GBS WORLD NEWS | WEEK 4 | AUGUST 2024
Teleperformance, the global BPO giant, has expanded its Jamaican operations by opening a new branch in Westmoreland, creating 800 jobs. This addition complements their existing 3,700-strong workforce in Jamaica. The move aims to improve employee comfort and productivity, particularly benefiting the 400 staff who previously commuted from the area. Local leaders hailed the development as a significant economic boost and a positive step for Westmoreland, which has struggled with crime.
A New-York-based CX automation tech company, Verint, is earning praise after its AI-powered Call Risk Scoring Bot blocked US$6 million in fraudulent self-service attempts for a BPO in July 2024. The BPO, providing a tool for state unemployment insurance payments, faced aggressive fraud targeting. The Verint bot analyzes customer behavior, proactively detecting and mitigating fraud, safeguarding millions in taxpayer dollars while enabling secure unemployment insurance access for consumers.
A recent article published by YahooFinance highlights how Costa Rica has solidified its status as a tech hub amid a nearshoring surge, driven by investments like Intel’s $1.2 billion semiconductor facility. The country’s appeal includes tax incentives, regulatory reforms, and a 99% renewable energy grid. Costa Rica is also benefiting from the U.S. CHIPS Act, which supports its growing microchip manufacturing sector. These developments align with both nations’ goals: the U.S. reducing dependency on South Asia, and Costa Rica advancing its economic plans.
In Manila, the Philippines, ProHance co-sponsored the 14th Philippines Shared Services and BPO Week 2024. The event gathered industry leaders to discuss the evolving trends in Shared Services, GBS, and BPO in the Philippines, which holds a 13% share in the global IT-BPM sector. The focus was on the industry’s shift from cost-focused to value-driven operations, highlighting the need for digitization and transformation to enhance service management and meet client demands.
In Singapore news, the research and advisory firm, Forrester, have released their 2024 Singapore Customer Experience Index. The index reveals that financial services brands – including banks, investment firms, and insurance providers – show minimal competitive differentiation, with overall CX quality rated as just “OK.” The study highlights the need for brands to improve CX drivers, such as problem resolution and transparency, to stand out. Despite efforts, the industry struggles to enhance customer experiences and loyalty.
According to a recent report from Verified Market Reports, the global contact center market is projected to grow at a 14.75% CAGR, reaching US$ 92.54 billion by 2030 from US$ 34.67 billion in 2023. Growth is driven by the increasing demand for enhanced customer service, AI-driven technologies, and omnichannel communication. However, high implementation costs, data-security concerns, and workforce-management challenges are barriers. North America leads the market, with Asia-Pacific rapidly emerging as a key player due to outsourcing hubs like India and the Philippines.
Also in global market reporting news, the global procurement outsourcing market is expected to grow from US$6.4 billion in 2023 to US$16.1 billion by 2032, at a CAGR of 11%, according to a recent report from Allied Market Research. Growth is driven by technological advancements and the need for efficiency and productivity, with key segments including cloud deployment, large enterprises, and the BFSI industry. North America is expected to dominate the market due to digital transformations across various sectors. Challenges include loss of control, visibility, and data-security concerns, while opportunities lie in strategic sourcing and category management.
