The Future Of BPO Industry In The Philippines
The IT-BPM roadmap is expecting the BPO revenues to exponentially grow in 2022.
And, if you ever wondered about the economic growth of BPO in the Philippines from the past and in the future, I will tell you all about it in this article.
The growth of BPO is essential for the Philippines economy and for you; who resided in the country and as an employee. In 2005 alone, it accounted for an average of 2.4% increase in the Philippine's GDP. The succeeding year drew another milestone as the domestic economy grew by 5.4%. All these are due to the emerging BPO industry.
Business processing outsourcing (BPO), started on 1992. Starting from that year, the industry slowly shows its growth, and in 2006, it gained 46% annual growth. In 2008, the Philippines surpassed the India, and was officially declared as the world’s BPO capital on 2010.
TOTAL FULL-TIME JOB, PANDEMIC AND RESILIENCE
On 2019, the IT business process management created a new full-time job. The total industry headcount was 5.8% higher compared to 2018, it grew from 1,23 million jobs, to 1.3 million.
The outsourcing companies in the Philippines on 2022, was challenged due to the global health crisis (COVID 19). Amidst the alarming crisis, the business still remains as a pillar of the Philippines economy.
BPOs will be challenged once again on the upcoming upgrades of the technology, where automation and the continued application of AIs will be taking over the simple and highly repetitive tasks for agents. BPO are expected to still be rising even after all the improvements of the technology, since there are tasks which require skills that humans possess, such as sympathy and active listening. With that said, BPO industry still has to put in a considerable amount of effort, time, and investment as well as specialize in higher-value services to make this vision a reality.
AUTOMATION AND AGENTS
Many companies are starting to integrate automation into their process, as it will cost them less, has more speed, and is more efficient. Automation technology have a major drawback, people will likely lose their jobs because they will be replaced by the ÁIs.
People still shouldn’t be too worried about their place in BPO, the industry will still need the human capability to listen and sympathize with the client. It is expected that the industry will rely on the compatibility of technology and the agents. In the coming years, BPO skill level will be taken into a higher level due to the automation technology.
CHANGES AND PLANS
Changes in the BPO sector is inevitable. The plans of integrating AIs in the future is already set.
Management will have to embrace the changes in the outsourcing industry. Hiring without too much qualification is no longer the focus; Instead, companies will be looking for highly skilled individual that can provide professional quality work. People will have to improve their English proficiency in order to have chance of becoming an employee.
Outsourcing industry will have to upskill their teams, in this way, BPO will be able to protect their business in the future.
TIPS THE COMPANY SHOULD FOLLOW
Here are some tips on how BPO can protect their business value in the future.
1. SKILL LEVEL – Hire a more capable individual, and train them so they can provide a professional quality work.
2. BETTER EQUIPMENTS – Upgrade your equipment, having a slow computer will disrupt the flaw of your agents work, thus degrading the quality of the service and wasting your client’s time.
3. BETTER TECH SUPPORT – Softwares and Hardwares will not always run smoothly, hiring a skilled tech support will help solve the problem faster.
4. ENVIRONMENT – Having a place that’s not too friendly will cause the agents to quit the company, no matter how good the salary is. Providing them a friendly environment, will help stabilize their moods and keep their performance up.