According to the IT and Business Process Association of the Philippines (IBPAP), IT-BPM revenues are predicted to hit a staggering $35 billion by the end of 2023.
Which is great news if you know what the IT-BPM industry is. Because even those in the know can be baffled by the sheer amount of acronyms in the industry, as well as scraps of jargon and industry-specific language.
In a short explainer blog for the festive season, we’re untangling some of the most commonly used acronyms in the industry so you can feel more confident reading news stories and blog posts. So without further ado, let’s get stuck in.
What does BPO mean?
Business Process Outsourcing. This is a service where we help companies to unlock the power of their business by outsourcing key functions, teams and capabilities offshore to the Philippines. The country is a powerhouse of skilled individuals and teams committed to making your business better, faster and more efficient.
What is IT-BPM?
Information Technology and Business Process Management. This is the name of the sector in the Philippines and worldwide that handles BPO services. There are more than 1.3 million people working in the BPO industry in the Philippines, and the country holds 10–15% of the global BPO market. And that’s not all: data from Statista showed that in 2020, more than 47,000 Filipinos graduated with a degree in IT. This highly educated and skilled workforce makes the Philippines ideally positioned for international IT support.
What is RPA?
Robotic Process Automation. Not quite as futuristic as it sounds, RPA is a form of AI that uses smart software to automate some of the more labour-intensive or repetitive human tasks. That means people are freed up to work on tasks that need a human touch, like personalised customer service, HR functions, or even software development.
What is GenAI?
Generative Artificial Intelligence. This one has been a hot topic in recent years, with new and emerging technologies like Chat-GPT, Bard and DALL-E hitting the headlines for being able to create long and short-form written and visual content based on a language prompt, or instruction. GenAI is more than a fun tool, however, with practical applications including software development, developing chatbots and with even more services and functions on the horizon, GenAI is here to stay.
What does DDos mean?
Distributed denial-of-service. With cybersecurity continuing to be a trending topic for 2024 and beyond, a DDoS attack is a very specific type of threat for the IT industry. A DDoS attack is a huge threat to servers and networks and can render them unusable by the intended users. Indigo 21 has a specific cybersecurity solution that helps you prevent DDoS attacks.
What is an API?
Application Process Interface. Essentially, an API allows two different applications to talk to each other. Whether it’s a payment gateway allowing your bank account to pay for a product or service via an e-commerce website, or a tool to help you log in to an account via a social media account, APIs are a crucial piece of software to have. Indigo 21 is here to help you navigate the complexities of APIs and to help with our software solutions.
Why the Philippines is crucial in our industry
It’s easy to forget that not everyone speaks English or is familiar with the long list of industry acronyms. However, Indigo 21 is positioned between the UK and the Philippines, which boasts an English-speaking population of more than 14 million people. In fact, English is the primary business language in the country. And with a huge 9% of the Philippines’ GDP coming from the BPO industry, it’s the place to be for successful businesses.
To find out more about outsourcing, get in touch with us today.