Offshore outsourcing has traditionally meant allocating tasks such as customer service and sales support to a country where costs are much lower than in North America or Europe. The future of this industry is changing rapidly, however, as premium outsourcing providers in the Philippines, such as PITON-Global in Manila, take on much larger and complex business processes for companies all over the world. Some of these processes include sales and marketing, accounting, legal, HR, and even executive functions such as C-suite roles and responsibilities. Cost is a primary function of this, but so is the increasingly high skill set of agents in the Philippines who are entering the country’s fastest-growing industry.
Many multi-national organizations and SMEs looking towards the future are realizing that outsourcing vendors in the Philippines are increasingly able to compete with high-end digital natives such as Accenture, Deloitte, and IBM. These organizations offer not only vast experience in providing customer service and back-office support but also new business models such as sales driven by artificial intelligence and machine learning. Offering a 360-degree view of the entire company and an ability to manage all areas of it from one single source is something that has never been done before.
Companies from North America, Europe and Australia have been outsourcing to the Philippines for years, but many premium BPO’s are now focusing on niche markets to get a larger share of a smaller pie. These companies cater to businesses that provide premium customer support, such as financial services organizations and e-commerce companies.
The future of this industry will continue to evolve, but there are clearly some directions it is headed:
Outsourcing Processes in the Philippines will Continue a Trend of Becoming More Quality-driven than Price-driven.
Until recently, the primary driver of offshore outsourcing was cost containment. That will always be an attractive (and competitive) component, but companies are beginning to recognize the value of outsourcing processes that require innovation and technical expertise.
Healthcare and Medical Technology
The healthcare sector continues to utilize the skillset of premium outsourcing providers in the Philippines. An aging baby-boomer generation, along with increases in chronic illness worldwide – evidenced by the Covid-19 pandemic – is fueling this growth. The global medical technology market is expected to grow to $10 trillion by 2022, and along with this growth, offshore health services will also grow, estimated to reach $19.5 billion by 2025. Industry-leading outsourcing providers in the Philippines that specialize in health services and medical technology will step up to fill the immense need for things like teleradiology services.
Fintech and Financial Services
In 2021, 3 billion people globally will be accessing financial services digitally through smartphones, tablets, and PCs. Industry-leading outsourcing providers such as PITON-Global are meeting this demand by offering highly specialized customer experience solutions and implementing world-class data security features to their business process offerings. Financial services will continue to look to experienced outsourcing partners in the Philippines to build world-class digital platforms that are secure and risk-free to meet consumer demand, and to this end, these offshore providers are utilizing AI and blockchain as part of their strategy to retain and grow their leadership in this exploding market.
Offshoring is no longer considered a resource strictly for small operational tasks or handing over excess workflow. The future of this industry will continue to focus on highly skilled workers who offer excellent services at competitive prices to allow companies worldwide to compete with emerging digital natives. Offshoring outsourcing to the Philippines, by its definition, will remain a competitive method for delivering quality services at lower costs, and in a competitive global marketplace, it is the future for companies that want to reduce costs, deliver quality services, and increase their ROI.