Innovation is the number one factor that drives growth for any global business. The Philippine IT and Business Process Outsourcing (IT-BPO) sector is driven by innovation and globalization.
Regardless of the fact that the Philippines’ economic growth slightly slowed down in 2017, Forbes still lists the country as one of the fastest growing economies in the Southeast Asian region. According to Reuters, the BPO industry contributes in keeping the lifeline of the Philippine economy running as it employs about 1.15 million Filipinos.
Below are the predictions for the Philippine BPO Industry:
High-level skills will be in demand. With the rise of artificial intelligence, BPO companies will be slowly shifting their focus from call center services to more complex services, such as social media, software, and app development. This would challenge Filipino BPO employees to be more competitive, as businesses are looking into hiring specific skill sets to perform duties beyond customer service.
The BPO industry continues to generate jobs. Despite the concerns of artificial intelligence, many businesses still maintain to outsource tasks such as customer support, technical support, and other IT-related positions to outsourcing service providers. Other areas include back-end support, finance, and human resources.
BPOs will still fuel the commercial real estate market. Due to the jobs foreign businesses bring to BPO companies, the need for office space continues to increase. The more job opportunities BPOs generate in the country, the more they need to open centers and expand in different locations. Thus, office spaces and co-working spaces are in demand in the country, and real estate will continue to flourish.
Automation and advancements in technology could be a challenge in the coming years for Philippine BPOs, but there are still ways on how the industry could work with the rise of artificial intelligence. The predictions above strongly suggest that outsourcing is not going away anytime soon, which proves to be highly beneficial to BPO leaders such as the Philippines, India, and the rest of Asia.
Got more ideas for us? Have any thoughts on startups, outsourcing, or anything about the BPO industry? Let us know in the comments section below! If you want to check out more of our articles, click here.
SOPHI Inc. is a business process outsourcing center that delivers customer service and back office solutions to startups in the US and Europe. Don’t miss out on our latest updates by following us on Facebook, Twitter, Instagram, and LinkedIn.