Across the past two decades, firms from various industries have outsourced specific departments to third party services, and in doing so, many have managed to cut costs, and generate higher profits as a result. Last year, the global outsourcing market reached an approximate worth of 120.7 billion dollars – and it is unsurprising why. In 2017, the Global Shared Services survey revealed that 73 per cent of respondents saw an increase of productivity in their outsourced area. Several sectors can benefit from this opportunity – especially media – in the legal, talent scouting and marketing industries.
LPO (Legal Process Outsourcing) can eradicate the high costs incurred by in-house legal work. It enables companies to hand over documents to a specialist service, who will then complete all procedures on their behalf. This service is typically provided at a lower cost than an in-house team would demand. Even better, a third-party firm can deliver expert advice on complicated matters – and this is often essential for media agencies. Topics like copyright, censorship and defamation are key concerns for entertainment content producers.
In a partnership with experts like DWF, this no longer has to be the case. Legal requirements can be dealt with effectively. And the investing party experiences no hassle in the process. Through outsourcing, media industry members could have more time to spend on business enhancement.
Talent scouting and recruitment is paramount for growth within the media industry. With an ageing population, retirement figures are set to rise over the next decade in Australia. Consequently, the media – like all industries – could suffer a decline in workforce numbers. In order to sustain employee levels, several will most likely look to raise scouting budgets and resources. But this could be costly. Outsourcing may provide the solution.
In this partnership, both teams can work together to create a clear criterion for prospective employees. A television production business could seize this opportunity to expand the team’s skill set, for example. Because of this, it may be able to heighten its appeal for different audiences. With outsourced recruitment, the scouts can master the task of recruitment – and the agency can concentrate on other objectives.
In the digital age, marketing seems easier than ever. A strong online presence is paramount for success – particularly for media firms. That is because this kind of company thrives on social support. Very often, the best way to attain this is through social media and other internet sources. But with busy workloads – which many media agencies face – this can be tricky to achieve. In-house outreach bases can also be pricey. They may steal attention from where it is otherwise needed within the company. An outsourced marketing department, however, can eliminate this issue.
In addition, it creates a mutually-beneficial partnership, where each member can share skills and insight to further their development. With their professional partner, an agency will be able to create a social media or outreach strategy that is tailored to its business focus. In turn, it can guarantee wider brand awareness – and encourage higher levels of support.
Outsourcing offers scope for growth in profits and performance. It can bring significant advantages to the media industry. Thanks to this option, this is an exciting time for the world of entertainment – particularly for those who work in it.