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A Brief Look at the Current BPO Industry in the Philippines

Posted last March 16, 2018, 3:03 am in Services report article

The Business Process Outsourcing (BPO) industry in the Philippines remains one of the most vibrant and lucrative industries. Over the years, it has provided jobs for millions of Filipinos, boosted and sustained the country’s economy, and is continuing to encourage investments around the world. As the Philippines continues to be the top outsourcing destination, new opportunities keep emerging not only in Metro Manila but in Tier 2 and Tier 3 cities as well such as Cebu, Iloilo, and Davao. According to a report, contact centers make up four-fifths of the Philippines’ total BPO industry. This accounts of .6 percent of the global market for BPO. BPO firms in the Philippines list Citibank, JPMorgan, Verizon, Convergys and Genpact among their clients. While the US remains the biggest customers for the industry, demand for BPO services from Europe, Australia, and New Zealand is also increasing.

With the steady boom of the BPO industry in the country, globalization, and dynamic technology, more and more functions are being outsourced. Banking and finance, research and analysis, human resources and recruiting, logistics, IT and software development, health care management, travel and ticketing, telecommunications are the common processes that are being outsourced to BPO firms.

The country’s exponential success as a BPO hub has seen its rise as a global leader in providing value-added BPO services. However, the massive and rapid growth of the industry and strong competition comes with its own level of challenges. Dealing with highly demanding customers, shoestring budgets, irregular hours, scarcity of talent, frequent disruptions, and customer satisfaction are among the many immediate hurdles faced by the BPO industry. Though there may be an overall positive outlook for the industry, there are substantial growing pains that are impacting businesses as it increasingly leans toward utilizing bigger and more sophisticated technologies and innovations. For instance, artificial intelligence (AI) will play a critical role in shaping the future of business processes consequently pushing leaders to take on fast-moving trends. Moreover, with the projected $250 billion Philippine global outsourcing share by 2022, the need to rise above the current state is inevitably mounting.

Currently, the $23 billion industry might be on top of its game. However, it won’t be too long before business will be pushed to adjust to the changing political, economic, and technological landscape. To stay relevant, BPO firms in the country must offer more than just a pool of good English-speaking talent. Leaders must ensure that the workforce is trained in areas like data analytics, machine learning, and data mining. Additionally, internet service providers (ISP) should be able to keep up with the demands and changing trends. In a broad sense, there is much to be excited about as global barriers continue to shrink and new advancements begin to rise.            

This article was originally published in Eastern Communications website for the benefit of educational purposes. The information in this article is meant soley to educate users.