4 Important Facts About Outsourcing In eLearning Industry
The eLearning industry is one of the fastest growing industries in the world. India will see a boom of over $1.29 billion by the end of the FY 2018. The eLearning content market is expected to grow by 18.4% YoY (Year-on-Year)! With the number of people accessing the internet exceeding 200 million, you can just imagine the size of the target market.
The following statistics show how making the right move within an industry is key. If properly targeted, business growth can cross all bounds. There are many ways to ensure that you’re properly dealing with the business. One such way is to outsource functions and those key operations not requiring as much attention. Some instances may allow you to solely focus on key operations, i.e. creating good content for your eLearning platform and focusing on appropriate audience targeting for the content being created.
The following are the best (and simplest) ways to outsource business functionalities, allowing you to focus on what’s important.
1. Outsourcing Helps Save On Infrastructure And Resource Costs
The term ‘outsourcing’ was created as a means of reducing costs and increasing efficiencies. Infrastructure doesn’t just refer to physical space, but also other factors that arise when setting up or expanding a business.
A recent conversation with Tim Chaves from ZipBooks highlighted 3 major things: Imagine your business’s functions, including (but not limited to) Cost Handling (accounting), Finances (and tax handling), IT (information technology) Support, Sales and Customer Service, being managed by people from the outside.
First, businesses wouldn’t bear the cost of each of these employees on their payroll, instead, paying a firm a more modest amount of money to handle these tasks instead.
Second, these firms are comparatively cheaper when compared with the costs of hiring professionals specifically for each of these tasks.
Third, and most important, businesses don’t need special infrastructure (IT equipment, office space, desks, computers, etc.) for these professionals. Instead, outsource!
2. Reduced Cost Efficiency And Improved Budget Accuracy
"With outsourcing up to 90% of my business operations, I did not have to worry about anything related to budget allocations, over-exceeding my budget, and the likes. Pay the specialists and you’re good to go!" -Anonymous
Consider the scenario where you have one employee handling special tasks for each of your business’ needs. You’d have training and overhead costs, retention and employee satisfaction costs, and most importantly, payroll management.
These costs and responsibilities cause chaos with the overall functioning of your business. In turn, budget allocation increases. The solution? Outsourcing. Without question, outsourcing helps with managing budget inconsistencies because each business task is assigned a fixed amount. No more managing costs for million different tasks. Additionally, it’s easier to understand where the money being spent is actually going, allowing for ways to find expenditure reductions. Cost cutting is one of the most important factors with business growth.
3. A Focus On Creating Quality Content For The eLearning Platform
"Since the day I outsourced my tasks of finances, marketing, and sales, I made sure all my focus lied in generating quality content. That’s what my major aim was: To develop quality content for my users." - Sawaram Suthar, CMO, Acquire.
The purpose of starting an eLearning portal is to allow users to visit your website (or application) and access millions of quality-generated content videos and lecture slides. Outsourcing allows businesses to spend more time and resources on generating quality content.
Today’s eLearning mantra is: If you have good content, you’re already a market hit! This is as simple as it can get. One piece of advice? Spend only on quality content generation. Good content will welcome people from across the globe.
An eLearning business’ aim is to help establish a customer base or an audience or learners eager to visit your business to learn online information. This will only be possible if your key area of focus lies in creating good sources of content for end users.
4. Process Simplification
Outsourcing processes help you to understand business simplification. No more do you worry about hiring new staff or the fact that they may leave or with training young professionals. Outsourcing simplifies up to 90% of your tasks and processes.
No more worrying about accounting troubles, letting others handle your tech needs, tax filings, or customer support solutions because outsourcing has you covered!
To summarize, the importance of outsourcing—solves your sales, customer support, analytics, accounting and financial tasks. These are the benefits of an eLearning based model. The key takeaway: Focus on quality content. Everything else should be secondary!
