There are several benefits to renting as well. For starters, renting is an operating expense (OPEX) rather than a capital expenditure (CAPEX), meaning the cost is spread out which may be more suitable in certain cases.
Renting allows organizations access to the best skills on the market, much like outsourcing to a team of skilled freelancers. While organizations tend to outsource only non-critical parts of the business to optimize costs, with the virtual workforce they can harness all the skills they need to outsource a variety of tasks. This not only can yield more flexibility but also save on the costs of training, management and turnover.
When renting, organizations can also utilize different types of skills depending on their needs. If their business is quite seasonal, for instance, they can rely on a virtual workforce to absorb peaks in volume. This can then be scaled up and down with ease and simplicity.
For example, take a university in France that registers 30,000 students every summer. When these students register, they provide between five and eight pieces of documentation to support their registration, such as identification documents, previous transcripts or diplomas.
To facilitate this process, a solution was put in place to automate document assessment and decide whether they could be validated. Only if there was a problem would a human worker need to look at them. This is an example of a seasonal peak. For the rest of the year, the university would not need that workforce, meaning that renting a team of virtual workers could be the best option.