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Outsourcing cannot shoulder blame for industry shift

Outsourcing can only take 10 per cent of the blame in the decline of compliance-related work and the shrinking opportunities for fresh graduates, says an outsourcing firm.

Outsourcing cannot shoulder blame for industry shift
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David Carter, chief executive of Odyssey Resources, an offshore BPO centre in Vietnam, said automation has been the single largest disruptor in the compliance space and that graduates should instead leverage on their technology-centric skills to remain relevant in the industry today.

“Twenty years ago they put ATMs in and you don’t go to a bank anymore to get cash out. The tellers have moved up a level, they advise you on things and help you with other things. You don’t just go to a bank anymore to just get the cash,” Mr Carter said.

“Same thing with an accounting firm, you shouldn’t be going to an accounting firm to get your compliance stuff, there should be a lot more value add that accountants should be bringing.

“Anyone coming out of education, they’ve got the edge in terms of all the latest technology and the skills and experience and the social media and the marketing, I think there is a lot of input graduates should be bringing to the table because anyone’s who is in my generation, in their 40s and 50s, have no concept of social media, no understanding of marketing, kind of stuck in our ways.”

His advises graduates to utilise their superior knowledge in the technological realm to influence firms to adapt and change, and if all else fails, set up their own firm.

“The ability to set up a firm is so easy. Get a website, get some marketing, and with a couple of thousands of dollars in the bank, a graduate can pretty much set up a firm and do some bookkeeping straight off the bat,” said Mr Carter.

“I hear what people are saying but at the same time there’s never been a better time.”

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