As a sector, shared services and business process outsourcing (BPO) has been evolving steadily since its beginnings in the 1980s and 1990s. Back then, governments and the private sector began exploring the idea of shifting certain business operations, especially finance, IT, HR and customer services, to organisations either internally in the case of shared services centres (SSCs) or externally to third-party BPO providers.
Today, the sector has matured to the point where it’s moving beyond simply providing a traditional scope of services. Multinationals are adopting a global business services (GBS) approach, with organisations more closely integrated throughout a business than a traditional shared service organisation (SSO).
‘Over nearly two decades, the advances have been nothing short of remarkable’
More closely aligned with the C-suite, these are agile, technologically advanced and capable of delivering greater cost efficiencies. They’re involved with social responsibility and diversity agendas, environmental, social and governance (ESG) processes, and delivering transformation.
Growing market
Meanwhile, the BPO market value was around US$280bn in 2023 and is expected to grow 9.6% annually from 2024 to 2030. Businesses small and large opt for BPO services – from SMEs using a virtual FD/CFO to mid-tier firms outsourcing their HR and IT needs, to large companies shifting their entire back office to a third party, and seeking greater levels of integration and expertise.
‘I’ve seen this industry evolve tremendously over nearly two decades,’ says Sagar Ahuja FCCA, CEO of QX Accounting Services in India. ‘The advances have been nothing short of remarkable. And the outlook remains strong, with firms reaping transformative benefits.’
While the sector also faces significant challenges and hurdles – including geopolitical tensions and regulatory changes, which in some spheres have led to a trend in ‘deglobalisation’ – Ahuja says, ‘Global demand for outsourcing is still on the rise. Ultimately, firms that embrace tech, stay agile, and those that prioritise client satisfaction will thrive in this dynamic landscape.’
Fertile career ground
To this end, BPOs, SSOs and GBSs are fertile grounds for finance careers. ‘The outsourcing and shared services sector is a dynamic field offering more opportunities than ever before for finance professionals willing to adapt to technological advances and shifts in global business practices.
‘The future belongs to those who can balance technical expertise with strategic advisory capabilities, making them indispensable in a rapidly evolving landscape,’ says Zohaib Hassan FCCA, a partner at Finex Outsourcing in Pakistan.
‘Those with deep expertise in ESG, audit advisory and forensic accounting are highly sought after’
Hassan notes several factors shaping today’s sector, with client businesses seeking the following from their shared or outsourced providers: advanced skills and services; process efficiencies and transformations; access to a global talent pool; and help satisfying growing compliance demands, including managing evolving regulatory environments and integrating ESG into audit processes and broader business strategies.
This means there’s a growing demand for niche specialists, global collaboration and advisory, says Hassan. ‘Professionals with deep expertise in areas like ESG reporting, audit advisory and forensic accounting are highly sought after. Finance professionals now have the opportunity to work on cross-border teams, learning from different markets and enhancing their global perspectives. With technology handling the compliance-heavy work, there is an increasing demand for roles focused on advisory and value-added insights.’
Skills requirements
As the sector adapts to shifting client demands, so too do the skills required to service these. According to Hassan, the required skills fall into four areas:
- Advanced data analysis: ‘Professionals who can leverage data analytics tools and streamline accounting processes to enhance business insights and efficiency are highly sought after.’
- ESG expertise: ‘Finance professionals who can integrate ESG factors into compliance processes and audits are becoming increasingly valuable.’
- Cyber-risk: ‘With the growing reliance on digital platforms, expertise in cybersecurity and managing financial risks is critical.’
- Technology integration: ‘The ability to work with and manage automation tools and AI platforms is increasingly crucial, with roles such as financial technologists becoming more prevalent.’
An eye on tech
The notion of technology taking on certain accounting and finance roles was always going to be a hot topic for SSOs and BPOs, in which many traditional tasks are ripe for automation. However, the argument that this will lead to a loss of opportunities appears too pessimistic, particularly given that clients are seeking greater strategic insight and varied support from their SSOs and BPOs, says Ahuja.
‘The need for tech-savvy finance experts is only going to skyrocket’
‘Automation has really liberated finance professionals from mundane tasks, allowing them to dive into more strategic roles and advisory work. We’re seeing a surge in demand for skills in data analysis, risk management and financial planning – a trend that isn’t slowing,’ he adds.
‘As businesses ramp up digital transformation, the need for tech-savvy finance experts is only going to skyrocket. So there’s definitely a lot of room for growth and innovation in our field.’
Indeed, while repetitive tasks are increasingly automated, this shift is not necessarily leading to job losses, adds Hassan. ‘Instead, roles are being redefined. The focus is shifting from execution to supervision, analysis and interpretation of AI-generated outputs.
‘Meanwhile, platforms like MS Teams and Zoom have not only made outsourcing more feasible but have also strengthened collaboration and reduced friction between in-house and outsourced teams. These advancements make it easier for remote and hybrid teams to remain connected and aligned.’
