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Global Financial Crisis May Increase Demand For Virtual Assistants |
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It's just about impossible to pick up a newspaper or turn on the television these days without being inundated with gloomy reports about the current global financial crisis. With the credit markets still tight and consumer spending declining, one thing is certain: business owners are scrambling to find ways to reduce operating costs. Increased overhead costs are forcing many businesses to re-visit the concept of outsourcing their business processes to virtual assistants. These companies are looking at outsourcing work to virtual assistants as an effective alternative to achieve better cost efficiencies and allow them to concentrate more on their core competencies. One areas that is ripe for an influx of virtual assistants is the financial services sector. Outsourcing experts believe that business process outsourcing (BPO) vendors could see selective gains due to the ongoing consolidation that is occurring in the U.S. financial services sector. This could result in a big increase for outsourcing vendors in India who earn over one third of their revenues from banking and financial services. Another place reaping rewards from this financial mess is Hangzhou, China. Hangzhou's offshore outsourcing reached $160 million in the first nine months of 2008, with financial services outsourcing accounting for 43% of the total. Gu Guoying, Vice President of Insigma Technology, an IT provider offering financial services outsourcing says "Many multinationals have dismissed employees to cut costs, resulting in more opportunities for outsourcing services". Many in the BPO sector are confident that not only can they weather the current global financial crisis storm, but they also anticipate meeting their 2008 growth target of 40%. Although India and China are usually thought of as the primary countries for outsourcing, the Philippines have been rapidly rising as a BPO destination in recent years. Oscar R. Sanez, chief executive of the Business Process Association of the Philippines (BPAP) feels that businesses are continuing to look for ways to cut costs because of the financial situation, and one method is to outsource business processes. "In fact, we are in talks with several big players on possible contracts, including those with players in the financial services sector", remarks Sanez. These turbulent times are forcing businesses to be more cost conscious than ever. Corporate downsizing is also leaving many companies short-staffed to perform vital functions accounting, IT support and website maintenance. Virtual assistants can provide businesses with the support services they need at prices they can afford.
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