There was a time when people were present onsite to efficiently finish all the tasks for the companies. The then leaders of the companies (i.e the founders & the executives) made the enormous amount of work done by their workers & employees who were present physically onsite. Now the time has passed and the waves of business disruptions are hitting the corporate kingdoms. It is the time to guard yourselves and refrain from being swayed away by these disruptive waves. At present there is a need to modify the important saying- “ Fortune favours the brave ”, rather, it should be changed to- “ Fortune favours the Remote Capabilities ”. The main reason is that the former saying has been outdated. In order to bring fortunes in abundance, the corporates not only have to be brave but also need to rejig their strategies. They need to be brave enough to accept the Remote capabilities as their important strategy to embrace the uncertainties. Let us know more about why adopting the Remote capabilities & outsourcing remote teams to strengthen the capabilities is essential:
1) Popularity of the trend: The search term “ Remote capabilities ” has gained tremendous popularity on Google trends. The results indicate that the United States, India & Philippines are the top countries where the search term has been popularized. The reason for this change is the rapid increase in the “ Gig economy ”. The term covers the entire gamut of jobs, right from the Complex enterprise application development, Tech consultancy to the most basic services like Art, Design etc. Around 60% of the U.S workforce will work independently by 2027 (source: Medium.com). Numerous Tech giants are leveraging this model in order to save costs.
2) Technological advancement: The objectives of achieving digital transformation, innovation and technological changes has given an impetus to remote tech teams. The scope of Technological advancements has been extended to many other Industries like Finance, Manufacturing, Healthcare and other Industries. The companies operating in these Industries are looking for remote tech resources who will work in their R&D team to make their journey of digital transformation smooth & seamless.
3) Covid headwinds: The Covid-19 headwinds ushered a new era of working remotely. The Gig transactions are expected to surge from $204 bn to $455 bn in the year 2023 (source: Medium.com). The companies are incorporating a culture for collaborating with IT outsourcing companies to fulfill their technology integration needs.
4) Resource savings: Many companies have been apprehensive about the rising costs of hiring new resources. To curb the problem of hiring new tech talent for full time, The Small, Mid and Large scale enterprises are resorting to outsourcing in order to address the skill gap and technology demands. The companies are able to reduce around 20-30% costs by Outsourcing high quality remote tech teams and strategic partnerships for getting technology capabilities. Hence remote tech teams can reduce costs, efficiently utilize resources (Men, Machine, Money and material) and increase the high service levels of many companies.
5) The meagreness of technology expertise: The consumer behaviour has been changed as most of the consumers are doing transaction, shopping and other activities online. They will spend approx 140% more money if the experience is delightful. In order to make their experience delightful and in order to fetch customer loyalty from them, the companies should invest in AR, AI, IoT and other tech capabilities. These are demanding skills. Many companies do not have in-house expertise. So that is why the remote tech team plays a crucial role.This ensures that the companies can have resources with wealth of experience working with different technical stacks.
6) Accelerating in-house development: The digitization is in full swing and the global Digital Transformation market is expected to witness approx 16.5% CAGR by 2025 (source: fulcrum.rocks). Many Tech companies are hunting for niche technology specialists, as well as the other remote tech teams who can immediately join and deploy in the project, in order to accelerate their in-house development and to emerge victorious in the Digital transformation race.
These are some of the drivers which turn the tables in favour of hiring the remote tech teams for the software project development. Attention all the businesses and corporates, the dawn of the planet of remote workforce has arrived so realign the strategy to hire remote tech team in order to thrive well in the changing technology landscape.