As if exceeding market expectations is not enough, the Philippine business process outsourcing (BPO) Industry once again raised the bar on becoming an authority in the global BPO market.
The Wall Street Journal (WSJ) reports that India is quickly losing its crown to the Philippines and Mexico as the two countries are proving to be fierce competitors in the Information Technology (IT) BPO industry. Despite the fact that the Filipino BPO industry is minute in comparison with India s vast outsourcing empire, Manila is quickly becoming the preferred offshore location of clients in the West, says WSJ correspondent Abheek Bhattacharya. In fact, even India s industry body NASSCOM documents how IT and Information Technology Enabled Service (IT-eS) outsourcing in the Philippines grew by 69% in the last five years. Watch Video here.
This growth is compared to the 59% accumulated by Ukraine, 37% clocked by Argentina, and 35% growth by Costa Rica. Other countries involved in the survey were Sri Lanka at 28% and the Russian Federation at 27%.
Bhattacharya ends his tirade by stating how India must move to the higher end of the game, as what is being offered by Filipinos. He mentioned that most Western corporations are not simply looking for data entry experts: they need BPO firms that can help them grow.
As for IT-BPO industry services in the Philippines, the industry could only grow and improve with time.