Local BPO industry, fastest growing recruitment sector

by Nilma DOLE

Sri Lanka has been recognised as a niche centre of excellence for Finance and Accounting Outsourcing with the world's second largest pool of UK qualified accounting professionals, second only to the UK. This was revealed at an executive briefing breakfast session organised by SLASSCOM (Sri Lanka Association of Software and Services Companies), the IT-BPO and knowledge services industry chamber.

The session was based on a report developed and produced by the ACCA (Association of Chartered Certified Accountants). In addition the local BPO industry has the fastest-growing recruitment sector for jobs in Sri Lanka. The session brought a range of insights from experts on finance transformation and the use of shared services and outsourcing.

Key topics that were delved upon were current financial issues, challenges and opportunities, and addressing unique perspectives on how successful transformation programmes can be delivered.

In today's global economy, it is knowing how to shape and use the optimal finance model to drive business performance.

Finance and accounting delivery through shared services and outsourcing services is playing an important part in optimising the structure of the finance function.

SLASSCOM chairman, Sujiva Dewaraja said, “In Sri Lanka, BPO is the fastest growing sector which has the capacity to develop and sustain. Internationally, there is a big demand.

Sri Lanka produces highly-trained BPO workers who are very versatile in their field.

He said, “Our analystical skills are good and Sri Lanka is willing to learn about niche markets and have catered to the demand of BPO outsourcing. International clients including those from European countries are keen to work with Sri Lanka's BPO sector because we train the best BPO employees to handle high-profile jobs.”

Dewaraja said that there is a BPO facility at Seenigama who help in the auctioning of well known artifacts involved with world-renowned auction houses such as Christie's and Sotheby's. He said,

“The Seenigama BPO is a good example of how Information and Communication technology (ICT) can improve the lives of people living in the rural areas.”

About 70 percent of Sri Lanka's population live in the rural areas and they need to profit from these developments that are taken for granted in the city and major towns.

Providing employment and career opportunities to the youth, BPO centres can bring in plenty of revenue and profits that can rake in an annual income of over Rs. 2 million.

The ICTA (Information and Communication Technology Agency) together with agencies, organisations and companies have brought in value and employment for rural youth by bringing BPO training and recruitment to them.

Also addressing the forum was Ronnie Peiris, a renowned chartered accountant professional who has been in the field for over 40 years. He said, “At present, Sri Lanka has 60, 000 IT professionals and they will turn out more graduates in the near future.”

He said finance transformation through shared services and outsourcing would not only reap benefits and profits to organisations but also will help develop these highly potential sectors.

Adding his comments to the forum was Vipula Gunatilleka, the Chief Corporate Officer and director of Aitken Spence who said, “Companies need a common strong back office and tan effective and efficient ERP (Enterprise resource planning) system should be in place before financial transformation occurs.”