October 13, 2022
Almost 40% of the BPM outsourcing spending in the world is accounted for by the country
Over 60% of the surveyed companies have expressed great satisfaction with the delivery of Cloud, Artificial Intelligence (AI), Finance and Accounting (F&A), data and insights from India
The country has evolved in terms of service portfolio expansion, value propositions and business models
Over the next year, companies are planning to increase IT budgets by more than 10% on a weighted average
India’s Business Process Management (BPM) industry witnessed a double-digit growth of over 14% in FY22 at US$ 44 billion, according to NASSCOM. Almost 40% of the BPM outsourcing spending in the world is accounted for by the country.
The report is based on a survey conducted across 600+ Global 2000 (G2000) companies, between June-August this year.
According to the report, the biggest chunk of G2000 enterprises is currently using and evaluating India as a delivery location for BPM services. The country has also evolved in terms of service portfolio expansion, value propositions and business models. Over 60% of the surveyed companies have expressed great satisfaction with the delivery of Cloud, AI, F&A, data and insights from India.
Media reports said that since more than 90% of the G2000 companies are anticipating global uncertainties like macroeconomic issues, geopolitics, and delayed decision-making over the next year, they are planning to increase IT budgets by more than 10% on a weighted average.
In terms of talent, India continues to be a source of primary advantage. The report further added that besides investing in technology experts, BPM service providers are also upskilling their employees around areas such as problem-solving, analytical, logical & reasoning skills, along with project management. This is to ensure that the growing talent demand is met in time.
The key value drivers for the evolution of India’s BPM scene will be finding new sources of value, leveraging the problem-solving global talent pool, and using data-as-an-asset, powered by emerging technologies.
Implications
With emerging technologies across domains such as ArtificiaI Intelligence, Cybersecurity, and Internet-of-Things, the country’s involvement in adding value to the global BPM will be greatly increased. This will facilitate further growth of job creation, digital adoption, and contribution in service exports.
Source: Hindu BusinessLine