So, what do companies outsource? A company will usually outsource business processes. A business process is a set of tasks, which aims to accomplish organizational goals. Examples of businesses processes include finance, healthcare services, and IT services.
For Accounting and Finance
When you are in the Philippines, you are required to take up bookkeeping before you graduate from your senior year in high school.
The country’s ABM education curriculum mandates an introductory course in accounting, business, and management data analysis. Regardless of what your college course may be, you are already equipped with basic accounting.
• JPMorgan Chase Bank N.A.-Philippine Global Service Center
In Manila, JPMorgan Chase Bank first set-up its foreign office in 2005. It is open 24 hours a day and seven days a week.
• Accenture PLC
This is the pioneer BPO in the country. It has more than 300,000 employees operating in more than 120 countries.
• Sitel Philippines
Sitel has nine sites in the country and has 13,000 employees. It has also been recognized several times for its excellent service.
• Capital One
It is a bank holding company that specializes in savings, banking, auto loans, and credit card products. Its headquarters is in McLean, Virginia and has been operating since 1994.
It started with credit cards, expanded to auto loans, and offers it also offers banking services up to the present.
For Healthcare Services
• Manulife Global Services
When you live in the Philippines, the Manulife brand is recognizable. It has partnered with commercial banks in promoting its life insurance policies.
It is a Canadian-based financial services company. Its products include life insurance, group life insurance, and health insurance. It is currently operating in 22 countries.
• Telephilippines Inc.
It is widely known as Teleperformance. Teleperformance received the Frost and Sullivan Asia Pacific Contact Center Outsourcing Provider of the Year Award for two years, 2012 and 2013, due to its overall contribution to the call center industry.
Teleperformance offers different outsourcing services including medical transcriptions and data entry.
• AIG Shared Services Corp. Philippines
AIG is recognized as one of the pioneers of non-life insurers. It offers businesses insurance policies that would cover the health of its employees as a group.
It originated in the United States of America and was founded by Cornelius Vander Starr in 1919. AIG currently outsources in the Philippines.
Its business insurance products include Aviation, Casualty, Energy, Environmental, and Property.
For IT Services
• Sutherland Global Services, Inc.
This company started its operations in 2000. It has over 13,000 employees and has 9 sites all over the Philippines.
Teletech operated its first offshore call center in the Philippines in 2004. It has become one of the biggest employers in the BPO industry.
• Convergys Corporation
Convergys may be one of the most recognizable BPO brands in the Philippines. It has 18 contact centers in the country and has more than 28,000 employees on its payroll.
There may be different reasons for outsourcing and various reasons to offshore, but why it is relevant in this day and age, comes down to the availability of technology. Because of outsourcing, it is no longer impossible to connect to the other side of the world. In fact, it is much easier and cheaper businesswise.
The list of reasons why outsourcing is good is comparatively longer as opposed to why it isn’t. The risks would naturally include the language barrier, culture, and time zone differences.
These risks are becoming unlikely with Filipino workers. The western influence has always been very present in the country. The Filipino people have adapted western language and culture for the longest time and became among the major reasons why do companies outsource in the Philippines.
The government support in the Philippines is also a deal-breaker. It encourages outsourcing because it has a direct positive effect on the rate of employment in the country. The government also gives leeway and incentives to companies using outsourcing.
The government even offers courses if you want to have a career in the BPO industry. To further encourage outsourcing, the Data Security Act and the revised Special Economic Zone Act RA 10173, were passed. This was created to protect sensitive data from threats. The Special Economic Zone Act or RA 7916 introduces various tax-related benefits for outsourcing companies.
If you are new in outsourcing, it’s best to learn the different factors that will affect your decision to go offshore. You can always make use of the Internet and read on how to outsource work in the Philippines.
You can learn what an outsourcing company does for businesses, and why foreign companies should outsource in the Philippines amidst the sea of outsourcing countries.
The Philippines takes pride as the top outsourcing destination in the world. It endlessly pursues ways to innovate itself and enhance the lineup of reasons why choosing to outsource in the Philippines is an excellent decision. You have to take advantage of the BPO opportunity in the Philippines. Outsourcing to the Philippines is yet to be the smartest decision you can make for your company.