Aitken Spence to ride on BPO boom

Tuesday, 22 March 2011 00:45 - - {{hitsCtrl.values.hits}}

Diversified blue chip Aitken Spence has decided to tap the growing potential in Business Process Outsourcing (BPO) marking its entry into IT industry.

The foray into BPO will be via the enhancement and expansion of Spence’s existing robust Financial Shares Services Centre (FSSC).

FSSC has been synergising the internal capabilities developed in IT and financial services over the years by catering to the diverse and complex accounting and support services of the Aitken Spence Group companies locally and regionally. Encouraged by the internal success and providing competent solutions within, Spence is expanding the Shared Services Centre to cater to the accounting requirements of external parties.

At present Spence is looking for a CEO to head the BPO operations and provide leadership in building relationships across this growing business to add value and make it a leader in providing high end financial services.

The Government has identified BPO/ITES as a thrust sector. The Sri Lankan IT and BPO industry is projected to grow by 26% in 2011 with export earnings estimated at US$ 390 million for 2010.

Sri Lanka has set a target of US$ 1 billion revenue with employment for 100,000 by 2015 in the IT/ BPO industry.

Whilst premier blue chip JKH was the first among conglomerates to foray into IT and BPO, late last year Hayleys stepped up its efforts by hiring top industry specialist Dr. Arul Sivagananathan to head Hayleys Business Solutions International Ltd., the export-rich blue chip’s Business Process Outsourcing (BPO) and Shared Services outfit.

Dr. Sivagananathan PhD (USA), MBA (Cranfield-UK), FCMA (UK), BEng(Hons) (London), AMIE (SL) was previously the Senior Vice President overlooking the Sri Lankan and Indian Finance and Accounting Operations of WNS Global Services, a BPO company listed on the NYSE.

Given its diversified portfolio the Aitken Spence Group has competence in tourism, logistics, plantations, printing, apparel, power generation and financial services.

In 2009/10 Annual Report Aitken Spence Deputy Chairman and Managing Director Rajan Brito said that the financial shared services centre launched in 2008/9 financial year made significant progress with the majority of Group companies now under its umbrella. The synergies of shares services have enabled the Group to achieve cost and operational efficiencies. The centralised division has also enabled greater visibility of subsidiary activities at the corporate centre. Relevant activities in the rest of the subsidiary companies including overseas operations were taken over by the Shared Services Centre in 2010/11.

Last year Aitken Spence’s human resource services arm branded “Genuity” was launched to provide services to external clientele.