Business transformation is not only the mantra of Indian IT firms, but also that of the country’s business process outsourcing sector. With a value of $16 billion, the sector is now offering higher value service besides voice and data entry to telecom, technology, healthcare, energy, utilities verticals, and most notably in the financial services.
Given the new name business process management (BPM) from last year’s BPO, India’s IT industry body Nasscom has seen the industry moving towards the delivery of transformational impact to clients, instead of hinging on cost. Nasscom President Som Mittal, said customers are more focused on hiring service providers that can help run their businesses more efficiently, which can then lead to revenue enhancement.
According to a recent study conducted by Nasscom on India’s IT-ITeS sector, it was concluded that BPO companies are in the midst of developing industry-specific solutions which tackle long-term data management projects and building capabilities in core verticals. This is made possible by the addition of high-end services, and client interaction via social media. Industry experts have observed that the movement from cost-based to outcome-based model is being done with the help of emerging technologies such as Big Data, social media, analytics, and cloud.
Outsourcing advisory company Avasant’s President Pradeep Mukherji noticed that almost all new outsourcing deals are a combination of high-value processes and basic services, when it used to be highly concentrated on telemarketing, data entry, and business support. At this moment, clients are looking for a combination of process optimization, web collaboration, transformation, and revenue enhancement.