Sri Lanka’s software industry is booming! Here’s why

What started off as an offshoring spot for foreign corporations in the interest of saving money and manpower, has now transformed into a destination that is brimming with new ideas, innovation and disruption. Yes, the story of how the software industry came to be in Sri Lanka is one of inspiration and awe, especially to other market sectors.

Inculcating highly productive work environments through employee-focused strategies, hundreds of the world’s leading brands are supplied with the IT collateral they need to ensure their customers are happy and their businesses are run smoothly.

Today, Sri Lanka isn’t merely a spot to save some money for global brands – it’s a hub for generating unique ideas that can revolutionise the way these companies function. Placing prime importance on the aspect of innovation, Sri Lankan software experts are not afraid to step out of their comfort zone and challenge their clients to create and establish systems that will enable them to be on top, and ahead from their competitors.

With a turnover of more than $1 billion in 2017, the nation’s software development front is still creating new benchmarks for itself. Why so? Here are a few good reasons why.

1. Innovation first

The importance of building an extraordinary software product could not be stressed any further. In Sri Lanka, our tech enthusiasts wholeheartedly understand this, and ensure that quality is never compromised. Following agile processes is key to getting a superior outcome, and the country’s 300+ tech companies are competent to maintain stellar standards in product development.

To have an offshore software engineering team in Sri Lanka means that you are bound to receive constructive feedback and suggestions throughout the development process; this means that we don’t just build, we also love to innovate and aren’t afraid to give our clients advice on how they can improve what they already have.

The flair to think out-of-the-box is something that is born out of the passion to deliver customer-centric products. We’re not afraid to challenge our clients on their existing practices, showing them the potential they have via innovative strategies and star-class products.

2.  Not just cheaper, but better

Statista reported on Sri Lanka being one of the most financially attractive offshoring destinations in 2017 (3.42 out of 6), but feasibility isn’t the only determinant to convince the world’s leading brands to establish back-office operations here.

While foreign corporations associate offshoring with cheap labour and lesser overheads, Sri Lanka takes it a step further by offering much more than value for money. Once again, the passion to innovate, deliver dynamic strategies and pursue disruption is something that sets the island apart from its South Asian neighbours (and possibly the rest of the world).

3.  Effortless and amicable

Sri Lanka is admired for its helpfulness and hospitality, but these qualities aren’t solely reserved for tourists. A friendly demeanor is part and parcel of life here, and extends towards work ethics just the same. What’s more, the nation’s 85,000+ workers employed in the IT sector are fluent in English, which provides a common language for communication.

4.  Support and backing

While Sri Lanka’s software industry in general has been born out of true dedication by those who initiated them (along with their own, hard-earned investments), support is being provided in different ways to help leverage the potential that the country has for this purpose.

If there’s one shortcoming that is prevalent in Sri Lanka’s tech industry (despite its progressive success) is that less university students are opting for IT after they graduate, in proportion to other industries. Considering the steady progress of the software development sector in Sri Lanka, the country can benefit with more youth choosing tech as their career of choice. Plus, providing university students higher exposure to new trends and technologies, while giving them the chance to innovate helps to close the skills gap that is sometimes prevalent here.

With the software development industry exponentially reaping profits year by year, the Sri Lankan government has also noticed the same. That is why the IT/BPM industry has been given a brand of its own (The Island of Ingenuity), along with a Rs. 300 million investment for the upcoming year. While the initiative is aimed at differentiating Sri Lanka as an IT destination from the rest of the world, it is also envisioning the creation and upliftment of 200,000 jobs and 1,000 start-ups by 2022.

In conclusion…

Sri Lanka’s software industry had its humble beginnings during the 90’s, and has steadily risen over the years to one that is highly dynamic, lucrative and driven by passionate aficionados in the field. The industry has also superseded other large-scale sectors in terms of providing excellent work culture, that heavily focuses on employee satisfaction and encourage freedom of creativity.

Innovation, combined with cost-effective solutions and easy communication have been the reasons why many of the world’s leading businesses have established software development operations in Sri Lanka. In addition to that, entities both state and private are actively willing to contribute, or are already contributing to the industry through investments and education, in order to fill in any skill gaps and encourage more people to join the ranks of some of the most prestigious software companies in Sri Lanka, and contribute to some of the world’s leading brands.

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