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International Businesses Look into Outsourcing and Mobile Manufacturing Potential in Egypt

The Senior Vice President and President of Ericsson in the Middle East and Africa, Fadi Pharaon, and a number of other executives met with Amr Talaat, Minister of Communications and Information Technology, on Tuesday. The growth of the company’s operations in Egypt’s digital services sector was reviewed at the conference.

This occurred while he was taking part in the events of the Barcelona, Spain-based International Mobile Exhibition and Conference (MWC 2023), which is put on by the International Association of Mobile Networks (GSMA).

The meeting highlighted what has been achieved to build the information infrastructure in Egypt’s villages within the framework of the Hayah Karima initiative, as well as Egypt’s digital strategy and the Egyptian state’s efforts to improve the quality of telecommunications and internet services across the republic.

In addition to discussing Ericsson’s vision and future objectives in Egypt, company representatives also evaluated the most recent products, services, and solutions offered by the firm. Opportunities for cooperation in establishing digital capabilities in line with Egypt’s digital strategy as well as utilizing Ericsson’s technology and solutions linked to combating climate change were examined.

Also discussed were ways to use Ericsson’s different outsourcing facilities in Egypt to grow the company’s activity in the field of outsourcing and exporting digital services from Egypt.

Talaat also met with Nokia’s CEO, Jean-François Barel, and other top executives to discuss the company’s plans to increase the amount of mobile phone manufacturing it does in Egypt and export it abroad. During this meeting, the Egyptian government’s facilities to encourage companies that manufacture and design electronics to invest and grow their businesses in Egypt were mentioned.

Additionally, he met with Alaa Bawab, general manager of Lenovo Group in the Middle East and Africa, and Wilfredo Sotolongo, senior vice president and head of customer division, Lenovo Group for Infrastructure Solutions. The potential of the corporation opening an engineering design center in Knowledge City, the New Administrative Capital, was considered at the conference.

It was mentioned that the Ministry of Communications and Information Technology established a center for the electronics industry in Egypt, in the Knowledge City in the New Administrative Capital, which houses businesses specialized in the field of electronics design, to serve as a center for research, development, and innovation, with its specialized laboratories.

Ralph Pichler, CEO of Detecon, a multinational firm specializing in management and technology consulting, and a member of the German Deutsche Telekom Group, also met with the minister of communications.

Officials from the corporation evaluated the company’s vision for the development of the telecommunications industry during the conference. The history of fiber optic cable deployment inside the German Deutsche Telekom Group was also examined.

Talaat outlined the initiatives made to disperse Egypt’s digital innovation hubs across the Republic in order to train digital cadres in the communications and information technology sector and to foster technical innovation and entrepreneurship.

 

 

 

 

 

source : zawya.com

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BPO market is expected to be worth USD 544.8 billion by 2032

The market for business process outsourcing worldwide was estimated at USD 245.9 billion in 2016 and is projected to reach USD 544.8 billion in 2032. This market is anticipated to grow at a CAGR of 8.5% between 2023 and 2032. company process outsourcing (BPO) is a technique that enables businesses to delegate non-core company activities and processes to outside service providers. BPO providers provide specialized knowledge and efficiencies that can result in cost savings and increased production. Companies can concentrate on their core skills and business goals by outsourcing operations like customer service, accounting, payroll, and data entry. Business process outsourcing (BPO), which includes knowledge process outsourcing, front-office outsourcing, and back-office outsourcing, can be carried out globally. Even though BPO has numerous benefits, it’s important to be aware of potential risks and difficulties related to outsourcing business processes, such as losing operational control or potential security or privacy breaches.

Top Business Process Outsourcing Market Trends

The market for BPO services is experiencing a spike in growth as a result of the increased usage of AI and automation. This is because there is a growing need for services like robotic process automation (RPA) and machine learning, which help streamline processes, cut costs, increase efficiency, and reduce overheads. Another trend that is starting to emerge in the BPO industry is cloud-based services. Businesses can now obtain BPO services thanks to a flexible, scalable, and cost-effective strategy. With chatbots and social media management, BPO companies are placing more and more emphasis on the customer experience. Additionally, the BPO industry is becoming increasingly specialized thanks to service providers who specialize in particular fields like medical billing, legal outsourcing, and research and analytics.

Market Growth

The Business Process Outsourcing (BPO) market has had impressive expansion in recent years, and it is anticipated that this growth will continue in the years to come. Cost savings, technical developments, and a skilled labor pool are all contributing to this expansion. BPO services offer scalability and flexibility, enabling businesses to quickly modify their operations in response to changing market conditions or client requests. As businesses turn to these providers for continuity during their crises, the COVID-19 epidemic has increased the adoption of BPO services. Analysts predict that the BPO market will continue to grow as more companies attempt to outsource non-essential jobs in order to concentrate on their key strengths and cut costs.

Regional Analysis

With a projected CAGR of 9.7% and a market share of 35%, North America is predicted to dominate the worldwide BPO market. In the near years, regional expansion should be fueled by the expanding demand for BPO services in this region from a number of IT companies as well as rising cloud computing use and service customisation to meet specific customer needs. Due to labor cost issues, an increase in the demand for experienced individuals, and steady digital investments made by market players throughout this time, Asia Pacific is expected to have the greatest compound annual growth rate (CAGR) of 10.2%.

Market Drivers

Business process outsourcing (BPO) has emerged as a rapidly popular and economical strategy in the digital sphere, allowing business owners to free themselves from tedious activities and concentrate on other crucial facets of their operation. The current digital transformation gives businesses the chance to move away from traditional business process services (BPS) and toward contemporary technical components like business process as a service (BPaaS), which will encourage long-term market growth.

Market Restraints

Cybercrime and data breaches, which can put the security and confidentiality of private corporate data in danger, are becoming a growing concern for the BPO industry. An further challenge could be the rising cost of labor in nations like India and the Philippines, where BPO services are commonly outsourced. Because of this, businesses must hunt for alternative outsourcing locations because outsourcing is no longer as cost-effective. BPO providers and their customers may also be at risk from geopolitical unrest and legislative changes in outsourcing nations. There may be reduced demand for some BPO services in the next years as a result of the growing usage of automation and artificial intelligence technology in corporate processes.

Market Opportunities

Businesses have a wonderful opportunity to modernize their processes, reduce expenses, and increase efficiency thanks to the business process outsourcing (BPO) industry. Customer service, technical support, accounting, human resource management, and back office operations are just a few of the many services that BPO providers offer. organizations can utilize the knowledge and resources of BPO organizations by outsourcing these tasks to specialist providers, freeing up their staff to focus on their main business operations. Since BPO providers frequently operate across numerous countries and are linguistically and culturally savvy, they provide businesses rare opportunities to access global labor pools. Furthermore, as more providers offer services like robotic process automation (RPA) and artificial intelligence (AI), which help businesses update their processes and improve customer experiences, the trend toward digitalization and automation is opening up new opportunities in the BPO market.

 

 

 

 

 

 

Source : globenewswire.com

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Insurance BPO Philippines: How is outsourcing impacting the industry?

MANILA, Philippines (AFP) – The Philippines’ flourishing business process outsourcing (BPO) industry has received international attention.

Insurance is one industry that has been severely impacted by this trend, with corporations increasingly flocking to the Philippines to outsource their insurance processes. This change has been fueled by a competent workforce, cutting-edge technology, and a climate conducive to corporate growth.

Several factors have aided the Philippines’ success as a leading destination for insurance process outsourcing. Because of its strategic time zone, English-speaking workforce, and cultural compatibility with Western countries, it is an enticing choice for insurance businesses looking for cost-effective solutions.

Furthermore, by fostering a business-friendly climate and investing in infrastructure, education, and workforce development, the Philippine government has played a critical role.

According to Ralf Ellspermann, CEO of PITON-Global and a seasoned expert in insurance process outsourcing, “BPO firms in the Philippines specializing in the insurance sector have excelled in managing a variety of front- and back-office processes.” Front-office services include customer service, sales, and policy administration, whereas back-office operations include claims processing, underwriting, and risk assessment. These companies provide a variety of communication channels, including phone, email, web chat, in-app messaging, social media, and interactive voice response (IVR) technologies, to provide seamless customer experiences.

The Philippines’ willingness to embracing innovative technologies is a crucial reason in the country’s success in insurance BPO. To improve insurance processes and create more effective, customer-centric services, the industry has leveraged artificial intelligence (AI), machine learning (ML), robotic process automation (RPA), natural language processing (NLP), data analytics, cloud computing, and blockchain technology.

AI and ML are used to examine large datasets, resulting in more accurate risk assessment, personalized rules, and improved fraud detection. RPA automates repetitive procedures, increasing efficiency and allowing people to focus on more complex tasks. NLP enables more intuitive communication between customers and computer systems, ultimately improving customer interactions.

“Data analytics enables insurance companies to identify patterns and trends, leading to better pricing, risk management and product development. Cloud computing offers a scalable, cost-effective infrastructure, ensuring that businesses can quickly adapt to market fluctuations. Lastly, blockchain technology provides increased security, transparency and efficiency in processes such as claims management and policy issuance,” Ellsperman explains .

The combination of these cutting-edge technologies has resulted in considerable benefits for insurance companies outsourcing their processes to the Philippines. Reduced costs, higher operational efficiency, and increased customer satisfaction are just a few of the benefits that have established the Philippines as a prominent insurance BPO destination.

As the Philippines continues to solidify its position as a leader in insurance process outsourcing, the global insurance industry is taking note. “With a potent combination of skilled labor, advanced technology and a supportive regulatory environment, the Philippines is well-positioned to capitalize on the opportunities and challenges that lie ahead in the rapidly evolving world of insurance services,” Ellspermann asserts.

 

 

 

 

Source : philstar.com

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How to Successfully Outsource Business Operations ?

Many businesses are already convinced of the benefits of outsourcing IT-intensive operational processes to a third party. They can gain more flexibility, cost savings, and the ability to embrace new and innovative services, all while reallocating employees’ time to pursue strategic goals.

However, selecting the right business environment for a BPO partner is critical. Choosing a BPO hub with low entry barriers, a highly trained workforce, and low operating costs can provide transformative business opportunities. If you get it wrong, those opportunities could be lost.

Opportunities for Outsourcing

In today’s global market, which has been impacted by macro events such as the Covid-19 pandemic, geopolitical instability, and the climate crisis, businesses are looking for new ways to maximize their efficiency and agility. Simultaneously, in order to remain competitive, they intend to reduce operating costs and accelerate their progress toward strategic investments.

A number of key trends and growth opportunities are providing new opportunities for BPO companies to expand. One example is innovation. The increasing adoption of technological advances such as cloud computing and AI is generating new operational efficiencies and capabilities. The rise of cloud computing is one of the drivers of BPO adoption, allowing BPO operators to offer tech-enabled reduced time to market, lower costs, and improved quality. As a result of the Covid-19 outbreak, the corporate world has adapted, and teams can now be located across continents, allowing decision-makers to set up cheaper operations in new markets with highly skilled talent pools.

Another important trend is the diversification of BPO opportunities for businesses in terms of scope and scale. Accounting, compliance, human resources, IT services, payments, and quality assurance are examples of back-office BPO operations. Businesses can also consider outsourcing front-office functions such as customer service, sales, and marketing. BPO is in high demand in industries such as healthcare, banking, information technology, and telecommunications.

Because of the tech-driven, ever-expanding world of business services covered by BPO, businesses now have revolutionary operational opportunities at their fingertips. To remain competitive, decision-makers can reallocate time and resources away from peripheral functions and focus on core competencies such as customer relations and product leadership. When compared to in-house departments, BPO partners can frequently offer lower costs, improved service quality, and more accurate reporting. What is the end result? Greater business productivity and market agility.

The ideal location

Businesses interested in BPO opportunities must still choose the best partner in the best business environment. Tax rates, regulatory restrictions, talent availability, and geographical location all play a role. For example, a lower income tax environment and a cheaper labor force mean that both BPO companies and their clients stand to gain a competitive advantage by taking advantage of Georgia’s unique business environment. Meanwhile, a highly skilled, multilingual workforce will enable outsourced functionalities to provide a high-quality service.

It’s no surprise that several BPO titans are expanding their presence in Georgia. Examples include Concentrix, Asseco, Evolution, EPAM, and Majorel. According to a spokesperson for Majorel, Georgia’s “engagement of local employees, business-friendly investment climate, and partnerships with both state and private local institutions” made it an ideal location to establish and grow operations.

Georgia has a multilingual, skilled, and reasonably priced workforce. Because of the country’s relative energy independence, it can offer world-beating living costs. Over 40,000 people work offshore in IT and BP. The government intends to train 5,000 IT professionals by the end of this year. This workforce of 1.6 million people, nearly half of whom are under the age of 45, comes with a flexible labor code, with labor productivity expected to grow at a 5.8% annual rate. The government funds and facilitates customized vocational education programs, with approximately 2,400 new students enrolling in IT courses each year. Georgia’s competitive strength is reflected in its thriving service industry, where exports increased by 61% between 2020 and 2021.

A World Bank investigation determined that Georgia was the seventh-easiest country in the world to do business in. It is the world’s third least taxed country in terms of total tax rate, with 0% tax on retained profit. It has a strategic location, cultural similarities, and is close to major markets; citizens of 98 countries can visit Georgia without a visa and stay for up to a year. High-speed internet and robust network connectivity make it ideal for IT activities, and the government’s Log in Georgia program will provide broadband internet to all settlements by 2025.

Georgia’s FDI grant offers BPO companies a 15% cashback on qualifying capital expenditures and training costs. The scheme aims to encourage FDI growth, as well as the transfer of knowledge and technology and the creation of new jobs. IT activities are also subject to preferential taxation, with personal and corporate income taxes reduced to 5% for multinational corporations.

Choosing the right BPO partner is a critical decision for any business. Georgia provides an ideal environment for offshore business processes. To learn more, download the whitepaper on this page.

 

 

 

Source : investmentmonitor.ai

 

 

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Outsource Guru, headquartered in Singapore, is an established Industry Leader in Business Process Outsourcing Solutions and Software As A Service (SAAS) Integration. Currently partnering MSME’s and large corporations across 12 different industries globally, Outsource Guru has produced phenomenal results by successfully integrating AI technology and restoring workflow efficiency.

With its integrated grid of business solutions and a highly skilled international workforce, Outsource Guru is now the partner-of-choice for business establishments globally.

 

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Will AI Disrupt the Global BPO Real Estate Market?

Anyone who has used ChatGPT in the last few weeks will be astounded by the current state of artificial intelligence (AI). Microsoft recently announced a $10 billion investment in OpenAI, the company that created ChatGPT. AI is undeniably the buzzword of the moment.

Many people believe that AI will eventually replace many of the mundane and repetitive tasks that humans perform. It may eventually reach the creative and innovative parts of the human mind. Actually, ChatGPT can already give us a hint. Some people have asked it to write an essay, a screenplay, or other tasks that would normally require human thought.

Some people are concerned that AI will easily replace customer service representatives in the near future. One possible indicator of this is the use of helpdesk chatbots on some websites, which make it difficult to reach an actual human for assistance with a question.

Because many customer service jobs involve answering frequently asked questions, the answers could help train AI algorithms to respond in a specific way.

If AI chatbots or metaverse humanoids can provide excellent customer service with only a few human inputs for some complicated questions, the massive global business process outsourcing (BPO) industry and the accompanying real estate infrastructure that supports it will have to take notice. However, it is far from a dormant industry. According to Statista, the global BPO market’s revenue could grow at a combined annual rate of 6.48% between 2023 and 2027.

This is a sensitive subject that has an impact on global employment during difficult times, as well as investors in global BPO industrial parks and buildings. If the business model involving human call center agents changes, the industry and its investors must adapt.

If something like this happens, I believe the potential impact on real estate that BPO drives and enables globally could be significant. What would happen to the real estate used by this industry if demand for even work-from-home human call center agents fell one day? I believe it all comes down to how effective these AI algorithms are at replacing human customer service representatives.

As an investor, keeping track of AI trends and developments through news reports or published executive studies can help you understand what jobs may be at risk in the future. Keep track of whether these technologies are already “fit for purpose.” Some people, for example, have asked AI models to write software code, articles, legal opinions, medical opinions, and even screenplays. Other types of AI are used by some people to create songs, music, and digital art. While not all of the results are spectacular, some are. Take note if your investments fall into any of these categories. If text chatbots begin to proliferate on many business websites, keep an eye on news reports that state whether or not human call center agents are involved.

 

 

 

source : forbes

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About Skyhigh.Vip

Skyhigh.Vip is a global institutional investor with a vast interest in Arts / Construction / Education / Business Services / E-Sports and various other growth industries.  

Several of its popular portfolios include GO Chambers which is the world’s largest business chamber listing provider with over 30,000 active chambers as its members.  

Outsource Guru is the global choice for Business Process Outsourcing that offers a full stack of services for all aspects of business process flow and together with Flexgigzz.com as a platform for freelancers aims to provide best services for many businesses.

For growth industries there is Point of Authority for a professional E-sport team and gaming hardware superstore, and there is AtelierAuction which is an investable art auctioneer and being in the art scene for decades.

 

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Philippine BPO Industry Exceeds 2022 Targets With A Hybrid Work Setup

Philippine call centers and other outsourcing firms exceeded revenue and hiring targets last year and expect even more growth in 2023, as global businesses continue to seek cost-cutting measures.

According to the IT and Business Process Association of the Philippines (IBPAP), the economically vital business process outsourcing (BPO) industry, which provides support services to companies ranging from Amazon to Zoom, revenue increased 10.3% to $32.5 billion, and staff count increased 8.4% to 1.57 million.

Financial services, health care, retail, technology, and telecommunications fueled growth, according to the report. The trade association predicted a 7% to 10% increase in revenue and a 7% to 8% increase in headcount.

According to IBPAP, the industry’s workforce could reach 1.7 million this year, with revenue reaching $35.9 billion, representing 8.3% and 10.5% growth, respectively.

The group, citing its own survey, said 83% of outsourcing companies expect to post growth in 2023 “despite a potential global recession,” while 17% were “neutral with their forecasts.”

According to the survey results, organizations will continue to outsource and use global business services to cut costs.

The sector’s latest good news is a better-than-expected performance in 2022. The government allowed PBO companies with work-from-home arrangements for their employees to keep tax breaks in September. Many outsourcing firms operated under an investment regime that required employees to work on-site in order to receive tax breaks, and the hybrid work setup was initially a temporary measure implemented in response to the pandemic.

IBPAP pledged to generate 2.5 million jobs and $59 billion in annual revenue by 2028, the end of President Ferdinand Marcos Jr.’s six-year term.

The lofty goals come as the call center industry faces a number of challenges, including automation, difficulty hiring qualified workers, and rising competition from other outsourcing destinations such as India, Poland, and South America.

“We still have a long way to go, but [the] Philippine [industry’s] stellar performance in 2022 brings us closer to generating 1.1 million new jobs for Filipinos,” said IBPAP President and CEO Jack Madrid in a statement.

“It’s also a testament to the collective efforts that the private sector, government and academe have exerted to retain the industry as an indispensable pillar of the economy,” he said.

 

 

 

 

 

Source : asia.nikkei

________________________

About Skyhigh.Vip

Skyhigh.Vip is a global institutional investor with a vast interest in Arts / Construction / Education / Business Services / E-Sports and various other growth industries.  

Several of its popular portfolios include GO Chambers which is the world’s largest business chamber listing provider with over 30,000 active chambers as its members.  

Outsource Guru is the global choice for Business Process Outsourcing that offers a full stack of services for all aspects of business process flow and together with Flexgigzz.com as a platform for freelancers aims to provide best services for many businesses.

For growth industries there is Point of Authority for a professional E-sport team and gaming hardware superstore, and there is AtelierAuction which is an investable art auctioneer and being in the art scene for decades.

Read more