New growth engines like business data analytics, robotic process automation and artificial intelligence will be key drivers of this quantum growth
Nasscom has set an ambitions revenue mandate for its member companies in the business process management (BPM) space.
The sector will rake in revenues in the range of $50 to $55 billion by 2025, against $30 billion revenues during fiscal 2017, the apex body said.
Going forward, new growth engines like business data analytics, robotic process automation, artificial intelligence, DevOps and cyber security, among others, are going to be the key drivers of this quantum growth in BPM, said Raman Roy, chairman, Nasscom.
Digital technologies currently account for only 10 to 15 per cent of revenues of BPM enterprises while this share is expected to reach 60 to 70 per cent in the next eight years, overtaking traditional streams, said Raman.
“Ours is a terrific story and no other single geography can match our capability,” said Roy, who is known as the father of Indian BPO.
He said, “The BPM industry is going from strength-to-strength, embracing the change as it emphasises on customer experience, service and innovation and setting the trends across the globe. In this era of changing expectations, hybrid growth driven by higher order thinking and digital assistance will drive dynamic shifts towards new geographies, verticals and markets.’’
Speaking on the occasion, Rohit Kapoor, chair, Nascom BPM Council said, “These are interesting times for the BPM industry, with digital becoming the driving force behind the growth of the sector. With customer experience becoming mission critical for companies, they are investing heavily in new technologies enabling artificial intelligence, automation, big data analytics in a secured fashion. We hope this trend will continue in the coming years and will set new benchmarks for the domain, positioning India as an undisputed BPM destination.”
The BPM industry is already creating a significant impact in four key dimensions, process improvements helping lower cost to serve and faster delivery, faster and higher return on investment, customers as partners to reduce risks and drive results and complete transformation of existing business processes, said Kapoor.
To maintain and accelerate the pace of growth in the BPM space, Nasscom has decided to focus on three things: get India the right positioning as the most attractive BPM destination, open up new, digital-led quick growth areas for the sector and create fresh talent through reskilling and training in collaboration with the academia, to service the RPA, automation, AI and digital service requirements of the industry.
The Nasscom top brass is in Bangalore to host a two-day BPM Strategy Summit 2017. The summit focuses on the dramatic technological shift in the BPM industry towards digital strategy, which is witnessing an ever-increasing adoption of robotic process automation, advanced analytics and digital assistance.