Keeping the projects on time and budget is essential not only for their efficient completion but also for earning credibility and more business for the organization. With competition becoming more intense in the business world, companies today need highly skilled project managers to meet the goals and exceed expectations. Statistics suggest that only 57% of projects are completed within budget (without any additional funding) and only 51% successfully maintain the original schedule. Project management is also one of the hottest skills in the business world today and although the number of jobs is growing exponentially, a huge number of candidates lack the crucial skills which is creating a talent gap. Regardless of the type of project, there are certain core skills needed for project management to ensure successful completion and delivery. And, when the budget is limited and timeline is short, the task becomes even more challenging.
As the businesses are growing more and more quality and cost conscious, they are inclining more towards a strategic procedure called outsourcing. Outsourcing is basically the practice of contracting with another business for handling certain business tasks instead of hiring an employee in the workplace. Outsourcing, when done correctly, helps businesses save money, maintain their competitive edge and grow. The practice is very common in small businesses which routinely outsource their payroll procedures. However, many organizations do not actually understand all the benefits of outsourcing. It does save money but that’s not the only great part of it. Let’s have a look at the benefits of outsourcing in business:
Regulatory Technology, more commonly known as RegTech, is defined as the use of new technologies for helping financial institutions effectively meet regulatory requirements of reporting, monitoring, compliance and risk management. RegTechs is often confused with FinTech but the latter is defined as using technology for delivering financial solutions. Unlike FinTech, RegTechs focuses more on rethinking the way finance and regulation work. RegTechs provides cost effective solutions to financial firms for meeting regulatory requirements through automation and digitization.