SPi Global's Maulik Parekh tackles building companies for the next generation BPO in Asia CEO Forum
The Asia CEO Forum, which is operated by the Chalre Associates and headquartered in Manila, is one of the most important regular networking events for the international business community in the Asia Pacific region. The forum provides an opportunity for the spreading of ideas that help both expatriate and Asian management personnel overseeing enterprises in Southeast Asia.
Being a seasoned executive and a recognized thought leader in the Philippine BPO industry, Maulik knows whereof he speaks. Clearly familiar with global and local BPO trends and developments, he noted that despite the impressive performance of the offshoring and outsourcing industry in the Philippines, BPO companies should not be complacent. Instead, they must still be able to create value for their clients; nurture their leaders to their full potential, taking advantage of the opportunity to employ many good ones because BPO is a people intensive business; and foster entrepreneurship and creativity that would manifest ideas into reality to ensure growth in the coming years.
“The Philippine offshore market size is expected to triple by 2016 with revenues growing from US$9 billion to US$25 billion. Globally, the revenues in the BPO sector may reach US$124 billion in 2016, up from the $45 billion recorded in 2010,” Parekh said recognizing the huge potential of companies to get a bigger slice of the market if they are poised for it
With competition growing, especially in the Asia Pacific region, companies must be able to differentiate themselves and be able to offer services with increasing value for their clients. “One of the trends that we should all watch out for is the shift in the level of business that’s generated from voice to non-voice. In 2016, the non-voice sector is expected to grow to 58% from 2010's 43%, looking at the local BPO industry as an example. The ratio between voice and non-voice already showed what the future should be. Non-voice is the future.”
Expounding on value creation for clients, Parekh stated that companies must have a holistic understanding of the industry and the way products or services can be delivered not only cheaper but also better and faster. He noted that although cost-saving strategies offered by BPO vendors are essential in driving the industry's growth, it would be more helpful to look at the other side of the equation.“ Engagements are driven by clients and they have realized that creating more value with less cost is done by leveraging their existing offshoring and outsourcing partnership with companies like SPi Global,” Parekh added.
Delving deeper into how SPi is poised for the next generation BPO, Maulik shared a recent major initiative that his company is undertaking—the so called SPi Healthcare Academy, which he says is a value–centric solution to an identified industry gap. Knowing the huge potential of healthcare information management in the major markets and aware that the Philippines can play a key role in the sector the SPi Healthcare Academy aims to develop the required talent and skills that can prepare Filipinos in the healthcare industry for high-value work through Certified Professional Coding Program, Mentor Training Program, and Web-based Continuing Education.
On being people-centric, Parekh explained that BPO being a people-intensive business should foster the spirit of entrepreneurship and creativity among its people as this will help fuel company and industry growth in the coming years. To be truly people-centric, employees need to be provided an environment that has the right organizational structure that supports career advancement, the right leadership that inspires the mind and nurtures the spirit, and the right culture that rewards performers based on merits.
“I really believe that if a company creates a more people-centric culture and create an environment that is sticky to the people, we won't have to worry about trying to bring in 100,000 people incrementally into the system every year,” he added.
“Be innovation-centric,” the last point emphasized by Maulik as important to be ready for the next generation BPO. For SPi Global, this is about developing cutting-edge technology and solutions for the changing landscape of the publishing marketplace done through the SPi Innovation Lab.
About SPi Global
SPi Global is one of the world's largest and most diversified Knowledge Process Outsourcing and Customer Relationship Management service providers in the industry. The company has more than 14,000 employees globally, serving more than 500 clients worldwide. It is also the largest Filipino-owned BPO company employing 11,000 people in the Philippines.