Learn about the software development shortage and offshoring in the Philippines. This and other initiatives have lead to the creation of a stronger technological workforce, which in turn produces skilled and talented South America software development providers. Binary Informatics as a trusted partner Binary Informatics is a leading provider of offshore software testing services, with a proven track record of delivering high-quality software products to clients worldwide. A dedicated team is a type of cooperation between the service provider and the clients. It provides the services of developing software to any company overseas. Many service providers in developing countries have not yet. LinkedIn. Our team of highly skilled developers, designers, and project managers is dedicated to. Headquartered in Silicon Valley with offshore/nearshore offices in. The main reason why offshore software development outsourcing gained traction as a popular modern business strategy is because of its ability to yield high quality software at comparatively low cost and the availability of highly. 4 Differences in type, and degree of user control. When narrowing your search for the right nearshore software outsourcing provider, make a. Software development costs for a medium/large application may range from $50K to $1M. This document identifies the services required and the expected level of services between MM/DD/YYYY to MM/DD/YYYY. Customer support outsourcing (CSO) involves delegating customer service functions to offshore call centers or service providers to handle inquiries, complaints. Offshore software testing providers can offer a wide range of software testing services tailored to the specific needs of their clients. Only the Best, for the Best. Creating a shared daily work schedule is essential in managing the team. Data & Research Help & Support. The extent of offshore outsourcing can vary, ranging from complete to partial up to the client’s business specifications. Standard of Service. Irresistible Benefits of Outsourcing to an Offshore Software Development Company. A2Hosting. Of course, if you are clear about your needs and articulate the tasks to implement them. If you need to hire software developers for your upcoming project, RichestSoft is a reliable option. Outsourcing your QA software testing can offer many benefits for your business. (25) 4. Simply Hired: A job search platform that includes listings for freelance and flexible work. 2. N-iX, Your Team in India, Grid Dynamics, BairesDev, Solofomo, and Intellectsoft are reputable options often better for short-term development projects. 9% guarantee but it far surpassed that and maintained a 99. Ukraine, Poland, Romania, and Belarus are its key outsourcing centers, with typical offshore development charges ranging from $20 to. Automation. The IT outsourcing market in this case is usually the most cost-effective, given that the cost of living is typically lower in these areas, but it’s more difficult to monitor the activities of these software development teams because of time zone. g. Bookkeeping is the recording, classifying, and organizing of the financial transactions of a firm. Offshore Development Center or ODC is a model that implies having a team of software engineers in an office located in a more cost-efficient region. Identify the area of specialization. An offshore software development company is a third-party software provider from a distant country that handles your software tasks under specific contract terms and conditions. CHEAP. September 10, 2023 2:50 PM. Access to Global Talent:. When a provider has only three outsourcing centers, it is easy to consider them as separate entities. Key hands-on capabilities include. CronJ is a top offshore development company that has been providing end-to-end software development services to businesses worldwide since 2010. Responsible for your software’s design, installation, testing, and. 6 Feedback and evaluation. In order to get the most out of the partnership, it is best if the onshore team lead communicates. Make sure that the office hours of the offshore. In offshore software development, teams are hired abroad to fulfill software development tasks. 2. Businesses of all sizes offshore their software development for one key reason – to access an affordable workforce. It also has Indian clients like ONGC (Oil and Natural Gas Corporation) and GAIL (Gas Authority of India Ltd. IBM Data and Analytics Services. As a client, you keep control over. Here's some ways to find a sure-fire IT outsourced partner: Examine the experience level of the software provider and check their portfolio; Check the company's expertise and its relevance to your business domain Nearshore Software Development: Offshore Software Development: Workflow: A client operating in Los Angeles contracting with a software developer in New Jersey. Product Development. 99/mo for VPS plans. Offshore outsourcing in software development is a business practice involving contracting a third-party company in a foreign country to handle certain aspects of software development. 1. While in-house teams, onshoring, and nearshoring software development have their own benefits and drawbacks, the advantages of offshore software development are undeniable and can save your company time, money, and other crucial resources. The project price depends on 3 major factors: software provider location, developers expertise, and. Creating a shared daily work schedule is essential in managing the team. This is closely related and often synonymous with outsourcing, which refers to obtaining goods or services from third-party providers that are not internally staffed. Differences in time zones. Time zone. The following article gives you a comparative. This practice has become increasingly popular in recent years, allowing companies to reduce costs, access a wider talent pool, and benefit from different time zones. Out of all the providers on our list of best international payroll software, Multiplier has the least expensive EOR package. SVAM International Inc. Offshoring software development has become a standard business strategy for organizations across industries, especially given the rate at which the market for offshore software development services is expanding. Offshore software development. Arcanys is an offshore software development company based in the Philippines and has worked with clients such as General Electric, Novartis and the Bühler Group. Thus, your nearshore/offshore unit needs to have access to the necessary encryption and auditing tools in addition to reliable antivirus software. 1/ Helps put the product on the market faster. According to our estimations, you can save up to 34. Intellectsoft is a company that has been providing offshore software development services for over a decade. New York City, New York 100 - 249 $80/hr $10,000 - $25,000. TeamPlus India. Summary. QloudHost — Overall “Specialized” DMCA Ignored Hosting. 7 out of 5. The nearshore development services are likely to be slightly more expensive than opting for an offshore provider. NET, Flutter, React Native, Xamarine. With Zenesys, you can ensure custom software development solutions and an around-the-clock working model with an ideal development strategy that matches your end-product needs. Why consider shared services? Shared Services HandbookHit the road 3 Analysis The story so far Let’s consider how Hi-Tech Plc* is doing: Hi-Tech Plc* “Richard’s high expectations still surprise me, even afterThis is a Service Level Agreement (SLA) between [Customer] and [Service Provider]. AbeloHost offers two types of offshore hosting services: offshore web hosting and offshore VPS hosting. Their mission? To disrupt the conventional IT market. Most of the time, the advantages of outsourcing overshadow the disadvantages of outsourcing. The main benefits of offshore software development services are: Reduce development cost Diversity of qualified talents Scalability Strong skillset. An offshore software development company is a service provider located outside of your country and, in some cases, on a different continent specializing in designing and building digital products. OneNeck IT Solutions. As an offshore software development provider, Full Scale employs a pool of gifted software specialists through our offshore division in the Philippines. As an offshore software service provider, Bacancy has grown from a few teams in India to a global leading software outsourcing company, with over 450 skilled coders, software developers, solution. Offshore software development describes when a software development process takes place outside of the benefacting business party’s country of residence. 457 billion by 2030,. eGlobe IT Solutions is a leading offshore web development company in the US, serving in the industry since 2012. We are headquartered in Texas, USA, and have a global presence with offices in India and the United Kingdom. 1. Simply put, an offshore development center is a software development provider located in another country. We have formed long-term partnerships with several American clients to provide them with offshore teams in Cebu City. In the modern world, many businesses turn to offshore providers for help with building web apps, websites, and other technologies. Chinmoy Panda has been instrumental in leading the company as Founder & CEO since its inception. Software development. To overcome this challenge, they partnered with TurnKey, a trusted provider of offshore software development solutions. The location of the software outsourcing company: Offshore providers usually charge lower rates than onshore providers, but there can be hidden costs associated with working with offshore providers, such as communication difficulties and time zone differences. Some significant benefits of offshore software development services are: Cost Savings: Offshore software development often provides cost advantages due to lower labor costs in certain countries, allowing businesses to reduce development expenses. Encourage teams to collaborate with one another, and work together to reach shared solutions. Offshore software development is based on transferring a development project to a third-party vendor located offshore – for example, on another continent. Offshore Software Development Billing Rates By Countries. Choosing an offshore provider can save money, improve efficiency, and access specialized skill sets. Communicate Frequently. 99% uptime for months, instead. The domestic outsourcing approach gives quick results in software outsourcing development. Shinjiru — Best for affordability Offshore DMCA Hosting. User Sentiment: Indeed is a prominent software tool that ranks 31 among all HR Management Software according to our research analysts and 6747 crowd-sourced reviews from 1 source. Our team of in-house experts brings years of knowledge and experience to the table, offering key insights, technical support, and strategic. Relevant has successfully launched over 200+ software products and delivered remarkable results for clients worldwide. Recruitment process outsourcing (RPO) is a form of business process outsourcing where third-party providers manage all or part of a company's recruitment process. Software development outsourcing is seen as an economic development tool for transition economies, and Africa has become a part of this phenomenon. This blog post covers the benefits of offshore software development and strategies to make the most of it. Offshore development is a business practice that involves delegating some software engineering tasks to a remote third-party contractor rather than assigning it to an in-house team. Choose a partner knowledgeable about your company's demands, has previous expertise in your sector, and uses reliable project management techniques. The longer your project takes to complete, the more you will lose in the competitive market. It has served more than 500 clients in the last 12 years across 20 countries. Companies offshore business functions for several reasons like: Cost savings. This is due to lower labor costs in offshore locations, such as India, China, and Eastern Europe. 04. Offshore software development companies offer many benefits for businesses across industries. Offshore software development. Together, they embarked on a journey to establish an R&D innovation center of excellence in Mexico. A significant geographic distance (sometimes a time zone difference) between the client and the location of the offshore developers is often described as “ offshore . TP&P Technology is a leading software development and software outsourcing provider in Vietnam. Certainly offshore service providers have the financial muscle to provide secure offshore IT infrastructure. The project has been live for 5+ years. 94 terabytes in more than 11. The process involves a company hiring a third party provider in a different location to handle its operations. FPT Software, a subsidiary of FPT Corporation, is a global technology and IT services provider headquartered in Vietnam, with $803 million in revenue (2022) and. The concept of outsourcing has always. Here are the three major cons of offshoring finance services: 1. If we go by Statista ‘s list of the hurdles, then poor roadmap tops with 42. As a result, while a person’s or company’s home base may be in one nation, commercial activity takes place. That remains a main selling point for the offshore model, even within the IT world. 6. Outsourcing these services to an offshore provider can help e-commerce businesses save money while getting high-quality services. The banking app ranks 4. We only hire the top 1% of software engineers in Vietnam. 5. The offshore software development center is always placed in an area with lower living standards compared to. How To Choose The Offshore Software Development Model. Find & hire the best Offshore Software Development Companies. operations – Companies can cover time zones not handled by their operations through offshore subsidiaries or by hiring offshore service providers that offer 24/7 operations. Why Hire an Offshore Team. Lower cost: Offshore software development services are typically cheaper since they benefit from lower labor costs and taxes associated with the country where the provider is located. CPA firms have access to sensitive financial data, and offshore providers may not have the same level of data security protocols in place as the CPA firm. Our platform enables you to make the most money for your sportsbook in 2023. In terms of offshore software development, picking a trustworthy provider is essential. This expansion of India’s IT outsourcing providers to onshore locations gave rise to the first version of the “hybrid” or “onshore-offshore” engagement model. The Scalers is a top offshore software development company known for building long-term, high-quality development teams. Vietnam is a promising destination for offshore software development services nowadays with a number of talented, top-quality developers. When it comes to hiring an offshore software testing team or a dedicated QA testing team, partnering with a trusted and experienced provider can significantly streamline the process while ensuring high-quality results. Unlike onshore software development, offshore software outsourcing means hiring a vendor in a distant country. Starting from $150, Indeed is priced moderately and is most fitting for businesses large and small. Intellectsoft is a company that has been providing offshore software development. A recent Clutch. Yet the use of. Outsourcing software maintenance to an offshore provider is cheaper than maintaining it in-house, as offshore businesses have access to many different software developers with a variety of skills. A Complete Guide to Assessing Vendors: Navigating Secure Software Development: 4. Typically, a partner company providing development is from a foreign country. The real value in those kind of service is the software that comes with your per bettor fee. Host Merchant Services: Best for large high-risk businesses. Although cost is a key concern for many, it is still not the sole motivating factor for putting offshoring into practice. The "build" part implies setting up a software R&D office offshore. Developers and agencies have to embrace new technologies and trends to stay relevant and competitive. The terms “offshore” and “onshore” have traditionally been used to refer to two competing business models. Orbus. A lot of companies see their offshore projects as transactions, trying to get the most results out of each. Choosing the right offshore IT consulting partner is a critical decision for IT leaders looking to drive digital transformation, optimize business processes, and achieve their IT objectives. OneNeck’s US-based experts deliver a diverse portfolio of hybrid IT solutions that include: - Multi-cloud: Public, hosted private, on-prem and hybrid cloud - Infrastructure: Network, systems and sto. In some cases, providers do not provide a project manager, putting the onus of overseeing the project on the client. MATLAB – Numerical Computation & Processing. Risk Mitigation: Offshore providers often have established protocols for risk management and disaster recovery, enhancing the security and resilience of your projects. August 9, 2013. #4: Establish clear quality control. It offers cost savings, access to top talent, accelerated development, quality assurance, scalability, and the ability to focus on core competencies. We are an offshore IT Outsourcing services provider and custom software development company providing Next-Gen solutions(AI ML, Generative AI, Wearables, AR VR, PWA, RPA, IOT, etc), web development, mobile app development, website design, ecommerce development and remote software developer hiring services since 1999. Fiverr: A platform that allows you to find and hire freelancers for a variety of tasks, including software development, writing, design, and more. Balihans, in partnership with Kissflow, offers a comprehensive suite of offshore IT consulting services, leveraging the power of. Besides this, the offshore software development services provider in India invests more in the newest technology and cutting-edge software talents to increase business efficiency. Flexibility. Data security. Offshore software development companies should commit to delivering high-quality products. Team size. ”When you are looking for an offshore software development provider, it can be difficult to know what to look for. It offers cost savings, access to top talent, accelerated development, quality assurance, scalability, and the ability to focus on core competencies. Referrals. Using an offshore model gives the business access to talent all over the world, including providers. Increased regulatory scrutiny. The easier it is to communicate, the faster your project will succeed. For example, he saved nearly 30% on a property in Georgia by not only having an assistant call and negotiate in the local language but. QASource is one of the world’s leading software testing providers offering high-quality outsourced software testing. Simform. Offshore Software Outsourcing provides deep industry expertise, proven demonstration of impactful and innovative work, and most importantly, cost-effective services. 2. Request IT outsourcing Get a quote. Try us for 30 days or 📞 +1-800-658-1019 to learn more. What’s different about this leak from others we’ve heard about? The Pandora Papers information – the 2. The Bottom Line. Offshore software testing providers can offer a wide range of software testing services tailored to the specific needs of their clients. insurance. Although it is fairly new to the market compared to other providers, it has proven itself as one of the best hosting providers offering DMCA-ignored Linux VPS plans among its long list of services. 04. Softura's offshore software development services offer several benefits, including: Onshore/Offshore software delivery models; Certified Professionals and Domain. Supply chain and other infrastructure challenges. The offshore software development team gathers the necessary specialists and produces the result with a minimum of effort on your part. Hiring developers outside the US lets companies reduce a wide range of supplementary expenses, from. They specialize in software consulting and custom application design. By allowing users and developers to access and review the source code, open source software ensures transparency and enables the verification of its security and trustworthiness. As a full-fledged IT service provider, TatvaSoft has marked its global presence with offices in five countries, including US, UK, Canada, Australia and India, with a skilled. Since its establishment in 2010, Simform has been a sought-after provider of offshore software development services for many clients, including NGOs and Fortune 500 companies. Here are some suggested common project management tools : 1. Business process offshoring is a cost-effective business strategy that gives a company access to a skilled talent pool, technology, business scalability, and other resources. This way our RTK network can give you optimal performance, even in the toughest conditions. 49 Per Month ($9. While in-house teams, onshoring, and nearshoring software development have their own benefits and drawbacks, the advantages of offshore software. However, there is one key stakeholder in the overall equation—the customers. Advantages of Offshoring. In addition, reputable and experienced software outsourcing service providers like TECHVIFY are always committed to ensuring the output quality of the project with additional benefits such as 24/7 service support,. Software developers’ quality of work has very little to do with their geographic location. Many businesses have reaped numerous benefits as a result of their decision to use the Offshore Development Centers in Bangladesh. 8: UltaHost is a US-based hosting provider that was founded in 2018. They focus on creating tailor-made eCommerce solutions for clients across the globe. Unified Infotech is one of the top offshore software development companies that offers top-notch services all around the world. Let’s examine the key roles in an offshore development center, the advantages of an ODC, and the best practices to maintain an ODC. You should give a detailed and clear explanation of the underlying reasons and objectives of your project. is a multinational technology company based in Cupertino, California. It can be even a different continent thus the customers. 6 in a year marked. 99. As a result, Gogo was able to unify huge amounts of data in one place, optimize operations, and streamline the system of predicting failures, thus benefited from offshore cloud services in Ukraine. This approach offers several benefits: Cost savings: Lower labor costs in offshore countries can lead to significant cost savings for businesses. The Best Offshore Software Development Countries Russia. Indeed. Clients. We offer custom software development, offshore software consulting, software testing, software support and maintenance, digital transformation solutions, and UI/UX design services that align with your business goals and help maximize your ROIs. The vast pool of talent can offer solutions to grow your business, making Australia one of the best countries for outsourcing software development. Here is the list of the best Software Testing Service Provider Companies worldwide. In this model, businesses rely on offshore software development service providers. 2/ Cost saving and profitable. Location: The offshore company’s location is important for two reasons: 1. For example, we at nCube will take care of all expenses related to team administration, retention, and overhead. Founded in. What software services can be offshored? 5 key benefits of offshore software development 3 potential challenges of offshoring software development Top 9 countries for offshore development Let’s. Offshore software development service works best for large, long-term projects with clear specifications. Offshore software development Knowledge process outsourcing (KPO) is a type of outsourcing which involves or requires a more advanced technical skill and a higher level of expertise. The expertise they provide on Data analytics is of top notch. Onshore outsourcing has a number of cons. In conclusion; outsourcing software QA to offshore service providers comes with the following benefits: Launch dependable and bug-free software, that meets your user’s requirements. com Offshore outsourcing software development is the practice of hiring a development company in a different country to handle your software development needs. Stunning Risk Reduction. The offshore crew also has trust and cooperation, making operating easier. 3 major limitations of offshoring finance functions. Established in 1999, we are a specialized B2B software development and testing services company, offering offshore-based solutions. Businesses expose sensitive data to companies that may not have the same security standards as in-house teams. Offshore development expertise has become a game-changer for businesses looking to elevate their software projects. 2. Often, the offshore development services provider operates in a foreign country. Whether you’re a small business, ecommerce, blogger, or large enterprise, we’ve got the marketing tools you need. FREE site builder & WP performance upgrades. 99. Offshore software development is outsourcing tasks to a third-party software agency or developer (s). Accenture maintained its hold at the top of the IT service provider market, as TCS inched to No. 15. Established in 2005, Orient Software is one of the leading offshore software development companies in Vietnam, known for its longevity and variety of services provided. TECHVIFY Software. = 1. However, you may find them at an offshore provider, so problems with your software will be competently resolved. By having a dedicated offshore IT staff that’s expertly trained to use the latest technology, your company will be empowered to make informed tech-related decisions for the business. Offshore software development unites clients and providers in distant countries or continents. Cost-Efficiency. Therefore offshore software development indicates that the company of providers is located in a foreign country far away from your country. Competitors and Alternatives. 3. Choosing the right offshore software development partner. According to NASSCOM (India’s leading software and IT trade association), two-thirds of offshore providers are actively seeking a price increase for existing projects. The second outsourcing example represented here is General Electric. Conclusion. +38 091 4810185. Sigma Software. AmEx leverages Philippine outsourcing to reduce costs, improve efficiency, and enhance the customer experience. As a business, you can only focus on so much, so it is important to spend your time, money and effort in the best possible way. 9 terabytes of data that the International Consortium of Investigative Journalists (ICIJ) published beginning on 3 October 2021. Custom software development is a strong trend that will continue to grow in the coming years. But before we get into that, let’s briefly discuss the three different outsourcing models: Onshore outsourcing: hiring a company in your country or region. businesses. The 2016 Panama Papers investigation was based on 2. It is suggested that you pick an offshore software development partner based on the following factors to prevent a bad result: 1. As aforementioned, offshoring is considered one model under the suite of software development outsourcing; thus, it brings forth lots of benefits. Provider Description. READ ALSO: Healthcare IT Trends Before Covid-19. Unified Infotech – Top Software Development Company in India. Outsourcing your QA software testing can offer many benefits for your business. We can staff software teams of all sizes, from smaller units to development teams with hundreds of software developers. Asia is like a paradise for global companies to hire world-class offshore software development services. “Offshoring” is the practice of outsourcing the creation of software or applications to a third-party provider in a separate nation. + Follow. It’s also advisable to get an expert offshore provider with a dedicated recruitment team that’s solely focussed on sourcing IT talent to get the best candidates. This will help ensure that. As a client, you keep control over. When you think of technology outsourcing, offshore hubs such as India may come to mind. At Aalpha India, with our expert offshore outsourcing software development services we offer the following benefits:Offshore software development can become your bridge to a talented team, in order to save time and save business budget if you are lucky enough to find a suitable offshore software service provider. BOT Model Benefits. size to offshore (W estner and Strahringer, 2008). This makes it easier to maintain apps over time. Offshore Software R&D is the provision of software development services by a supplier (whether external or internal). To achieve that, you should clearly define and communicate your goals, expectations, and technical specifications to your development team. Lotus Quality. The longer your project takes to complete, the more you will lose in the competitive market. Scroll up to learn more about these companies and discover other best offshore software outsourcing providers chosen based on industry reputation, team size, hourly rate, client feedback, and more. Published May 5, 2023. So whether you need functional testing , pen-testing, stress testing, or anything in between,. Unified Infotech is one of the top offshore software development companies that offers top-notch services all around the world. TurnKey Labs offers a unique set of advantages for startups and organizations seeking to enhance their testing efforts through. Irresistible Benefits of Outsourcing to an Offshore Software Development Company. Durango Merchant Services: Best For Offshore Merchants. Service Suppliers provide specialized capabilities to equipment manufacturers, shipyards, vessel owners, or other clients to support classification and/or statutory surveys, equipment manufacturing, inspection, testing and. They provide custom software development, web development,. Time Zone Difference (hours) 0-3: 1-4: 4+ High Customer Satisfaction. It can also be a good idea to search for the provider’s mentions on social media, which can shed light on their reputation and engagement with the wider industry community. This is due to lower labor costs in offshore locations, such as India, China, and Eastern Europe. An offshore software development center can provide a profitable company where high-end technology is available at much-reduced prices. Apple: Technology. Whether it’s onshore, nearshore or offshore software outsourcing, businesses must choose one or two strategic service providers to. It is a form of outsourcing that uses providers who may not even be on the same continent. 9 million records – comes from 14 providers that offer services in at least 38 jurisdictions. It has 100+ agencies spread across countries like the US, UK, Canada,. By outsourcing software development offshore, businesses can save up to 60% of their development costs. Offshore Software Development Rates in Eastern Europe. Technically, anytime you host a website on foreign servers, you engage in offshore hosting. Our management consulting services focus on our clients' most critical issues and opportunities: strategy, marketing, organization, operations, technology, transformation, digital, advanced analytics, corporate finance, mergers & acquisitions and sustainability across all industries and geographies. It needs to be added that the custom software provider does not just create the software or the application the client needs. SOFTWARE. Radixweb has been providing offshore software development services for many different clients, with over 650 highly skilled software engineers on staff. HQ: New Delhi, India: Prominent Clients: Yahoo, Motorola, Microsoft, Samsung: Number. 3 billion in IT-related services in 2018 alone. Excellent software testing services provider (Vietnam Software Association, 2021 – 2022) Top reviewed web & mobile app developers in Vietnam (The Manifest, 2022) Top IT outsourcing companies in. 0 has revolutionized manufacturing, and Offshore IT Services for Manufacturing are at the helm. A sixth vital factor to consider when outsourcing software development offshore is the feedback and evaluation of the project. webinars or distance learning courses. (USA) before setting sail for offshore destinations. India boasts a thriving BPO industry, with the top 10 companies showcasing exceptional services and solutions. co study indicated that more than one-third of small businesses (37%) currently outsource a business process, and more than half (52%) plan to outsource in 2019. Get started on Hostinger now. The offshore crew also has trust and cooperation, making operating easier. Tech stack: Angular, React, VueJS, Java, PHP, . Although offshore outsourcing has risks, it presents many benefits to small businesses, as we will discuss below. They have teams of experienced developers who can create high-quality. 4. T Kearney, software offshore Thailand holds the number 6 situation among the ASEAN nations with a proficient offshore work showcase. ODC model includes real estate, recruitment, legal, accounting, and payroll services with all administrative processes curated by the provider. Make sure your offshore software development partner is culturally alike, with a similar approach to work – if not the same. Perhaps, one of the most fail-proof ways to find and hire a reliable offshore provider is to ask for referrals from partners or colleagues. Orient Software. The number and scope of projects completed by the software service provider may indicate the company’s proficiency. By outsourcing software development to offshore companies, businesses can focus on their core activities and achieve higher efficiency. Fortunately, these risks can effectively be managed and mitigated with the right strategies.