Ivaylo Slavov, CEO of BULPROS and AmCham Board Member, was guest at the TV Europe’s Business Daily Show hosted by Dimitar Vuchev. He shared his views on the key factors for business success, the IT industry development and future trends.
He started with short overview of the BULPROS success story. The company was founded by 5 people and just in 8 years grew up to 1300 professionals, working in 18 offices in Europe and North America. Its focus is on empowering businesses in their Digital Transformation journey with innovative solutions, services and products.
“One of the most important things for every company at its beginning is to have a vision with clear goals and good strategy how to achieve them.”, said Ivaylo Slavov.
Essential for the BULPROS success was the fact that from the very beginning the company developed strong partnership relations with the leading technology companies. Another key thing to build a successful company is to be able to restructure it as it grows because its goals, needs and strategy evolve:
“You need to adapt the strategic planning and positioning of the company, the management of the responsibilities etc. A lot of companies fail to succeed because they don’t have a scalable business model.”, commented Ivaylo Slavov.
One of the main focuses of the conversation was the need of qualified professionals which possesses a challenge for the IT industry on a global scale. At the core of the BULPROS achievements during the years are the people. “It is hard to scale your business if you do not have enough qualified people and this is a global challenge”, said Slavov in this TV interviewe. Robotics, artificial intelligence and big data are transforming all the industries and there is great need for IT professionals. At the same time the educational system is not developing as fast as the business and cannot meet its needs. That is why nowadays it is essential for the companies to invest in different educational programs (trainings, student practices, prequalification programs, etc.) and proactively look for people who have the potential to develop their IT skills.
Another milestone for the companies which grow fast, such as BULPROS, is the balance between what needs to be invested and the speed of growth. “It is a challenge to grow fast because you need to take care of your employees and keep them engaged and at the same time you need to invest in the growth of the company and take it to the next level of its development (regarding processes, tools, systems, etc.)”, said Ivaylo Slavov.
Important part of the growth is the international expansion of the company. The key market for BULPROS is Germany, where the organization develops its operations from the beginning. It is also expanding its business in the United States and United Kingdom. Asia is becoming a very interesting business destination as well. BULPROS has established partnerships in Korea and China and is looking for new opportunities as in Asia there are big global holding companies which need support for their European operations.
The IT outsourcing sector is one of the key drivers of the Bulgarian economy – the environment regarding finance, business, infrastructure, etc. is favorable for its development. In this context another topic covered during the conversation was the work of the Bulgarian Outsourcing Association. Ivaylo Slavov shared some of its main focuses: education, opportunities for development, employment strategy, etc.
One of the most interesting questions was regarding the negative connotation of the word “outsourcing”. “The solutions and products which we create have serious added value for the companies which outsource their processes to Bulgaria. We have highly qualified professionals with deep expertise. For example, SAP and VMWare have outsourced some of their activities and RnD here.”, said Ivaylo Slavov. At this stage of the digital transformation of all industries, this business will continue to grow in the future years.
There are a lot of business opportunities but the success is related to building a strategy for meeting the need for qualified professionals. There will be a shift in the type of services and processes as some of the tasks will be performed by robots and Artificial intelligence but the demand is so high that the need for qualified people will remain. That is why there is a strong need to develop a strategy with concrete steps focused on the demographic challenge. For example, attracting the young Bulgarians to return to their hometown and continue their professional development here, motivating people with Bulgarian origin to come and work in the country or even attract foreigners from outside the European Union. “As more and more people choose to study abroad, another possibility is to create an educational and professional environment which will motivate them to choose Bulgaria for their future development.”, said Ivaylo Slavov.
The next big thing in the IT industry will be the connectivity and the access from anywhere to everything. The big corporations which are becoming more powerful than the national governments raise the need for new governance. This will change the way we leave, think, interact, work. The other trend which will have great impact on our personal and business lives is Big Data which we need to find an efficient way to manage, shared Ivaylo Slavov.
Source: TV Evropa and BULPROS