Let us share below the key findings of the IT BPM Industry Survey for 2021 conducted by the IT & Business Process Association of the Philippines (IBPAP). Most people felt the major impact of the Pandemic to the IT BPM Industry and thier individual companies. However, there is light at the end of the tunnel. The outlook is becoming more positive for the industry and its players.
The global IT-BPM market grew by 2% in revenues, ending 2020 at $212-$216 Billion.
The Philippine IT-BPM industry demonstrated resilience in the face of unprecedented global disruption, adding 23,000+ of jobs and generating revenues of US$26.7 billion.
Growth driven by the following verticals: Healthcare, Retail/E-commerce, Banking, F&A, and Insurance; while Travel and hospitality verticals were severely hit. IT-BPM companies started to regain momentum by late Q3, showing signs of recovery as early as Q4 2020.
Business outlook is more optimistic, where recovery and rebound is expected in 2021.
More people are embracing the new normal and see the positive changes happening in the as more people get vaccinated and the global economy continues to open up.
A good number of firms express that they have plans to expand in the countryside within the next 12 to 18 months.
Although companies felt the impact on employee productivity and business operations, most organizations are putting plans in place to prepare for further improvement of business conditions in the Philippines and globally.
Work From Home/ Work From Anywhere will continue in the foreseeable future.
A majority of organizations are also saying that hybrid working models will continue to prevail in 2021 and possibly, in 2022 as well.
The COVID Pandemic accelerated the major trends of the work anywhere behavior. Employees and thier Employers recognized these trends and have started to adopt them further as part of the new normal of the workforce.
Challenges exist because of Work from Home and Work Anywhere and one of the biggest challenge is motivating and recognizing employees working outside the office. Employee recognition and motivation is a major pain point for several companies.
Company Key Priorities: Operational Excellence, Digital Transformation, and Partnerships.
Operational excellence is a key priority as companies adapt to the Pandemic and the new normal of the workforce, including new ways of doing business and operating their company.
Digital Transformation and Partnerships are critical as companies find ways to improve operations and serve changing customer needs. Partneship is needed with Digital Partners to accelerate transformation and avoid the pitfalls.