National Association of Software and Services Companies (NASSCOM) has kicked off the BPM Strategy Summit 2018 in Bengaluru.
India has the largest BPM base in the world, generating revenue close to $32.5 billion and employee strength of 1.2 million.
“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,” Keshav R Murugesh, vice-chairman of NASSCOM, said.
The Indian BPM industry has more than 37 percent share in global sourcing and is witnessing a 1.7x revenue growth. This is set to grow from $154 billion to a projected $167 billion in FY18, an increase of almost 8 percent.
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.
NASSCOM said 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 has shown how security, speed, and operational efficiencies can be enhanced. Businesses should 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 opportunities to both organizations and individuals, NASSCOM said.
