In an interview with Mortgage Finance Gazette, James Snow, a software CEO, explained why agility and flexibility are prime qualities to look for in an IT services provider when outsourcing company tasks. Third party providers should be able to embrace change quickly and improve upon feedback to meet evolving client needs. Without these capabilities, the provider will not improve profitability or enhance business growth for the client – which is its main role.
According to Snow, the global marketplace is constantly evolving, calling for new IT innovations and solutions across all industries in order to remain competitive. Likewise, the greater dependence on next generation IT services is resulting in new regulatory demands and compliance standards that must be met to operate smoothly throughout a market. Third party providers must be abreast to the latest developments in the industry, while remaining vigilant and agile to adjust accordingly when changes must be made.
Snow explained outsourcing is intended to remove barriers to growth that many enterprises may face when taking on larger counterparts. Outsourcing is also a source of cost management improvement through closer alignment of operational costs, which in turn will strengthen the bottom line and free up resources elsewhere in the company. The third party provider must also assume the role of regulatory compliance watchdog, ensuring the IT operations of the enterprise are in line with industry standards and are not leaving assets vulnerable to financial penalties.
