Pitfalls of Multi-Vendor Outsourcing
As organizations begin or continue to digitize operations with multiple vendors, a key realization in recent years is the lack of customer journey ROI gained from this approach. Organizations are realizing vendors spend more time competing against one another for larger pieces of the outsourcing business, rather than collaborating to ensure the client achieves their desired outcomes and journey. As a result, the organization ends up with a very expensive amount of finger-pointing with very little to show for it.
This is causing a shift in organizations moving to a single MSP for strategic investments such as enterprise integration, cloud platform services, and digital transformation services. Organizations are beginning to partner with MSPs to drive vendor consolidation, evaluate vendor performance, and enable digital capabilities without the pitfalls of the past.
What to Expect from Your Managed Services Provider
At a minimum, you should expect your Managed Services Provider to deliver high-value services, which include:
- Helping establish and/or evaluate existing business outcomes
- Understanding mandates around automation and organizational goals/KPIs
- Helping source an automation platform or set up a turnkey connection to drive automation-as-a-service
This very consultative style of engagement is becoming increasingly common in today’s market as the historical approach to siloed automation in a multi-vendor environment has yielded sub-par ROI. In fact, according to S&P Global Market Intelligence, “the aggregate managed services market is expected to increase to just under $100 billion by 2026, a compound annual growth rate of 10.9%.”
Another important aspect of identifying the right MSP for your business is market analysis. COVID-19 created a tremendous push for digital transformation and leveraging digital capabilities with CX, EX, automation, and proactive solutions in mind. Customers are more willing than ever to switch brands in favor of digital experiences and minimizing person-to-person interactions in favor of immediate value and/or transaction.
While economic conditions certainly influence the market shift as well, understanding the critical components of what today’s customer is looking for is crucial to selecting an MSP capable of enabling your transformation journey.
Next Steps in Your Digital Transformation Journey
Getting started the right way, the first time, is critical to the success of a digital transformation engagement. To get it right the first time, digital transformation ultimately requires a trusted partner with experience architecting the journey — and few companies can offer the suite of services and the level of expertise offered by our team here at TTEC Digital. Before you move to transform your organization, get in touch with our team of experts, so we can provide insights and clarity into the journey.