February 13, 2012: Even though India is a large country with a huge population, it is now facing a problem of inadequate talent pools in the sector of Business Process Outsourcing. This has turned out to be an opportunity for Sri Lanka which has started to concentrate on the sector based on its strengths.
The talent pool in Sri Lanka is rich with expertise in accounting, analyzing and other business skills, which gives them advantage in the Business Process Outsourcing sector over India. Experts from the industry say that Sri Lanka should lay emphasis on the strengths it has in the outsourcing industry and should manage to capture a considerable portion of the market share.
The global outsourcing business is worth more than USD 150 billion and half of it which amounts to USD 75 billion is being served in India. The BPO business across the world is worth USD 3 trillion.
According a report on the outsourcing destinations published by Tholons for the year 2012, Sri Lanka is emerging as one of the favorite outsourcing destination. In the report Sri Lanka has now become the 19th favorite destination in the South Asian Region. Last year it was in the 20th position.
To make use of the advantages offered by Sri Lanka, many of the global outsourcing service providers have set up and others are planning to setup delivery centre in Sri Lanka to offer high-value finance and accounting outsourcing services to customers across the world. The report observes that the outsourcing industry in Sri Lanka is fast expanding after decade’s long civil war in the north western region of the country. Such positive developments are driving the growth of the industry in Sri Lanka and have resulted in the advancement of the position in the rank list of favorite destinations across the continent.
The improvement in the position indicates that the outsourcing industry in the country is strong enough to attract global clients. The outsourcing industry in Sri Lanka is set be worth billion dollars in 2015. The outsourcing service providers in Sri Lanka provide services in the areas of accounting, IT, and also legal processing to some extent. The advantage enjoyed by Sri Lanka is that there are many English speaking graduates who had graduated from foreign universities. More over the cost factor is also an advantage enjoyed by the country like any south Asian country. With the current level of performance the position of Sri Lanka is expected to improve the years to come.