During the Fourth International Outsourcing Summit in Makati City, Mahesh Venkataraman, Director of Singaporean consultancy firm PwC, said the Philippines’ outsourcing sector should not only focus on a specific segment, but also try other things to become innovators and be more competitive and significant in a fast-paced industry.
He added that competition is getting tougher and if service providers fixate on a single process, chances are another company will outshine them with less expensive and better offerings. Venkataraman mentioned the Philippines as an example, a widely known leader in the voice segment, which is now also making a name in other sectors such as medical transcription.
Meanwhile, Everest Group Vice-president for Consultancy H. Karthik stressed that service providers should focus on segments that offer more growth opportunities, specifically the ones they excel in. These include transaction processes, customer service, finance and accounting, as well as other knowledge process outsourcing (KPO) functions.
It is predicted that the industry will post a 19% increase in revenues this year, reaching $13.4 billion, while full-time employees are expected to jump to 772,000. The overall goal of the industry is to reach $25 billion in revenues and employ 1.3 million workers by 2016.