The Indian Business Process Management (BPM) industry, with revenues pegged at $44 billion, experienced double-digit growth of over 14 per cent in FY22 as compared to FY21, according to Nasscom. It accounts for nearly 40 per cent of global sourcing spend.
“India’s BPM sector has evolved in terms of service portfolio expansion, value propositions and business models. The segment has continued its transformation, building new value offerings for global clients to help them with scale and efficiency,” Nasscom said.
Nasscom in collaboration with HFS Research launched a new research report titled “The Evolution of BPM Services: Cost, Outcomes, and Growth” based on an extensive survey of 600+ global 2000 enterprises conducted between June to August 2022.
“The highest concentration of G2000 enterprises is currently using and evaluating India as a delivery location for BPM services. Over 60 per cent of the surveyed enterprises have declared extreme satisfaction with the delivery of Cloud, AI, F&A, data and insights from India,” the IT industry body said.
As per the survey findings, over 90 per cent of the surveyed G2000 companies are expected to increase IT budgets by more than 10 per cent (weighted average) during the next 12 months though uncertainties like macroeconomic issues, geo-politics and delayed decision making may create some headwinds.
The scale of technical talent also continues to be the primary source of competitive advantage for India. BPM service providers are investing in not just technology experts, but also soft skills. Training and building the in-house talent pool with problem-solving, analytical, logical & reasoning skills, along with project management skill sets have also emerged as key requirements to meet the growing talent demand.
While until now BPM providers were focused on costs and outcomes of their clients, going forward, they will need to match their growth with the goals and purposes of their clients. Finding new sources of value, leveraging problem-solving global talent pool, using data-as-an-asset, powered by emerging technologies, will be the key value drivers for the evolution of BPM in India.