Costs, experience and location are important points to consider.
When companies come to a stage where their business can benefit from process outsourcing, they have to search for the most suitable location in which to position a part of their business.
First and foremost, they should decide whether to do offshore or nearshore outsourcing. Selecting the right destination and the right partner could determine the company’s long-term success and requires an understanding of both sides’ needs, cultures and objectives. Finding such could the take time of research and analysis, but there are several main points a business could consider:
- Do not only look at the price
As outsourcing helps with lowering operation costs, there are countries that offer prices that might grab your attention. However, this should not be the only point to consider. High quality of expertise, business stability, redundancy and high data security standards should be the main points to consider when choosing a destination. For instance, if your business is looking for IT experts, you could research countries/regions with well-educated workforce and growth opportunities in the particular field.
- Internet infrastructure
The Internet service is essential for every business so that all its processes could run smoothly. Bulgaria’s Internet infrastructure and the increasing number of professionals in the industry, complemented with lower prices make it specifically attractive destination for outsourcing.
- Talent pool
Having a multilingual diverse talent skillset is crucial for gaining competitive advantage on the market. Bulgaria is ranked among the top 10 for number of Multilingual profiles and IT professionals in the world. Its talent pool includes around 25,000 IT professionals with almost 4,000 university graduates each year. The country also offers many business and economics university graduates annually.
- Lower tax
Apart from costs for labor, taxes could also be a huge expense for a company. Bulgaria’s low tax fees are beneficial for those who would want to outsource services in the country as they are among the lowest in Europe. This way, cost reduction could be accomplished both in terms of salaries and taxes.
- Strategic location
Time zones and accessible location are of great importance when choosing an outsourcing destination. They have to be strategically selected so that the productivity of international teams is not reduced. Bulgaria’s central location could benefit businesses that are looking for a suitable 24/7 BPO destination. Located right in between Europe and Asia, along with the easy and fast access to major European capitals, the country allows an easy communication among international teams.
Our previous article explains more about what makes Bulgaria a top outsourcing destination. But regardless of whether you are targeting a faraway or a close to your business’ destination, a research should be conducted in order to select the best possible option that satisfies both parties.