Company: Eastvantage Business Solutions Inc.
Company Description: Eastvantage provides business solutions to global companies, enabling offshore operations from its locations in the Philippines, India and Bulgaria. The management team of Eastvantage brings a wealth of global insights and local knowledge in the areas of digital transformation, customer experience, and business support.
Nomination Category: Achievement Categories
Nomination Sub Category: Achievement in Sales or Revenue Generation
 Nomination Title: A 360°+ Business Development Cycle Strategy
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the achievements of the nominated department since 1 January 2020, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: Briefly describe the nominated organization: its history and past performance (up to 200 words):
Total 198 words used.
Established in 2010 by a Euro-Filipino team to help foreign companies tap into the rich Philippine talent pool, Eastvantage has since grown and now provides business solutions to global companies. It enables offshore operations from its locations in the Philippines, India, and Bulgaria. The management team brings a wealth of global insights and local knowledge in the areas of digital transformation, customer experience, and business support. Combining expertise with a hands-on approach to managing client relationships, Eastvantage makes outsourcing simple and seamless.
Eastvantage has grown steadily through the years until 2018 when the company realized it needed to strengthen its operations for it to be able to cope with the heightened requirements of its clients and the market as a whole. Thus, later that year, the company brought in Kamal Asarpota, a seasoned executive with a successful track record of delivering financial and business results with global organizations in the ITES/BPM Industry.
Supported by top management, Kamal began promoting an engaged and empowered team culture. In 2019, the company strengthened its core by improving operational efficiencies and getting the right people. The strategy established Eastvantage as a reliable partner, validated by seamless business continuity during the pandemic lockdowns.
- If you are providing written answers for your submission, you must provide an answer to this second question: Outline the organization's achievements since the beginning of 2020 that you wish to bring to the judges' attention (up to 250 words):
Total 244 words used.
When the pandemic struck the Philippines in early 2020, Eastvantage immediately put measures in place to minimize the impact on the company’s gains from the previous years and garnered a Silver Stevie award for its Covid-19 response efforts1.
The company continued strengthening its operations throughout 2020-2021, and beefed up its sales team. It reinforced its #everybodysells 360°+ business development cycle strategy which covers pre-sales to operations. The strategy involves not only the sales and marketing teams but the whole operations support team, including HR, recruitment, IT, finance, and administration. This, together with the entry of a seasoned investor in 2021 who brought in a deep understanding of scaling service operations, incentivized internal stakeholders to be aligned with company growth goals. Further, the company expanded its IT Managed Services. These measures enabled the company to grow its existing business simultaneously with new business acquisitions, at an increased win rate of 19% compared to 5% in 2020.
By the end of 2021, the company:
-
had an accounts portfolio of 50 clients, a 70%+3 increase from 29 clients in 2020;
-
grew its headcount by 70%+3, from 473 full-time employees to 815;
-
exceeded its EBITDA target;
-
closed the year at a 12% revenue growth; and
-
earned the highest annual income in its 11 years2 of operations.
As early as the first quarter of 2022, Eastvantage headcount has already increased by 20%. For the 12-month period ending February 2022, Eastvantage earned 32% more revenue compared to the previous period.
- If you are providing written answers for your submission, you must provide an answer to this third question: Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):
Total 236 words used.
The #everybodysells 360°+ business development cycle strategy focused on: professionalism; quick turnaround time; transparency; and flexibility. This greatly improved the Eastvantage customer journey and captured the confidence of buyers, such that the close or win rate increased by 14 percentage points. The increased requirements for augmentation of existing client-servicing teams and for building additional teams for newly acquired clients are definitely a staggering turnaround from the 20% workforce reduction in 2020. Noteworthy are:
-
70%+3 increase in Eastvantage headcount is way beyond the observed 8-10%4 annual growth of employment in the Philippines’ Business Process Outsourcing (BPO) sector
-
12% revenue growth rate surpassed the expected industry average of 2.7% to 3.2%5
Eastvantage has not only survived the threats to general business stability brought about by the pandemic, but it has evidently also outgrown the startup phase. Now in the expansion stage of the business, the company has opened up additional delivery centers9 in the Philippines6, India7, and Bulgaria. Further, it now has a US-based Business Strategy Advisor for its diversification in North America. The growth is expected to continue, as Eastvantage is bent on seizing opportunities by continually evolving in line with market demand. The higher focus on complex and digital services8 is one of the initiatives in this direction and is expected to contribute high value to the business. The direction is to further expand globally and be the IT Managed Services partner of choice.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 107 words used.
1Eastvantage Wins Silver Stevie® Award in 2021 Asia-Pacific Stevie Awards https://bit.ly/38VJDlA
2Eastvantage Turns Eleven: Intent on Becoming a Bigger Player in the BPO Industry https://bit.ly/3xnPEkm
3Eastvantage Reports 70% Growth in 2021 https://bit.ly/39aKQFP
4The future of BPOs in the Philippines and growth opportunities https://bit.ly/3zmOmrf
5BPO sector expects to sustain growth https://bit.ly/3aDF4wY
6Eastvantage Launches Inspiration Center in the Ortigas Central Business District https://bit.ly/3tkn80G
7Eastvantage Furthers Global Expansion with the Opening of Bangalore Office https://bit.ly/3NVHeGq
82020 Latest Report: BPO Industry In The Philippines Statistics https://bit.ly/3xaAiOU
9Eastvantage Ortigas Inspiration Center Launch (video) https://youtu.be/RpSCvKPDBLI
| Attachments/Videos/Links: |
|---|
|
