Bangladesh : The next BPO destination

BPO ( Business Process Outsourcing) is the service that involves the contracting the operations and responsibilities of specific business functions (or processes) to a third-party service provider. Basically, this service was associated by the manufacturer. To concentrate on the business more, now they hire a third party how can work for them for marketing, customer support and many more.

BPO, that is contracted outside the company’s country called offshore outsourcing. More than 65% of the BPO is off shored.

Companies are looking for outsourcing partners from dozens of geographies and sites. India is the leading BPO service provider in the world. According to Global Infotech Analyst International Data Corporation, the Indian software and BPO segment will grow at a rate of more than 16 per cent to become a 132 billion-dollar industry by 2012. Other locations like Philippines and South Africa have emerged to take a share of the market. China is also trying to take a place from a very small base in this industry. However, India is slowly losing its advantages because of the high cost. It is anticipated that India will lose its market by 2020. So it’s the time to find a place where the investor can depend for their service.

Bangladesh could be the next place. Bangladesh ICT (Information Communication Technology) Business Center (BIBC) has been constantly trying to promote ICT business of Bangladesh in the USA and got some good response.  Although our next door neighbor is the great competitor, Bangladesh has the potential and opportunity to win the game.

The outsourcing contract is an important part of establishing an effective outsourcing partnership. The contract should be comprehensive enough to cover the breadth of services being contracted for. Since most outsourcing relationships are multi-year in duration, it should address how the contract will be reviewed and amended to reflect changing business requirements.

Now let’s have a look at the scopes of Bangladesh in BPO in this present global economic scenario –

a. Today in Bangladesh BPO is the most upcoming and rapidly growing industry attracting the educated youth all over the country. BPO workforce offers several advantages over their western counterparts both in terms of cost savings (low-cost labor) and availability of resourceful manpower.

b. Huge educated workforce compatible to perform the need

b.The revenue generation by BPO and KPO industries in Bangladesh is now much higher than those of previous years. Almost two lakh people are involved in this industry and the countdown is ticking fast.

c. Many native and foreign training company are working to build a strong workforce to serve the BPO industry.

d. Bank and financial institutes pay attention on BPO service and listed this industries as an emerging sector of business. Thus they are interested to loan in this sector with a minimum margin of interest.

e. Government also pays attention to give some extra benefit to the investors. Tax deduction, income tax free to enhance the business in this sector.

f. Security and privacy of the company

Considering all the factors and scenario, Bangladesh is the next choice for BPO sectors. That day is not so far, when Bangladesh will lead the BPO sector for its quality, integrity, passion and excellence.

References: Wikipedia,articlesnatch.com.