A new process is expected to go beyond the growth rate of the information technology - business process outsourcing (IT-BPO) sector this year. Data analytics is a new higher level of outsourcing service that clients are pressing for. It is also where the IT-BPO industry of the Philippines can earn $7 billion.
Opportunities in the BPO sector
There are many uses for data analytics. Information is gathered, analyzed, and are converted into easy-to-process figures that can help organizations perform research, develop new products, monitor consumer behavior, among others. For instance, telecommunication companies, the banking industry, and retail chains deal with large volumes of data. These are then converted into useful information that can help guide corporations in making decisions.
At the Analitika’s press conference at the Manila Polo Club, Mariels Winhoffer, Country Manager at IBM Philippines, said the country is being prepared to become the global hub for smarter analytics.
The executive added that the Philippines only accounts for only one percent ($212 million) of the $212-billion global IT industry. She said the country can increase industry foothold to 10 percent ($7 billion in the $70 billion global big data/business analysis segment).
She also pointed out that the IT-BPO sector, though lucrative, is unsustainable and only grows five percent a year. Analytics, on the other hand, is growing by 15 percent per year. She then shared Gartner’s estimates where it is predicted that 4.4 million jobs in data analytics will be needed in 2015, but only 30 percent of the positions will be filled.