Predictions regarding Business Process Outsourcing (BPO) in the Philippines for 2014 vary depending on the source, but they all agree that growth will continue.
Since the early stages, around the year 2000, the BPO industry has been growing exponentially to become the key economic driver of the Philippines, employing over 960,000 people and becoming the world’s leading destination for voice processes.
Multi-national corporations continue to outsource to the Philippines and foreign investments keep growing as the country is proven to have a talented labor pool, from a call center agent to those in managerial positions. The sector is constantly evolving and an increasing number of BPO companies are aiming towards high value products such as finance, legal services, accounting, etc…
Such processes, commonly also referred to as Knowledge Process Outsourcing (KPO), require more technical and advanced analytical skills from the agents. KPO is one logical evolution for the industry and the Philippines has already established itself as a premier destination. As agents will need higher degrees of specialization and expertise to execute their tasks with the required quality, the revenue earned by the operating companies will increase.
Since the Philippines is the number one destination for voice-based BPOs, and taking a strong position in KPOs as well, it is time to move up another level. This time, industry leaders want the country to be recognized as a top destination in Creative Process Outsourcing (CPO). Such processes focus on activities including 3D animation, photography, video game development, industrial design and other fields in which creative minds are required.
The year 2014 is going to be a transition year with growth in different sectors of the industry and an estimated revenue increase of USD 5 billion on top of 2013s record revenue of USD 15 billion.
But not to worry, the development of new areas such as KPO and CPO will not affect the main channel of the industry. Voice-based BPO will still be a high value service as customer service representative agents are valuable assets to collect information and data.
Triple i Consulting has established numerous BPOs in the Philippines over the years and we constantly receive an increasing number of inquires. This confirms the strong and impeccable reputation of the country when it comes to finding the right location for companies who wish to outsource their processes.
The biggest challenges for companies looking to set-up a BPO in the Philippines remain the same: where to be located, which structure to establish and how to find the right people. With a great understanding of Philippine business and a deep know-how in this industry, Triple i provides full market access services, assuring a smooth incorporation and business management that will allow you to focus entirely on the development and improvement of your business.