Status Of Business Process Outsourcing Philippines To The Global Bpo
The business market today is very competitive and continually evolving
. The competition across different industries is stiffer, clients are becoming more demanding and critical challenges that every business is facing have left little room for errors. More and more companies are subcontracting their services to third party independent providers. By transferring responsibilities of their non-core tasks they are able to focus on the revenue generating activities of their businesses. In a challenging and volatile global economic environment, businesses of different sizes across the world are faced with the challenge of focusing on their core capabilities. Because of globalization, the marketplace has become a delicate balance between staying ahead and adapting the changes to be cost competitive. With the recent economic and fiscal crisis, outsourcing has become increasingly lucrative for companies because of its lower costs in start-up production and continued implementation. Through outsourcing, companies can save a lot of money from overhead expenses and business operation.Business process outsourcing Philippines, or BPO Philippines, is consists primarily of customer care, medical transcription, software development, animation, back office services, and technical support. The proficiency of Filipinos in the English language is a major factor in the growth of BPO in the Philippines. As compared to other countries that offer outsourcing services, the Philippines vast workforce pool can speak the English language better since it is the second official language of the country. It is easier for the Filipino staff to communicate with their English speaking clients because it is the primary language used in academe, medicine, information technology, financial institution, science and technology, and government agencies.
Outsourcing industry in the Philippines is growing impressively; along with the growth of BPO companies. The outsourcing industry is like an energy source in the country that rejuvenated its economy which was previously stricken with the financial crises. It has become the lifeline and opportunity of many Filipinos. BPO created a lot of employment opportunities, which has helped the unemployment rate in the country to decrease. The influx of outsourcing business to the Philippines is possibly the kind of invasion that the country and its citizens welcome. Now, the Philippines are being referred to as the power player in the global outsourcing business. It is safe to say that Philippines outsourcing has indeed expanded. Outsourcing has managed to build an empire and create a name in the BPO world.
The driving force behind the swift growth and development of business process outsourcing Philippines is the economic necessity of the foreign companies. They discovered that they could cut down their expenses as much as 60 percent by relocating their non-core business activities to the Philippines where wages are very low. Many foreign companies are choosing the Philippines as a location of choice because no matter what kind of activities they tried to outsource in the country, it seemed to work. The country has a vast pool of competent talent supported with the right technology in order to assure clients that the business processes are properly analyzed and planned and the results are achieved as expected.
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