Asia-Pacific Industry Speech Sample
Business process outsourcing involves contracting a third-party provider to run the responsibilities and functions of a business. It is categorized into back and front office outsourcing. Front office outsourcing deals with the customer -related services such as contact center. The back office deals with the internal functions of a business (Michel and Fitzgerald 225). This may involve accounting and human resource finance. HBO is a known industry leader. It is credited for providing successful business process outsourcing solutions. The need to expand its operations to off-shore outsourcing was a major debate. Asia and Latin America were selected as potential candidates.
The Government regulations are known to be very harsh especially on off-shore investors. The government implements high licensing and unreasonable registration requirements. It is also known to be very corrupt and there are insecurities in the enforcements of contracts. The political environment is volatile (Stone 20). Small businesses that do not have any political connections carry heavy burdens. This is because they are not protected from the strict laws and corruption in the region.
The workforce in Asia has experienced dramatic changes (Stone 21). This is caused by the creation of human capital programs. These programs also affected their dynamics and culture. They incorporated elements that helped in the development of every individual. They involved learning through exposure and promotions.
Poverty is widespread across the region. However, efforts to reduce this have led to the development of many companies that require professional outsourcing in order to boost their operations. Issues regarding security are questionable. This is because the government is involved in all business related activities and they are corrupt. However, with the right business connections and capital one is assured that their business is secured. Communication is up to date as many companies use the latest methods and versions of addressing information.
In Latin America, the government regulations are not strict on businesses. The government contributes in improving the environment to expand business opportunities and create a suitable environment for willing investors. However, the growth of businesses is not as much as that in Asia but there is still potential. This is because not many outsourcing companies have invested in the region. The workforce is educated and has the ability to develop.
Poverty has been reduced by creation of small scale businesses to help individuals develop themselves. Banks have contributed by issuing business loans. There is also a lot of corruption in the region. This is mainly by junior authorities that tend to prove to be difficult. Poverty in the region is experienced by the illegal immigration to the United States. They also use the latest technology in passing of information. This assures the business of response to advertisements and articles in newspapers (Gilley and Rasheed 770). The table below shows the growth in the economy of Asia and Latin America.
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