A budding industry has been giving foreign businesses a new reason to outsource to the Philippines.
Data analytics, a useful process that guides the decision-making of companies, is expanding at a rate that is thrice the pace taken by the information technology and business process outsourcing (IT-BPO) industry. Growing by 15%versus IT-BPO’s 5% annual rate, the higher-value outsourced service poses to account for 10% of the $70-billion worth global analytics segment.
Several big names in the local and international business scene have also expressed support for the data analytics sector by forming an alliance meant to push the Philippines as the global center for smarter analytics.
Dubbed as “Analitika,” the consortium led by tech giant IBM aims to shape the country’s workforce into analytics-ready professionals by injecting analytics courses in the curricula of grades 11 and 12.
Once equipped with the necessary knowledge, the Philippines could possibly supply 70% of the worldwide market needs by 2015. This answers the deficit estimated by research firm Gartner, saying that only 30% of the 4.4 million data analytics jobs will be filled next year.
IBM Philippines country manager Mariels Winhoffer assured this, claiming that the country is “ahead of the curve” since the Philippines is one of the few nations other than India, China, and Singapore that are making an effort to put up a data analytics industry independent from IT-BPO.
Winhoffer further noted that data analysis is beyond IT-BPO because it requires higher skill set levels. She added that current IT-BPO workers can qualify for data analytics if they acquire training in multi-disciplinary skills such as statistics, economics, accounting, and engineering.
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