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Your BPO Process Destination: 5 Strengths of PH Business Sector

Your BPO Process Destination: 5 Strengths of PH Business Sector

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Research was published on dict.gov.ph, “Philippine Roadmap for Digital Startups: 2015 and Beyond.” This aims to generate BPO process providers that will greatly help the country’s economic growth. One of the points mentioned in the research is the SWOT analysis of the Philippines. This is used in measuring the growth and development of country’s economy.

“Philippine Roadmap for Digital Startups: 2015 and Beyond” stated these five strengths of the Philippine business sector:

1.Strong Tourism Initiatives

In 2012, the Department of Tourism in 2012 launched its campaign “It’s More Fun in the Philippines.” This aimed to immerse tourists in Filipino culture, in the form of destinations, people, and experiences. The campaign brought 10% growth in total earnings of US$4.84 billion, exceeding previous year’s earning of US$4.40 billion.

2. Proficiency in the English Language

Test of English as a Foreign Language (TOEFL) scores in 2010 showed that the Philippines ranked 35th out of 163 countries worldwide. This is according to the Educational Testing Services Report. The Philippines also ranked first in Business English Proficiency, based on a study by the Global English Corporation. This language proficiency allows Filipinos to attain jobs that need strong proficiency in English language, especially in BPO process.

3. This Generation’s Population

As of 2014, the Philippines has one of the youngest populations in Southeast Asia. 60% of this population range 15-64 years old. This rate indicates that with young working population and fewer dependents, household income devoted for consumer spending and investments can increase.

4. Competitiveness in BPO Industry

Business Process Outsourcing (BPO) industry contributes 4% to the Philippines’ GDP for its sustainable growth, in terms of industry size of at least 17% every year from 2006-2011. The Philippines also ranked 2nd among other countries in BPO process, next to India. According to the latest Tholons’ Top 100 Outsourcing Destinations for 2015, Philippines now has eight Next Wave Cities location from which Manila and Cebu City remained in the top 10. Other Philippine spots in the Top 100 are Davao, Santa Rosa (Laguna), Bacolod, Iloilo, Baguio, and Metro Clark.

5. Business Climate Best for BPO Process

According to the ASEAN Business Outlook Survey of 2015, the Philippines’ business climate has greatly improved over the past five years. American firms that were surveyed say low cost of labor, laws and regulations, personal security, and tax structure are among the satisfactory considerations.

Considering these five strengths, BPO process in the country will only progress in the coming years. The Philippines possesses developed hubs, as well as professionals who are always available as sourcing prospects.

3 Outsourcing Essentials for Better Business

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Business Process Outsourcing has become an all-in-one solution in today’s industries. This is evident in the Philippines, with the local outsourcing jobs exhibiting exponential growth. The country hit high margins of employment in August 2014; from 101,000 in 2004, the workforce increased to over 930,000. It’s evident why outsourcing is the byword in cost-efficiency across a variety of industries.

Outsourcing is only beneficial if you approach it with the right strategies. There are variable, essential factors to consider before adopting solutions for your business, and it’s important your decisions are backed by solid evaluations. Here are three essentials to consider before you commit:

1. Consider the Costs

It’s common knowledge outsourcing saves time and money, but this is only the case if the solutions complement the business’s needs. Yours must be realistic in terms of sales or savings, projected and actual. Anticipate problems in production / operation to preempt losses. Survey factors that can affect your income, pave a clear path for your prospects.

2. Partner with the Right People

Synergy is crucial to smooth operations, all the more important in outsourcing jobs. Ensuring a successful business requires partnership with the right team. You get to screen and choose the service, so bide your time and consider as many quotes as you can before you commit. Don’t give in to what’s most feasible until you’ve weighed all strengths and weaknesses.

Beware the pitfall of going for the cheapest offer, though; this sometimes comes with serious tradeoffs. It helps if you choose the best one as you contrast the qualities of the products and services being offered. Entertain quotes and proposals, conduct background checks, evaluate history of performance, and never, ever skip the fine print.

3. Draft a Solid, Airtight Contract

The terms of service will either ensure you get the best end of the deal, or it could leave you shortchanged. At the very least, there’s mutual benefit with the outsourced party. Closing on the contract is tricky if you haven’t fleshed out the essential details with your partner. The dynamics of your partnership hinges on the signed agreement – it’s your assurance of quality service, also your safety net in untoward incidents.

A cost-effective business involves taking advantage of every opportunity, and outsourcing jobs is proven an efficient, feasible alternative to in-house sourcing. Your business has everything to gain with the service, so long as you guard your interest, do your due diligence. In any case, outsourcing companies are well aware of these expectations, it’s just a matter of finding the right people to partner with.

Elsewhere on this blog:

Spotting the Right PEO for Your Business: Efficient Offshore Staff Leasing

When West Meets East: Outsourcing Services and the Corporate Cultural Gap

Why Outsource to the Philippines?

When West Meets East: Outsourcing Services and the Corporate Cultural Gap

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Corporations must anticipate team members who can’t see eye to eye, especially if this involves international teams in the BPO industry. Physical, social, and cultural barriers must be considered and managed when outsourcing services. Though the physical barriers are easily bridged through ever-evolving technologies, some social and cultural barriers within the workspace can just as easily be overlooked.

The corporate culture varies between locations, and with it comes differences in how goals are met, how company values are represented, and how employees interact. When you compare the West’s corporate culture to the East, the American and European cultures focus on end results, while Asian cultures are heavily influenced by local values and traditions (e.g. hospitality, loyalty, etc). This is why it’s important for both parties to understand each other’s corporate culture, mind the gaps that could hinder a project’s success.

Philippine Culture Primed for BPO Industries

For example, the Philippine BPO industry has grown significantly since its start in the ‘90s, because of certain social, cultural, and corporate values upheld. Their natural affinity to the Western culture helps them better understand cultural references, slang, and the like; with this comes their proficiency in the English language, both oral and written. It also helps that Filipinos have a strong sense of camaraderie, empathy, and diligence that enables them to meet their goals effectively and efficiently.

Gaining an understanding of these factors help parent companies plan for successful outsourcing services. Proper communication, then, plays a vital role in the success of a smooth and productive workforce. Expectations should be clearly laid out, roles (and expectations) must be properly understood, and measurements for productivity should also be clearly explained. It also helps to create positive interpersonal relationships between both parent and offshore teams to boost morale and to encourage smooth operations.

Outsourcing Services Improve Operations

Most internal operations can be improved with outsourcing services, so it’s important your company is synched to outsourced teams. Corporate cultures may differ, and embracing this is your best response. The bottom line of outsourcing is results, efficiently achieved.

Outsourcing business functions is the better way, and it’s easier once the gap between corporate cultures is bridged. There’s a reason why outsourcing service is concentrated on the east: cultures here are relational, yet professional. Your business benefits because it can focus on the big picture, while teams dedicated to deliver do the legwork.

Elsewhere on this blog:

5 Key Reasons to Outsource Administrative Support

Should You Outsource Your Customer Service?

Outsourcing Is Not Just for Big Businesses