The conflict between Russia and Ukraine affects both countries and the entire world. Currently, Ukraine is at risk of losing its information technology (IT) sector worth about $68 billion. Chief executive Kelly Holland of trade group Global Sourcing Association pointed out the massive repercussions of Ukraine because it is considered to be a large IT provider. Ukraine provides IT services to multinational banking, insurance, and other services related to finances.
IT Ukraine Association made a report last year about Ukraine as a breeding ground for talents good at software development. The industry has more than 200,000 professionals. The country developed many applications like the freelance platform Fiverr, Artificial Intelligence (AI)-driven tool Grammarly and productivity app Readdle.
Since the crisis between Ukraine and Russia continues to escalate, IT firms based in India are in a wait-and-see mode with their regional operations in Europe. Among the most extensive software services in the country is HCL Technologies, which ranked third place. Their company prioritizes the well-being and safety of their employees living in Ukraine and has since been closely monitoring the situation.
The National Association of Software and Service Companies (NASSCOM) said that the war impacts the business community, so they should constantly communicate with their member companies.
Meanwhile, Accenture, a multinational professional services company, announced the shutdown of its operations in Russia as it supports the people, companies, and governments who want to end the attacks on the Ukrainians and achieve their freedom. The firm also made a $5 million pledge for the citizens in Ukraine and neighboring countries for relief organizations. In line with this, the company will match any donations of its employees by 100%.
Global Healthcare Business Process Outsourcing Market
From 2022 to 2029, the expected growth of the global healthcare Business Process Outsourcing (BPO) market is at a Compound Annual Growth Rate (CAGR) of 11.75%. Market research and consulting firm Data Bridge Market Research (DBMR) said that this market entered North America due to the following:
- The rising presence of a strong reimbursement framework
- A high percentage of the claim records in the region
- The high public and private healthcare expenditure
Since the healthcare BPO is a business process, doctors and hospitals have the opportunity to find the best third-party vendors for their specific business needs.
Doctors and hospitals have specific business needs. Since healthcare BPO is a business process, it provides an opportunity to find the best third-party vendor such as Phoenix Virtual Solutions which employs HIPAA-trained healthcare virtual staff in the Philippines.
During the Innovation Week exhibition at the Dubai Expo 2020, potential representatives from Information Communications, and Technology (ICT) were identified and underwent a vetting process by Uganda’s BPO and Innovation Council. Permanent Secretary Dr. Aminah Zawedde of the Ministry of Information Communications, and Technology & National Guidance (ICT & NG) explained this process which focuses on helping the ministry in creating and generating 20,000 jobs for the youth over the next 18 months in the ICT outsourcing and innovation sector.
Fiji’s website, Outsource Fiji, serves us as a one-stop shop for outsourcing and investing in the island. It was listed as the CCW 2022 awards night sponsor and destination partner being that its proximity to New Zealand and Australia has made their markets quite famous spots for tourism. That’s why the country’s Minister for Commerce, Trade, Tourism, and Transport Faiyaz Koya said the island is fast becoming a nearshoring mecca for investors and local service providers who can easily visit and meet up on the island.
Ukraine's Acquisition News
Chazey Partners is a management consulting firm purchased by outsourcing services provider QX Global Group. This deal will let QX offer BPO management services to add its capacity for transformation and consultation. QX’s chief executive officer Frank Robinson stated that adding Chazey becomes a large-scale solution to the following growth barriers in other organizations:
- Digital adoption
- Business transformation
Chazey’s founder and chief executive officer Phil Searle will be Chief Transformation Officer on QX’s Global board.
Tata Consultancy Services (TCS) pioneered the first all-female BPO company in Saudi Arabia. All hired female professionals are from the capital of Riyadh and run up to about 3,000 with the office making its announcement in September last year. It will improve the operational efficiency of the clients by offering the following wide range of services:
- Human resources
- Specialized finance and accounting
- Office services
- Materials supply
South Africa has new streams for revenue in their outsourcing industry that ICT provider BCX (also known as Business Connexion Ltd.) created through its Exa innovation business unit. The company made a statement to use various strategic initiatives to commit to driving operational sustainability. Qonda is an AI customer service solution that was developed to serve as a bridge between digital and language in the BPO sector. The company also has a plan to include the following offerings:
- COVIDConnect (a contract tracing solution)
- Yep! Telkom Business digital marketplace
Wipro Limited is a global company specializing in IT consultation and business process services. The tech firm is adding 500 employees in Brazil for their cloud expansion with job roles ranging from IT, business development, engineering, operations, and consulting. Because of their human cloud concept, the latest recruitment reflects their strong growth in the Brazilian market. More than 1000 recruited employees are under the “work from anywhere” model.
Uniphore, a conversational automation provider, announced during its product launches to add U-Assist In-call in its flagship AI platform to automate in-calls. The company’s chief product officer Moni Manor identified the following ways in which their unparalleled platform can help:
- Reduced agent errors
- Increased satisfaction
- Minimized probability for repeat customer calls by follow-up calls
This platform will be available in Asia-Pacific, North America, and Europe. The estimated funding that Uniphore closed last month is the largest in the call center industry.
The CEO Magazine hosted the Executive of the Year Awards, and Andrew Hume, and chief executive officer of ProbeGroup, received an award as the CEO of the year. During his interview with the said magazine, he stated that the award served as a testament to his team’s hard work and dedication and his passion for delivering their vision through his strong leadership.
Because the company’s workforce showed dedication and combined this with Hume’s leadership, the employees grew from around 300 in two locations to 18,000 across five countries. Over five years, the revenue reached more than 630 million AUD (463 million USD).
Peak Support provides outsourcing services, and its first-ever Chief people officer is Brenda Poquette, an expert in Human Resources for 25 years in the global BPO space. Peak’s founder and chief executive officer Jonathan Steiman stated that Poquette’s expertise solved the company’s need to build an HR operation for its next phase of growth. Stephen Lowe is the company’s first-ever chief information officer and leads the internal technology and security functions.
Through Israel’s Ministry of Finance (MoF) and the National Cyber Directorate (INCD), the Inter-American Development Bank (IDB) received a $2 million grant from the country. This additional fund will make the cybersecurity initiative in Latin America and the Caribbean (LAC) established and stronger. Using this fund will build the cyber capacity of the region. Government officials can access cybersecurity’s world-leading knowledge and practices. IDB also recognizes the country as a global leader in digital innovation and cybersecurity to keep cybercriminals at bay.
Reasons for Outsourcing Many Businesses to Ukraine and the Philippines
Even if Ukraine is currently experiencing hardships, the country’s population is highly educated mainly due to relatively low-priced educational institutions. Its public education system is of high quality and boasts of many Ukrainian universities and colleges that prepare their students for careers in business administration, advertising, and economics. Its graduates are capable of integrating seamlessly into Western corporate life.
The time zone won’t be an issue if you’re in the US and Europe since the business hours overlap. Visiting Ukraine is not necessary even if Europe is two hours away from the country, so you know their available time when you need your virtual staff. Communicating with outsourcing firms in Ukraine and Southeast Asia, with companies like Phoenix Virtual Solutions, is also a convenient option. Ukrainian graduates are fluent in English, Russian, and Ukrainian while Philippine universities produce bi-lingual graduates fluent in English and Spanish.
Even though Ukraine is not cheaper than the Philippines as an outsourcing destination, it is indeed cost-effective. Having employees in both countries will save you up to 60% compared to in-house staff costs. The profit margins are larger. There is more room for your business to develop in other ways. The skills are trainable, in a wider range, and fall within your budget since the costs are lower. That’s why many companies have the biggest motivation to move some of their personal virtual assistant positions abroad.
Take advantage of the outsourcing sectors in Ukraine and the Philippines while cutting costs and expanding your business capacity. With fierce competition and rising labor costs, consider offshore outsourcing, especially with Phoenix Virtual Solutions and its HIPAA-trained Filipino healthcare virtual staff, to trim your costs and improve your profit margins. Make the right choice in choosing a business partner to move essential, 24/7 time-consuming tasks in customer service, medical billing and collections, back office, and more. Contact Phoenix today if you’re looking for a little extra support for your medical business.