Focusing on the evolution of the Indian Business Process Management (BPM) sector and the role of new technologies in creating a strategic road-map for the future, the National Association of Software and Services Companies (NASSCOM) kick-started the two-day NASSCOM BPM Strategy Summit 2016 in Bengaluru. Growing at a CAGR of over 8%, the BPM industry clocked a total revenue of USD 28 billion during FY-2016. With a share of over 25% of the total IT-BPM exports, the industry added 49,000 employees to its workforce, at a rate of 4.7%, taking the total no. of employees to 1,086,000.
Speaking about the wave of change, Mr. R Chandrashekhar, President, NASSCOM said
Automation, Digitalized processes and new business models are enabling the BPM sector to take a step forward in adopting a more strategic role as compared to being just another outsourcing platform. The next wave of growth for the industry will come from increasing demand of technologies like advanced analytics, social media, mobility and other new technologies, driving demand for specialised services. The BPM sector has always been a major contributor towards the growth and the industry today has a more strategic and intellectual role to play, gravitating towards global competitiveness.
NASSCOM also discussed the preliminary recommendations of its Consumer Interest Protection Task Force (CIPTF) in dealing with reputational risk. These recommendations will be shared with the Government and other relevant agencies in greater detail. The recommendations identify the following intervention points to address cases of tech fraud, and enhance consumer interest protection.
i. Prevention via development of a common code of practice featuring standards security, privacy and ethical practices
ii. Detection & Reporting by setting up an accessible whistle-blowing mechanism for registering complaints
iii. Investigation through an independent govt. investigation agency with the jurisdiction and power to co-ordinate between governmental agencies and departments
The Indian BPM industry is a leader in the outsourcing business with revenues of US $28 billion, this leadership position is built by providing high quality services as-well-as confidence to overseas clients that data of their customers would be safe and secure in India.
The recommendations and action points put forth by NASSCOM Consumer Interest Protection Task Force, will help create a more secure ecosystem for the industry, enabling it to focus on growing from strength to strength. For the BPM industry to grow to USD 50 billion by 2020, the BPM Council has taken certain focused initiatives to enable this progress. The BPM Council has focused on re-branding and re-positioning the industry from the supply and demand side respectively. In addition to this, the Council is working on building a Centre of Excellence on data sciences and capacity development for emerging players and skill and talent.
NASSCOM also announced the Top 10 BPM exporters in India for the year 2016. Genpact Ltd. leads as top exporter followed by Tata Consultancy Services Ltd. and Wipro BPO in second and third places respectively.
About NASSCOM
NASSCOM is the premier trade body and the chamber of commerce of the IT-BPM industries in India. NASSCOM is a global trade body with more than 2100 members, which include both Indian and multinational companies that have a presence in India. NASSCOM’s member and associate member companies are broadly in the business of software development, software services, software products, consulting services, BPO services, e-commerce & web services, engineering services and animation and gaming. NASSCOM’s membership base constitutes over 95% of the industry revenues in India and employs over 3.5 million professionals.