View from India: BPM ‘Future-nomics’ decoded
Yeah, that’s right. BPM Future-nomics is the buzzword at the NASSCOM BPM Strategy Summit 2016. Now let’s see what Future-nomics means.
The term Future-nomics is about the future of scale and it’s seen here in terms of scaling growth in the BPM industry through a combination of several factors including disruptive technology. Ah, that’s because we need something disruptive to shake up existing processes and drive in a new wave of growth in the BPM industry.
When we talk of disruption, it’s a known fact that disruptive technology has helped create several billion dollar businesses at an international level. “Uber in 2008 set a global example of a successful business wherein you tap a button and get a ride. It became a ride of a lifetime. In the Indian scenario, one is reminded of start-ups like Ola and Flipkart,” said Keshav Murugesh, chairman, NASSCOM BPM Council.
These examples of disruptive technology are pertinent because digital disruption is required for taking the BPM industry to the next level.
BPM’s digital disruption journey kicks off with technologies like robotics process automation (RPA), Platform-as-a-service (PaaS), Business Process as a Service (BPaaS) and multichannel integration, which are essential to meet upcoming customer demands. The need of the hour is domain-centric solutions with process optimisation and process engineering supported by tech-enabled platforms like cloud computing, social media and mobility, among others.
“The BPM customers want fundamental insights to improve business analytics. They want solutions that carry the promise of transactional ease across platforms,” added Prof Gautam Ahuja, Harvey C Fruehauf professor of business administration and strategy, University of Michigan.
Disruption in the BPM industry brings along challenges and opportunities. Mid-sized organisations are already considering outsourcing businesses. Most service delivery centres are extending their footprint to tier cities. This is a challenge in terms of logistics and infrastructure. It also creates employment opportunities for local people.
As against this background, it’s clear that disruptive technology is setting the stage for unconventional tools and scalable solutions to be implemented in the BPM industry. It’s interesting to note that the Indian BPM industry had gone through a phase when it lost out many clients due to incremental voice and call centre business. Good news is that a part of the voice-based BPO services which was lost to South East Asian countries, has made a comeback to India. That’s because we are supported by multichannel tech-enabled services like email and chat, which has worked well in the Indian context. Obviously the industry has equipped itself with scalable tech solutions and is now gearing up for new innings.
“Going forward, BPM businesses will be built around data and analytics. It also implies that we need to build a formidable workforce to take strides towards the next wave of growth,” explained Raman Roy, chairman and MD, Quatrro BPO Solutions.
In sync with the forthcoming trends, NASSCOM BPM Council believes in spotting and investing in talent. This talent takes into account bright students as well as promising professionals. The effort has shaped into an integrated campaign titled ‘Become World Worthy’, wherein students and professionals are mentored, their efforts fine-tuned to give a value-add to the domestic and international clients.
Consumer Interest Protection Task Force (CIPTF) is NASSCOM’s attempt to position India as a country that has taken steps to ensure that the practices in the BPM industry are regulated through a common code of practice. Whistle blower mechanisms are being set up to register complaints and an independent government investigation agency is also being established for identifying cyber crime.
In a nutshell, ever since the Indian BPO (business process outsourcing) industry was rebranded as BPM (business process management) it has positioned itself as a full service value provider rather than an industry that plays only in the lower end of the services spectrum.