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Is there growth in the BPO sector? (Part 2)
- October 02 2019
- http://www.jamaicaobserver.com/business-observer/is-there-growth-in-the-bpo-sector-part-2-bpo-in-the-caribbean_175620
Some markets in the Caribbean region, namely the Dominican Republic, Jamaica and Trinidad & Tobago are considered some of the more attractive destinations for Business Process Outsourcing (BPO).
These markets have been identified for their competitive pricing (low labour and operational costs), well-educated and multilingual workforce, flexible regulatory framework, modern cost effective infrastructure, connectivity, cultural affinity, time-zone advantages and close geographic proximity to North America, its key source market.
To date, the Caribbean region has attracted more than 20 new foreign-owned call centres during the past three years, with a total investment value of US$170 million, creating close to 15,000 new job opportunities.
Large investors include Open Mobile, Health Centre Benefits, Convergys and Acquire BPO (Dominican Republic), Qualfon and Teleperformance (Guyana), DHL, Xerox, IBEX Global Solutions, Cimpress (Vistaprint) and Cable and Wireless worldwide (Jamaica).
Today, the region is expanding its offering into new BPO segments, including Finance & Accounting Outsourcing, Human Resources Outsourcing and Legal Process Outsourcing in the Bahamas, Barbados. Belize, Dominican Republic, Haiti, Jamaica and Trinidad & Tobago, respectively.
Trinidad & Tobago has attracted investments from the banking sector, with the Royal Bank of Scotland and Scotiabank operating their customer services from the island. Canadian Imperial Bank has been offshoring parts of their operations to Barbados since 2006. Trinidad & Tobago also has the highest per-capita population of accountants in the world, consequently, Scotiabank opted to establish a shared services and processing centre in Port of Spain.
BPO and other professional services generated over US$2 billion in revenue in 2014. In 2015, there were more than 200 delivery centres and 74,000 agents.