The Workday platform offers numerous resolutions to the complexities of most company-wide HR and finance tasks. To meet your digital transformation goals, hiring a skilled team to strategize, develop and implement your workday solution provides the agility and flexibility required to thrive.
But before you outsource your workday projects to a specialized team, you may want to consider the following factors.
- Level of expertise in Workday
- Availability of resources
- Project timeline
- Budget
- Risk tolerance
You may start by answering the following 3 key questions.
- Does the outsourcing of Workday projects align with the company’s budget and timeline?
- What is the cost of hiring a specialized team compared to outsourcing Workday solutions?
- Does outsourcing guarantee the return on investment (ROI) and revenue growth that the company expects?
Answering these 3 questions is essential when deciding to outsource your Workday solutions to an outsourcing company.
In this post, we examine various factors to determine the ROI of outsourcing to a Workday partner to examine why business leaders prefer outsourcing over deploying separate teams to handle a Workday project in order to reap the expected benefits.
Why Business Leaders Choose to Outsource Workday Solutions in 2023?
According to a report by Business Wire, software development outsourcing is poised to grow by 70% by 2023. The market for IT project outsourcing is expected to grow at a projected pace of 7.7% by 2027, amassing a 1.3 Trillion dollar forecasted market expenditure by the end of 2024 alone. Managing the challenges of developing and implementing robust technology solutions internally is not always possible and may not be the best option right now.
Instead, by building a framework to choose, deal with, and manage vendor alliances, businesses gain an innovation edge and capture newfound value. Outsourcing is more affordable and ensures a greater return on your investment since you don’t require separate teams to handle project-related tasks. Hence, businesses are charged with adapting their sourcing practices to meet market demands and capture the value created in rapidly evolving markets.
Outsourcing is increasingly used to strengthen a company’s capabilities to take advantage of technological advancements like automation and robotics, increase productivity, build internal capacity, enhance compliance, and enable quick reactions to shifting market dynamics.
In-house vs Outsourced: Quantifying the Benefits
For businesses trying to increase productivity, save expenses, and acquire fresh knowledge, outsourcing can be a useful strategy. The major reasons why businesses choose to outsource their Workday projects to industry experts include:
- Diversified skills form a larger talent pool : You can access a greater variety of skills and knowledge by outsourcing to a worldwide workforce than you could internally. For businesses that need to design software for a global market, this can be extremely helpful.
- Increased data accuracy and refined security practices : Compared to internal teams, outsourcing companies frequently have stricter security and data protection policies in place. Your data may be safer and more secure as a result.
- Increased operational bandwidth to drive business goals : Your internal teams can concentrate on your company’s primary objectives with the help of outsourced Workday solutions. This could motivate your business to work more productively and efficiently.
- Reliable user training resources : You can typically get access to user training materials from specialized outsourcing businesses. By leveraging their technical expertise, you can ensure that your users can get the most from your workday solution.
- Better feedback and user generated insights : Companies that outsource regularly adopt more agile development methodologies, which allows for more frequent user feedback. The software may be enhanced and made more user-friendly using this feedback.
But, before deciding to outsource, it is crucial to properly weigh the risks and difficulties depending on your business goals.
Few difficulties with outsourcing may be:
- Vendor lock-in : After a business outsources a task, it could be challenging to swap contractors without incurring significant expenditures.
- Conflicts of cultures : Outsourcing to an incompatible vendor may cause conflicts of cultures between a corporation and its vendors.
How to Measure the ROI of Outsourcing Your Workday Projects?
Implementing end-to-end capabilities to deploy Workday solutions at your company may be an expensive and time-consuming task that requires a lot of resources and training facilities. Hence it is crucial to have a proper outsourcing strategy in place to make the most of your Workday solutions.
Some factors to consider when measuring the ROI of outsourcing your workday projects are:
- The cost of outsourcing : The cost of outsourcing your Workday projects will vary depending on the size and complexity of your project, as well as the expertise of the outsourcing company. However, in general, outsourcing can save you money on labor costs, equipment costs, and other expenses.
- The time to market : Outsourcing your Workday projects can help you to get to the market faster. This is because outsourcing companies have a team of experts who are already familiar with Workday and can quickly get started on your project.
- The quality of the work : Outsourcing your Workday projects can help you to ensure the quality of the work. This is because outsourcing companies have strict quality control standards in place and trained resources to oversee every aspect of Workday implementation.
- The risk of failure : Outsourcing your Workday solutions helps you to reduce the risk of failure and errors. This is because outsourcing companies carry a wealth of experience in implementing Workday projects, and they can help you to avoid common pitfalls.
Outsourcing partners can take the stress out of managing your Workday project, so you can focus on running your business. By carefully considering the factors above, you can find the right outsourcing company to help you achieve your goals and ensure the ROI you expect on every project delivery.
Yet, in some cases, companies may find it difficult to implement a strategy that helps them measure the ROI of their Workday solution.
In such cases, here are 3 best practices to consider while outsourcing Workday projects to ensure the maximum ROI on your investment:
- Strategy: Define innovation expectations early
Clearly communicate your goals for the project and what you hope to achieve. It is also important to be open to new ideas and suggestions from your outsourcing partner. - Governance: Set up the right pace for your project delivery
Find a balance between speed and quality. You want to make sure that your project is completed on time, but you also want to make sure that the work is done to a high standard. - Implementation: Assess and prepare for the impact of the solution on your company
Think about how the new solution will impact your business processes and your employees. It is also vital to have a plan in place to train your employees on the new solution.
A full-fledged Workday solutions provider will offer user training and testing as part of the Workday implementation package, so that your software users can make the most of their Workday experience from day one.
Get Seasoned Professionals to Handle All Your Workday Product Launches
At Flatworld EDGE, we provide businesses with holistic support to strategize, manage, test, and deploy Workday solutions for HR and Finance tasks. We also house HR and finance professionals to guide you with the best Workday implementation practices that produce the novelty and finesse required to foster a competitive business environment.
If you seek an innovation edge in the market by outsourcing your Workday projects to us, we assure you round-the-clock support and a quick turnaround time to get your Workday solution up and running at the earliest.
Contact us for a detailed plan that maximizes your ROI on your Workday investments in 2023.