Bangladesh - The next BPO destination

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

BPO, which is contracted outside the company’s country called off-shore 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 more than 16 percent to become a 132 billion-dollar industry by 2012. Other locations like the Philippines and South Africa have emerged to take a share of the market. China is also trying to grab a place from a tiny 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 time to find a place where investors can depend on their service.

Bangladesh could be the next place. Bangladesh ICT (Information Communication Technology) Business Center (BIBC) has constantly tried to promote Bangladesh’s ICT business in the USA for the last few years and got some excellent responses. Although our next-door neighbor is a great competitor, Bangladesh has the potential and opportunity to win the game.

The outsourcing contract is an integral part of establishing an effective outsourcing partnership. The contract should be comprehensive enough to cover the breadth of services. 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 –

1. Today, in Bangladesh, BPO is the most upcoming and rapidly growing industry attracting educated youth all over the country. BPO workforce offers several advantages over their western counterparts in terms of cost savings (low-cost labor) and availability of skilled manpower.
2. Huge educated workforce compatible to perform the need.
3. The revenue generation by BPO and KPO industries in Bangladesh is much higher than in previous years. Almost two lakh people are involved in this industry, and the countdown is ticking fast.
4. Many native and foreign training companies are working to build a stable workforce to serve the BPO industry.
5. Bank and financial institutes paid attention to BPO services and listed these industries as an emerging business sector. Thus they are interested in giving loans in this sector with a minimum margin of interest.
6. The government also pays attention to giving some extra benefits to the investors. A tax deduction, income tax-free earning to enhance the business in this sector.
7. Security and privacy of the company

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