Inaugurating the BPM Strategy Summit 2018, the National Association of Software and Services Companies (NASSCOM) articulated the current state of the industry, stating that India continues to be the largest BPM base in the world, generating revenue close to $32.5 billion and an employee strength of 1.2 million. The focus is now on Intelligent Operations – process and domain expertise combined with digital technology. NASSCOM has stated that digital continues to be the key focus area for clients and service providers while the firms are focused at strategic acquisitions as the net margins showed stability.
Keshav R Murugesh, Vice-Chairman, NASSCOM stated, “As digital technologies reshape businesses, this industry with its foundation in domain and process expertise, is increasingly innovating to emerge as the hub for digital solutions. Upskilling for digital, acquiring competencies through acquisitions or partnerships, building platforms and products, and leveraging centers of excellence in new technologies are some of the key priorities of companies in the BPM industry.”
The Indian BPM industry now has more than a 37% share in global sourcing and is witnessing a 1.7x revenue growth. This is set to grow from USD 154 billion to a projected USD 167 billion in FY18, an increase of almost 8%. The summit highlighted how businesses are taking advantage of emerging technologies such as RPA, AI, digital communications, IoT, cognitive computing and more, to improve profitability, collaboration and competitiveness. The major row over data privacy needs to be addressed and compliance with the European Union’s GDPR (General Data Protection Regulation) as a regulatory requirement. Adoption of technologies like Blockchain and AI have shown how security, speed, and operational efficiencies can be enhanced. The most essential requisite for any firm is to understand how digital technology from chatbots to analytics can provide a real-time picture of customer interactions and provide customer satisfaction. The rise of robotic process automation (RPA) has also brought a plethora of opportunities to both organizations and individuals.
The summit, which was held in Bengaluru, highlighted that the Indian BPM industry comprises 17,000+ firms that offer a complete range of services. In the age of digital technologies, the industry has been adept at building the necessary skills and capabilities to address new and developing customer demands. Over the past few years, firms have made substantial investments in building their portfolio of capabilities around these technologies and have set up a number of labs and CoEs to deliver digital services to customers.
The two-day summit will also witness the felicitation of the NASSCOM Customer Service Excellence Award 2017, as well as speaker panels comprising of experts from across the globe, representing the leadership of digital transformation, automation, customer service, data analytics and insights, R&D and BPM across academia and industry.