lead you to decide your ideal partner. Happy Outsourcing!