Yes, outsourcing certain functions is a solid strategy for saving money for organizations of all sizes. As long as it’s being handled right.

Fact: 95% of companies now outsource something. But the way many of your peers are going about it could keep them from realizing the savings they’re after.

Don’t let that happen to your organization.

You’ll get some insight on where other companies are falling off track when it comes to outsourcing from a new survey by project management experts at ESI International. Here are three major places to watch:

Mistake #1: They don’t always clearly define requirements of outsourced projects

A whopping 75% of companies that outsource fall into this trap. They aren’t stepping back to really consider what’s required and what success should look like. That’s the foundation of the project, and should be the first step in any undertaking.

Mistake #2: They don’t define the financial goals of the project

A major reason for outsourcing in the first place is to reduce expenses, right? Then why do only a third of firms communicate those goals to their outsourcers? No matter which department is involved in the project, be sure to press them to outline the endgame in dollars and cents.

Mistake # 3: They don’t continually evaluate how the outsourced project relates to the original goals

Even if you set out your goals from the start, a third of companies don’t check back throughout the process. A periodic step back to check progress is key.

Info: For a free copy of the full survey, go to http://www.esi-intl.com/en/Skills-Development/Knowledge-Center/Research-Reports/Outsourcing-Survey.aspx