Perks of Business Process Outsourcing (BPO) services from Sri Lanka
In today’s rapidly evolving business landscape, companies are constantly seeking innovative ways to enhance their operations, reduce costs, and stay competitive. In such an environment, Business Process Outsourcing (BPO) has emerged as a game-changing strategy for achieving these goals.
While outsourcing has been a global trend for several years, Sri Lanka has become the rising star among all other countries in the global outsourcing economy. In fact, the Global Sourcing Association has named Sri Lanka as the “Destination of the Year” in 2019. Nevertheless, Sri Lanka has ranked among the Top 50 Global Outsourcing destinations by AT Kearney and ranked among the Top 20 Emerging Cities by Global Services Magazine.
So, read onwards to explore why Sri Lanka is considered one of the best outsourcing destinations in the world.
One of the most significant advantages of outsourcing to Sri Lanka is the cost savings it offers. Due to the lower cost of living, the compensations are also notably low in Sri Lanka compared to many other Western countries. It has been evident that consumer prices are 70% lower here than in other developed countries.
Another most important factor is the lower infrastructure and telecommunication costs Sri Lanka serves. Also, the electricity supply and office spaces/rentals are also at affordable prices. This cost advantage allows businesses to reduce overhead expenses without compromising on quality.
Sri Lanka boasts a well-educated and highly skilled workforce who is proficient in the English language. Since Sri Lanka offers free education, there are thousands of graduates who pass out every year in various fields. Thus, the country is known for producing talented and experienced professionals who can deliver exceptional services to the global economy.
Favorable business environment
Sri Lanka’s government is actively involved in providing a favorable environment for the outsourcing industry. It is clearly evident by having low tax and regulatory costs in Sri Lanka. Nevertheless, by having good IT infrastructure and good telecommunication facilities, the fact is simply proven again.
Since, data security and compliance are paramount in the BPO industry; the government of Sri Lanka prioritizes data protection and adheres to international data security standards, ensuring that sensitive information is handled with the utmost care and confidentiality.
Time zone advantage and cultural compatibility
Sri Lanka’s strategic and unique positioning between Europe and Asia provides a significant time zone advantage for businesses looking to outsource, making it possible for businesses in Western countries to operate seamlessly with teams in Sri Lanka. Also, it is a well-known fact that the country has a long history of British colonial influence. Thus, it has led to a shared cultural understanding and a strong command of the English language making communication effective and easier among team members in different countries.