In a world where rapid economic and social changes are the norm, resilience determines success or failure, being relevant or obsolete. For businesses, this means going beyond operational efficiency and cost advantage and renewing their capacity to evolve and adapt to big shifts as they lead and reinvent themselves through disruptive change.
By working strategically with the right outsourcing partners in the Philippines, companies can manage risks, effectively respond to and recover from crises, and bring in more opportunities.
The country has secured its place as a leading business and global outsourcing destination and is reaping the benefits of a resilient economy fuelled by a resilient people. Today, it is a trusted brand that translates into value and competitive advantage. In fact, it is the “most improved country” in the World Economic Forum (WEF) Global Competitiveness Report since 2010. The report found strong performance in the areas of macroeconomic environment (from 40th to 26th); business sophistication (from 49th to 46th); innovation (from 69th to 52nd); higher education and training (67th to 64th); institutions (from 79th to 67th); and technological readiness (from 77th to 69th).
Information technology and business process management (IT-BPM) is now one of the growth drivers of the economy. This industry has fostered the development of expertise across sectors such as voice, healthcare information management, animation, software development, and shared services. The industry association, IT and Business Process Association of the Philippines (IBPAP), works closely with the government and its partners to address issues, identify and expand opportunities, and ensure quality standards.
The success of IT-BPM reflects the heightened confidence on the value delivered by Philippine-based service providers. Compared to a location like the US, industry estimates that cost savings may range from 65 percent to 85 percent. A highly educated and qualified workforce also ensures bigger business gains, with engagements ranging from shared services or global in-house centers (GICs) to high-value knowledge process outsourcing (KPO) services. Technology, telco, real estate and other industry enablers can support the current and anticipated business requirements of both startups and large enterprises, giving them greater flexibility and better options in catering to their respective markets. Simply put, they get access to everything they need to fulfil their immediate or long-term goals.
Growth Despite Challenges
In the Philippines, resilience is a way of life. Companies with operations in across the country are learning to embrace resilience as a core business practice. At least 20 typhoons make their way into the archipelago each year; landslides, earthquakes and volcanic eruptions are also potential threats. Because of these, business continuity and disaster response management, particularly in the aftermath of the devastating Typhoon Haiyan in November 2013, are a top priority among the private and public sectors. Government, academe, business and civil society are doing their share in enhancing adaptive capacities while addressing vulnerabilities.
Defying the typhoon-ridden climate, in 2014, the country’s BPO services grew 18.7%. Meanwhile in 2013 it posted a 7.2% growth rate.
The Philippines offers a combination of industry knowledge and experience, and has proven its resiliency amid global challenges. Organizations seeking to boost their business resilience can rely on the country’s solid track record, business environment, prized talent and strong economic performance.