The SSON Daily News: August 29, 2014

August 29, 2014 Technology Outsourcing And UK Financial Services Regulation The UK financial services regulator, the Financial Conduct Authority, has published a new list of considerations for regulated financial services firms planning to use third-party technology to support their operations. The list will need to be taken into account by any regulated financial services entity that falls under the auspices of the FCA. HDFC Ergo inks outsourcing pact with Accenture Private sector general insurer HDFC Ergo today signed a multi-year application outsourcing contract with Accenture, a global management consulting and technology services company. August 28, 2014 Global healthcare BPO market is expected to reach $188,856.5 million by 2018 The market is categorized into payer, provider, and pharmaceutical outsourcing segments. The payer market is segmented into claims processing, member services, HR services, and finance and accounts segments. Outsourcing custodian jobs to save Hampton Schools $2 million Outsourcing custodian jobs is expected to save Hampton Schools about $2 million this year.Education money is tight and all schools are looking for ways to clean up their budgets. Vineland, Landis Sewerage Authority make shared services agreement A shared services plan between the city and the Landis Sewerage Authority (LSA) will serve as an important precedent, according to the city council president, in the continued relationship between the two entities. August 27, 2014 Carvajal and EXL join forces Carlos Manuel Perez, the president of Carvajal TecnologÃ®a y Servicios, believes Colombia’s outsourcing sector is prospering thanks to free trade agreements and government-backed English language programs. DealNet Secures Early Start Letter To Commence BPO Services DealNet is pleased to announce that its BPO subsidiary, OC Communications Group, has executed an Early Start Letter with a leading Canadian insurance company. Banking and Financial Services Companies Turn to Outsourcing as Regulatory Pressures Squeeze Margins The global business process outsourcing (BPO) market in the banking and financial services (BFS) sector witnessed sluggish growth of 9 to 10 percent in 2013. However, a rebound can be expected as the economy finds firmer footing and as service providers invest in emerging markets and high-end services such as analytics, digital banking solutions, and expertise in regulatory compliance and risk management. 1st Line Outsourcing review their business development program All businesses have to start from humble beginnings, and the first step can often be the hardest one to take of all. There are many would be entrepreneurs who have a great business idea, yet they don't know how to put it into practice. Creating and developing a business can be easier than most people imagine. Here, 1st Line Outsourcing review the aims behind their business development plan, and how they hope it will help create a new generation of business people. August 26, 2014 India claws back BPO business from arch rival Philippines India has watched a large exodus of BPO business to the Philippines thanks to the country's more employable youth who are equipped with fluent English and perfect American accents. Now, however, companies are beginning to migrate back due to a greater need for integrated tech services. ICT/BPO sector eyes rural areas. RURAL Impact Outsourcing is being pushed in a bid to provide rural areas the opportunity to be actively involved in the information communication technology (ICT) and business process outsourcing (BPO) industry. Manufacturing chief points to outsourcing as one of the industrial trends of 2014. Creating value and managing risk are the driving forces behind a new global desire to ‘outsource’ according to the MD of one of the UK’s largest providers of control and automation solutions. PP Electrical Systems’ Tony Hague believes 50% of its £3m growth so far this year has come from Original Equipment Manufacturers (OEMs) looking to replace 100% vertical integration of production by sub-contracting out non-core competencies to organisations that specialise in those processes. August 22, 2014 British IT outsourcing company Quindell considers U.S. listing Quindell Plc, a British IT outsourcing and consultancy company whose stock has been hammered following allegations by a short-seller, said it is exploring a U.S. stock listing and will not immediately re-apply for a premium listing in London. HCL Tech awarded life sciences outsourcing leader HCL Technologies has been recognised as a life sciences IT outsourcing leader and a star performer by advisory and research firm Everest Group in its 2014 report on "IT Outsourcing in Life Sciences Industry." IT Outsourcing market to grow at a CAGR of 5.71 percent by 2018 IT outsourcing is the process of subcontracting the IT functions of an organization to a third-party vendor that has expertise in the required domains. 80% Of Healthcare Providers Outsourcing Some IT Services Most healthcare providers leverage outsourcing for some level of IT function and redirect critical human and capital resources to primary business objective. Kenya launch online eProcurement system The Kenyan government has launched an online system for the submission and evaluation of procurement applications as part of a move to enhance efficiency and decrease corruption. New financial services company Open Resolution to create 90 jobs in Cardiff after opting for Wales instead of India A start-up financial services company is to create nearly 90 jobs in Cardiff – after deciding to locate in the capital instead of outsourcing operations to India. With financial support from the Welsh Government Open Resolution is pioneering credit file correction services in the UK. In the US it is an established billion dollar industry. August 21, 2014 Nordic Buying Czech-Based Outsourcing Unit of ABB Group Scandinavian firm Nordic Capital is acquiring an outsourcing division of Switzerland conglomerate ABB Group, completing a sought-after corporate carve-out as buyout shops chase for primary assets. Putney explores sharing municipal services to save money Putney is exploring, with many other municipalities, how sharing certain services might trim budgets there and regionally. Speaking at the Aug. 13 Selectboard meeting, Town Manager Cynthia Stoddard reported that she had attended a session hosted by the Windham Regional Commission aimed at sparking ideas on how towns can leverage each other’s experience and strength in numbers. Rise of Hybrid Shared Services Model and Demand for Value-Added Services are Key Take-Aways from KPMG Report Five years on from issuing its first major report on Latin America as a nearshore destination, KPMG has released a follow-up edition highlighting the changes, disruptions and shortcomings of the LatAm outsourcing industry. August 20, 2014 Bacardi to Launch Shared Services Center in Costa Rica Spirit maker Bacardi has begun setting up a shared services center in the Costa Rican capital San Jose to support its business operation in Central America. Scheduled for inauguration in the first week of September, the shared services center will be staffed with technical, accounting and financial professionals. Ramco Systems signs HR outsourcing deal with Vopak’s Asia division Chennai-based software solutions firm Ramco Systems Ltd informed the BSE that it has signed a five-year contract with the Asia division of Netherlands-based Koninklijke Vopak NV, the world’s largest independent tank storage provider, to integrate a part of its regional human resource functions into a single platform. Under the contract, Ramco’s human capital management (HCM) solution and human resource outsourcing services will be made available to over 700 Vopak employees across eight entities in Singapore, Indonesia, Vietnam, Australia and India. IDB Loans Trinidad & Tobago $20M to Bolster its Outsourcing Industry The Inter-American Development Bank (IDB) has reportedly agreed to lend Trinidad & Tobago US$20 million to build ICT infrastructure and promote IT-enabled global services. August 19, 2014 BPO to muster US$ 6b by 2020 Sri Lanka's BPO Industry targets to achieve betwen US$ 4 to 6 billion by 2020, said Nivantha Kanuwana, Project Lead Institute of Business Processing Outsourcing(IBPO) at the launch of IBPO in Colombo on Wednesday. Kanuwana in an exclusive interview with Daily News Business said an investment of over US$ 110,000 has been made in the project with the target of training 20,000 BPO professionals by 2020. Global BPO Market 2014-2018 - New Market Report New Business market report from TechNavio: "Global BPO Market 2014-2018". TechNavio's analysts forecast the Global BPO market will grow at a CAGR of 5.63 percent over the period 2013-2018. Paxys, Inc. receives takeover offer The board of directors of business process outsourcing (BPO) firm Paxys, Inc. has received a proposal from its wholly owned subsidiary Paxys NV, offering to buy out the minority shareholders at P3.20 per share, the company said in a disclosure. Oakton's India outsourcing accounts for quarter of production With challenging conditions throughout the 2014 financial year, Oakton has announced today its full-year net profit has fallen 9.1 percent to AU$8.3 million, but revenue for the company increased by 1.4 percent in the period. In its potentially final set of full-year results as an independent company, following a AU$171 million cash offer from Dimension Data Australia for the company launched last week, the company said that customer focus on cost and value was leading to demand for cloud and offshore services. To that end, Oakton's Hyderabad office in India contributed 26 percent of the company's billable hours, up 6 percentage points on last year, and is forecast to grow about 30 percent for the 2015 financial year. Of the 1203 employees in the company, 309 currently reside in India. Veda extends outsourcing contract with IBM Credit information and analysis provider Veda has extended its outsourcing agreement with IBM, inking a new five-year multimillion dollar contract that adds cloud services. The contract extension was prompted by expected growth in Veda’s business, following significant reforms in the credit industry. Capita acquire business process services firm, SouthWestern for €35m Cork-based Business Process Services Company, SouthWestern, has been bought by global outsourcing firm, Capita as part of a deal worth €35m. SouthWestern, which also holds bases across the UK and Poland, provides front and back office business solutions spanning customer relationship management, financial shared services, data processing and inspectorate services to clients such as Bord GÃ¢is, the departments of agriculture and environment, Eircom, and FÃ¢ilte Ireland. August 18, 2014 Iloilo-based BPO rises to become among world’s best ILOILO CITY—A Filipino-American systems engineer visited a relative here in July 2004 and chanced upon an Internet cafe in La Paz district. Little did Rom Agustin know that the fateful visit to the cafe would lead him to establish Iloilo City’s first and largest homegrown business process outsourcing (BPO) marketing company, providing business-to-business (B2B) multi-channel marketing services to a number of leading multinational companies in industries such as software development, information technology and financial, medical and business services. STI enlists India's Tata Consultancy to design curriculum for BPO courses MANILA - The operator of STI schools has engaged the services of India-based Tata Consultancy Services (TCS) in designing the curriculum of the Philippine eductor's business-related courses. In a disclosure to the Philippine Stock Exchange, STI Education Services Group Inc said it inked a memorandum of agreement with TCS that will strengthen the industry-academic linkages in courseware development and faculty training of STI. ABC head sees more outsourcing The Managing Director of the Australian Broadcasting Corporation (ABC), Mark Scott has foreshadowed an increase in outsourced services as cost pressures continue to mount. Speaking at a meeting of the Faculty of Creative Industries at Queensland University of Technology, Mr Scott said there was strong argument that in an era of scarce funding, the default position should be that outsourcing must be looked at. August 15, 2014 ACMA looks to shared services as budget cuts loom The Australian Communications and Media Authority (ACMA) is exploring use of shared services for IT and backoffice functions to be implemented in the next financial year, as the government regulator faces budget cuts. Thales awarded £3.8m contract for home office security service Thales has been awarded a two year, £3.8m,contract to provide the Home Office with what it claims is a new fully-managed Public Key Infrastructure Shared Service (PKISS). The deal, awarded through the Cabinet Office's PSN Services Framework, will include software application development and is said to encompass all aspects of services support to the Home Office – including service desk, event and incident management, change and release management, and a continual service improvement programme. arvato Appoints Chief Information Security Officer to Support Growing UK Public Sector Business Chris Brine-Howe will be responsible for driving arvato’s information security strategy and implementing a best practice, holistic approach to security governance, risk management and compliance, working alongside arvato’s existing information security team. He’ll also oversee the security strategy, assurance and accreditation of arvato’s programmes with central and local government clients, and provide cyber security consulting services across public and private sector organisations. Cork BPO company Southwestern bought by Capita for €35m UK business services outsourcing group Capita plc has bought Cork-headquartered SouthWestern Business Process Services Ltd from private equity group Ion Equity for €35m. Ascena Retail Group, Inc. Announces Ribbon-Cutting Ceremony for New Shared Services Complex Ascena Retail Group Inc., a family of leading retail brands, will hold a ribbon-cutting ceremony on August 14, 2014 at 3:00 p.m. ET to celebrate their new 880,000 SF shared services office complex and national distribution center at 200 Heritage Drive in Pataskala, Ohio. August 14, 2014 Sydney Trains signs $35m outsourcing deal with HCL Sydney Trains has awarded Indian IT outsourcer HCL Technologies a five-year, $34.9 million deal to maintain and support 107 of the agency’s legacy applications. India wins back some voice-based BPO services from Philippines India is winning back some voice-based BPO services from the Philippines, as the small southeast Asian country grapples with high attrition and the advent of multi-channel customer service offerings. Worldwide business document work process management market to reach $13.6 billion by 2020 Worldwide markets are poised to achieve significant growth as the cloud computing utility infrastructure and the smart phone communications systems for apps are put in place, continuing to drive the use of electronic document replacement of all paper documents. August 13, 2014 Nigeria neglects $300bn outsourcing industry despite strong competitive edge The Nigerian government is neglecting the BPO industry as a veritable platform for employment creation despite the country’s strong competitive advantage in this area, market observers have said. August 12, 2014 Serta Simmons plans shared services center in UBS Tower Mattress industry giant Serta Simmons Bedding LLC is negotiating a lease on 45,000 square feet of office space at downtown's UBS Tower for a shared services center expected to employ roughly 100 people. Growth in IT outsourcing boosts struggling Bulgaria Excellent information technology (IT) and language skills have helped Bulgaria’s outsourcing sector boom, raising hopes that it could prop up the stagnating economy of the EU’s poorest country. How HCL, Firstsource, Maruti & Britannia emerged stronger from slowdown A slowdown can mean different things to different companies. There are companies that take a step back, or two. There are companies that press pause. But if there's one thing that runs through the four companies featured on this page, it's this: they became bolder in the slowdown, demonstrated greater urgency to move forward, and made calculated choices that entailed a risk they felt confident of managing. How HCL, Firstsource, Maruti & Britannia emerged stronger from slowdown Read more at: https://economictimes.indiatimes.com/articleshow/40073677.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst August 11, 2014 China outsourcing more manufacturing to the US China’s manufacturing investment in the US is increasing sharply, with factors such as cheap energy and incentives cited as reasons. UK manufacturing firm outsourcing spend increases to £130 million UK manufacturing firms increased spending on outsourced IT services to £130 million during the first half of this year, research has shown. August 8, 2014 Corporate Offshoring May Take A Hit Walgreen Co., which owns a 45 percent stake in Alliance Boots, the largest drugstore chain in the United Kingdom, has been considering whether to use an organization technique called an inversion to take advantage of the U.K's lower corporate tax rate. August 7, 2014 Flipkart to outsource some call centre work to Aegis Flipkart is inthe process of signing a call centre outsourcing deal with Essar Group's Aegis, as thee-commerce company looks to manage increasing complexity and scale in itsbusiness post its $1 billion (Rs 6,000 crore) fund raise. Government chief operating officer resigns UK government chief operating officer Stephen Kelly has resigned to join Sage as group chief executive. Kelly will remain a civil servant until joining the software house in November 2014. The Newcastle-headquartered multinational is the third biggest ERP software provider in the world, behind SAP and Oracle. It has over six million customer worldwide and focuses on the SME market. August 6, 2014 9 shared service facilities built in Davao According to the data released by DTI regional officer-in-charge Ma. Belenda Q. Ambi, there are four SSFs for Davao City, three in Davao del Norte, and two in Davao del Sur. The nine SSFs will cater to 235 micro, small, and medium enterprises (MSMEs) and generate 1,316 jobs. AstraZeneca supports shared services goal with ServiceNow ITSM AstraZeneca has deployed ServiceNow’s IT service management tools to support delivery of a shared services model within its business. The UK-based pharmaceutical firm is using the cloud-based ITSM software to create a single record of service issues across its organisation, consolidating its existing ITSM systems onto ServiceNow. Mphasis to deliver offshore BPO services to SWBC Mphasis announced that SWBC, a diversified financial services company, has selected Mphasis to begin delivering offshore BPO services. SWBC relies on Mphasis for managing complex data validation processes for the company's Lender Placed Insurance business. Hitachi to outsource finance & accounting ops to Genpact Genpact today said Japan-based diversified manufacturing conglomerate Hitachi has selected the outsourcing services provider to transform and outsource a number of its finance and accounting (F&A) operations. IT firms again face high attrition rates High attrition rates have come back to haunt the IT industry. While Infosys reported a whopping 19.5 per cent attrition rate for Q1, IT bellwether TCS (including BPO) reported about 12 per cent, its highest in the last eight quarters. Industry players give a variety of reasons, averring Q1 traditionally brings high attrition and that the increased rates denote revival in growth. August 5, 2014 Market for analytics in knowledge process outsourcing to grow exponentially: SAS The demand for analytics professionals in the knowledge process outsourcing (KPO) centres across the country would grow exponentially in the coming years, an official of SAS India said. Knowledge Management and Shared Services: Bridging the Vast Change in the Global Enterprise The last half-decade has seen a rise in shared services centers and a more complex landscape involving hybrid and innovative business models in global services, including a move from traditional "Lift & Shift" BPO to joint ventures and business structures of a more strategic nature for both customer and provider. EXL Teams up With Carvajal and Expands into Latin America Global outsourcing firm EXL Services has expanded into Latin America by acquiring a majority stake in the BPO unit of Colombian technology services firm Carvajal Tecnologia y Servicios. Split Personality: The Distinctly Different Paths of LATAM Shared Services Centers While many multinational companies boast mature shared services centers established a decade ago, an increasing number of smaller Latin American firms have been setting up their own shared services operations in the last few years. August 4, 2014 Global insurer outsourcing to grow with EU rule Solvency II is reaching far beyond its European Union origin, placing capital constraints on insurance asset allocation globally just as the low-yielding environment is pushing the boundaries of portfolio diversification. Wipro wins outsourcing contract Wipro has won a contract to provide total outsourcing solutions to ATCO in Canada and Australia. August 1, 2014 IT outsourcing grows 32% in EMEA region Outsourcing activity in Europe, Middle East & Africa (EMEA) region has recorded its strongest performance during the first half of the year since 2008 in terms contract value, accounting for more than half of worldwide value, according to Information Services Group (ISG). As Africa BPO business grows, a call goes out to get organized Following the example of the burgeoning business process outsourcing industry in India, African entrepreneurs are in a stronger position than ever before to offer outsourced call center services to companies operating out of North America and Europe, according to industry insiders. Gartner Recognizes TCS as a Leader for Finance & Accounting (F&A) BPO Tata Consultancy Services, a leading IT services, consulting and business solutions organization, today announced that it has once again been designated as a Leader in Gartner's Magic Quadrant report on Finance & Accounting BPO by the prominent global market intelligence firm. 2000 more jobs in 2 years in BPO field The government of Belize is moving quickly to meet demands in the BPO arena. According to CEO in the Ministry of Trade and Investment, the government identified BPO’s as a job creator in Belize and since that time the industry has been expanded from two companies who provided the service to 16 which are now operating in Belize. Those businesses have some 2,600 persons employed. There are now between one and two companies which make inquiries wanting to set up operations in Belize on a weekly basis. You may also like... The SSON News: March 2014 The SSON News: April 2014 The SSON News: May 2014 The SSON News: June 2014 The SSON News: July 2014

The SSON Daily News: August 29, 2014

Upcoming Events

Craft a Right-fit Target Operating Model for Finance with aTOM

Why GPO Authority and AP Evolution Depend on Visibility

WorkX

How Finance Leaders in Mid-Sized Businesses Can Leverage AI

How Agentic “AI Colleagues” are Transforming Shared Services

Next-Gen GBS: Leveraging AI to Lead in the Big Finance Age

Follow Us

Latest Webinars

Today’s AI for Tomorrow’s Finance: The Future of Accounts Payable

Inside ASP’s AP Transformation: What It Really Takes to Modernize Global Invoice Processing in SAP

The Top 5 Priorities of Forward-Thinking CFOs in Midsize Businesses

Recommended

Egypt: The Next Country North American Shared Services Should Consider IT and Bu...

How Do Sourcing Objectives and Criteria Determine the Sourcing Approach ?

The Outsourcing “Conundrum”: Securing the Benefits You Expect

EP17 The critical link between digital transformation and GBS (Global Business S...

BPO = Business Process Outcomes [not Business Process Outsourcing]

5 Ways Your Business Process Management System Could Be Failing Your Back Office

"Parts Is Parts" - The Key to Differentiating Yourself

Tech Demo: Accelerating Invoicing to Overcome Workload, Speed and Regulatory Cha...

What Will Save BPOs?

Shifting to SaaS may not eliminate the “Technical Debt”

Offshore Engineering R&D Centers Will Continue to Flourish in Current Crisis

Play Nice, Outsourcing Providers. There will be life after COVID-19

FIND CONTENT BY TYPE

SSON COMMUNITY

ADVERTISE WITH US

JOIN THE SSON COMMUNITY

The SSON Daily News: August 29, 2014

Upcoming Events

Follow Us

Subscribe to our Free Newsletter

Latest Webinars

Recommended

FIND CONTENT BY TYPE

SSON COMMUNITY

ADVERTISE WITH US

JOIN THE SSON COMMUNITY