Several countries are known for their outsourcing services. India, the Philippines, and Brazil are big outsourcing centers due to their workers’ high English proficiency rates and technical knowledge. Other countries are catching up to their proficiency with specialized experience as well. Some of these countries are:
Outsourced finance and bookkeeping services in Egypt are getting a boost as of late as more and more countries look at the Mediterranean country as an alternative to Eastern Europe. Egypt was shortlisted by the European Outsourcing Association (EOA) in 2016 that for Outsourcing Destination of the Year.
The country has also received other awards for its outsourcing excellence. Accounting services in Egypt, in particular, can run the whole gamut of services offered by a full accounting and finance department at a fraction of the operational cost.
Latin America as a whole is an emerging market for programming and IT outsourcing. Argentina, in particular, is made notable for their hard and soft skills; a high percentage of software development and English proficiency makes developers in this Latin America country ideal for outsourced work. Furthermore, the country was ranked by the World Trade Organization as one of the top ten global exporters of computer services.
Blockchain and cryptocurrency mining is also less regulated here than other Latin America countries. The inauguration of the Federal Blockchain of Argentina is a testament to their willingness to develop their beginner platform into one that can standardize blockchain technology.
Egypt might be stealing Eastern Europe’s thunder, but Bulgaria is still reaping the benefits of the 13 percent growth of the data center market in the region. Bulgaria is in the top 20 countries most desired for their outsourcing services, and as cloud computing continues to grow, its status is undoubtedly to follow suit.
An outsourcing industry that has already reaped benefits from this grown is the BPO sector. Cheaper pay, high English literacy, and a hungry roster of highly-skilled developers ensure that Bulgaria has no shortage of skilled workers.
Legal process outsourcing (LPO) involves handing pricey legal work to counterparts in countries where said procedures are cheaper to complete. Barbados and other Caribbean countries are working to capture the LPO market. The island nations are already foreseen to grow by 30 percent per year.
Interest in LPO in North America and the U.K. remains strong despite earlier predictions. Customers in these regions are also looking for countries that offer business models from traditional service providers. Alternative business structures, coupled with excellent education standards and technological industries form the proposition of Caribbean nations to other countries looking for good outsourcing.
Outsourcing is beneficial to all parties involved. Businesses get top-level talent that they might not be able to afford or find in their home countries. Economies of outsourcing countries are boosted by the billions in earnings, stimulating their job market and widening the services offered by companies based there.
Nonetheless, businesses have to select the right services. A Fortune 500 company can afford to hire more locally, while an emerging market can use help from other countries. Business owners have to assess what they want out of the service they are availing.