BPO or business process outsourcing allows large businesses to outsource a part of their business to third parties that charge a lot lesser than what they have to spend if they choose to set up an in-house team. BPO as a concept has been in existence for last many years and witnessing steady growth year after year. The Philippines is one of those countries that have benefitted tremendously because of business process outsourcing.
Growth of BPO Industry In Philippines:
In the year 2018-19, the Philippines’ service sector led by the IT BPO industry contributed about 60% of the overall economic growth. The primary reason behind this exponential growth of the BPO sector is cheap labor and phenomenal service quality. Businesses from all over the world prefer to outsource their business processes to the Philippines so that they can get the best possible services without spending a lot of money.
According to https://www.peakoutsourcing.com/, this trend is going to continue in the coming years as the BPO industry is expected to maintain a CAGR of 9.2% between 2016 and 2022. Although the pandemic has affected these numbers a bit, the long-term growth outlook of the Philippines remains better than other neighboring countries when it comes to the BPO sector.
As a US-based business owner, if you are keen on cutting down your expenses without affecting your operational efficiency, then start outsourcing without any further delay. Almost all the top names in the US tech industry outsource some part or the other to third-party firms from the Philippines and other Asian countries.
This practice saves them a lot of money as well as time and increases their bandwidth to focus on other critical business operations that can affect the long-term business growth. It’s a proven strategy to grow any business comfortably over time.
You can learn from them and move away from traditional business setups. Give a shot to business process outsourcing in your company and connect with a Philippines-based firm that can help you reduce your workload and improve overall efficiency.