{"id":707,"date":"2020-05-11T14:25:19","date_gmt":"2020-05-11T14:25:19","guid":{"rendered":"https:\/\/premiernx.com\/?p=707"},"modified":"2025-07-29T15:44:43","modified_gmt":"2025-07-29T15:44:43","slug":"outsourcing-an-incredible-opportunity-for-business-growth","status":"publish","type":"post","link":"https:\/\/premiernx.com\/uk\/blog\/outsourcing-an-incredible-opportunity-for-business-growth\/","title":{"rendered":"Outsourcing \u2013 An Incredible Opportunity for Business Growth"},"content":{"rendered":"

My involvement with outsourcing began in 1990 when I was posted to Hong Kong to head up Citicorp Trade Services. All the banks were\u2026<\/em><\/p>\n

My involvement with outsourcing began in 1990 when I was posted to Hong Kong to head up Citicorp Trade Services. All the banks were grappling with costs, increased volume of paper transactions, and the need to maintain certain labor intensive products that were essential for their customer base.<\/p>\n

In 1988,\u00a0Citibank<\/strong>\u00a0became one of the first businesses to internally outsource their processing by relocating its operations from New York to Hong Kong. The results of the move were amazing. In a very short period they achieved flawless processing, increased customer satisfaction and 24 hour turnaround times for transactions. Incredibly, over time the process was streamlined and more cost savings were achieved than were originally budgeted<\/p>\n

The outsourcing business has come a long way since then, with virtually every type of business now outsourcing back-office processing. \u00a0This helps companies remain competitive, offer a market-driven product mix, and enhance corporate ROI while maintaining high standards of customer service. This is generally accomplished by outsourcing their essential or nonessential business.<\/p>\n

The typical reasons management seeks partnerships with outsourcing companies include:<\/p>\n