The age of information has certainly leveled the playing field for all those that partake in the business ecosystem. Growth is not an option anymore, but a necessity to survive. Whether it’s a growth in operations or portfolio, that is entirely up to you. But before we take a look at things like how outsourcing is an investment and not just a tool to cut losses, let’s have a rundown of the emerging investment trends.
Though still in its developmental stages, the metaverse is receiving a lot of attention as the next big thing. This is especially true for the younger generation, who is more open in engaging in virtual-based activities.
Metaverse is a virtual 3D word where users can interact with each other – shop, study, attend events. It is simply real life happening in another realm. The metaverse market will reportedly reach USD 800 by 2024. A company interested in positioning itself in the metaverse must have a firm grasp of Non Fungible Tokens (NFTs), cryptocurrencies, and virtual and augmented reality platforms to maximize their investments. This is not just an investment in technology, but also in the expansion of conventional knowledge.
Artificial Intelligence (AI)
Not necessarily a portfolio on its own, artificial intelligence (AI) Is another growing investment area in operations. With its ability to replicate human intelligence, AI is almost considered a necessity in running more efficient operations. This applies from manufacturing to retail. Integrating AI in your products or (e.g. smart technology in gadgets) or operations (e.g. AI to replace human customer service).
Revenues in AI could reach as much as USD 500 billion by 2024 with a five-year annual compound growth rate of 17.5 percent
Society has embraced technology as an instrumental tool during the pandemic but it also brought forth realizations on sustainability, not to mention a drastic drop in fuel consumption. Certain geopolitical events that led to skyrocketing fuel prices are also compelling factors at play. Clean energy investment is expected to ramp up by USD 1.4 trillion in 2022.
Where can you start with the expansion?
Growing your portfolio is a serious undertaking that requires a deep understanding of internal and external factors that will break your expansion efforts. Keeping these in mind will ensure a smooth start:
Take a long, hard look at your current performance
Start assessing your key performance indicators to see if you are currently meeting your targets and have sufficient profits or reserves for expansion. Growing your business is a risk so a comfortable room will help you bounce back if the risk falls through.
Do an external assessment as well. Given your current state, which markets are you well positioned for? Are there opportunities to reach your target customers?
Are your people ready?
You need your people’s buy-in when you expand because even well-planned expansions will face unforeseen challenges along the road. Sharing the same vision will pull them through.
Another aspect of readiness is their volume of work. Adding expansion responsibilities on top of their current workload might compromise the overall quality of work. At this point, you may want to consider outsourcing as an investment to offload some routine tasks from them.
Outsourcing is an investment for growth
Before you rally your current manpower forward, assure them that they can leave some of their current tasks in able hands. MCVO is a BPO company in the Philippines with trained staff ready to undertake virtual assistance, network administration, bookkeeping and other jobs that can be outsourced. With keen understanding of the demands of English-speaking markets, you are assured that they can seamlessly work with your company to offload some tasks from your current staff. Contact MCVO talent if you think outsourcing is an investment that you need to grow your portfolio.