In the past two years, digital transformation strategies have accelerated to become the foundation of business survival. Businesses will spend $6.3 trillion on direct digital transformation investments between 2022 and 2024, according to a new forecast from research firm IDC.

As IT organizations massively accelerate their digital initiatives, their relationships with IT service providers also grow stronger. IT outsourcing is no longer just a means of delivering faster, cheaper technology services, but a key partner in driving business growth, improving customer experience and gaining a competitive advantage. And, as businesses struggle to find and retain digital talent, third parties are becoming increasingly important in providing the variety of IT skills that businesses need today.

The evolution of IT outsourcing over the past decade is arguably tied to digital transformation. However, the trend of digital transformation has basically been finalized, and it has become the necessity for the survival and development of enterprises. The emerging phase of IT services requires a balance of people, process, technology, data and change management to truly deliver on the enterprise innovation agenda.

Here are the technologies, strategies, and changing customer demands that are currently shaking up IT outsourcing, and trends that are starting to cool over a period of time. If you want to take advantage of an IT outsourcing partnership, or you want to become an IT outsourcing vendor yourself, the IT Outsourcing Trends Top Index should be the new guide.

Customers and suppliers at the forefront of IT outsourcing are exploring a new type of partnership with a "value creation" structure. In this model, service providers are willing to invest in creating unique solutions that meet customers' specific needs and are compensated through revenue sharing rather than pricing based on resource units.

The pandemic has prompted many enterprise customers to demand price cuts from their IT service providers, and many IT service providers have agreed to do the same out of true partnerships. But with inflation, many outsourcers have struggled to maintain these lower prices.

Historically, when an IT company outsourced a function, it was usually expected to solve all HR challenges by the way. However, given the severe challenges facing today's talent landscape, clients have lowered their expectations of "retaining third-party resources."

According to HFS Research, the vast majority (85%) of businesses plan to increase their IT budgets in the next 12 to 18 months, despite record-high churn rates in major offshore centers. This means that in an inflationary economy, service providers need to pass on price increases to reluctant customers.

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