Astronomers say a supernova hits when a star completely reinvents itself at its core. Supernovae are rare, with only five visible to the naked eye in the past 1,000 years. Far from the realm of the galaxies, the business process management (BPM) industry experienced its own “2X Supernova” moment, with the unexpected onset of the Covid pandemic and a totally revamped value creation. While the transformation from business process outsourcing (BPO) to BPM happened years ago, this “2X Supernova” moment brought about momentous change in the blink of an eye.
It should be noted that India’s BPM industry now numbers 1.4 billion people and saw its revenue soar to $44 billion in FY22. These numbers describe how an industry has established itself , serving as an agile transformation partner for business enterprises and delivering predictable results in an environment of unpredictable business variability. The BPM industry is leveraging digital and advanced technologies (artificial intelligence, robotic process automation, advanced analytics and hyperautomation) extensively to create resilient new business models for a world where anything can happen. He saw the distinct evolution from business continuity planning (BCP) to what I call pandemic continuity planning (PCP). Additionally, it cast a secure shield with industry-leading infosec standards to improve control and compliance across operating models and locations and ensure cybersecurity work and results.
Next generation transformation
This is a deliberate evolution from BPO to BPM over the past two decades. Both in terms of value proposition and associated technological levers, the industry has admirably moved up the value ladder — from cost advantage in its 1.0 version to efficiency and quality in its 2.0 version — and experience in its version 3.0. In its breathtaking speed of next-generation transformation to BPM 4.0, this industry has unleashed a five-dimensional force of global change. Spanning the gamut of front-, middle-, and back-office businesses, he provided: 1) design leadership for a superior and seamless stakeholder experience; 2) the large-scale application of data- and digital-driven technology through integrated digital platforms that have facilitated seamless flow and integration of data, analytics, AI and automation; 3) domain-focused expertise for a deep and meaningful fusion of industry understanding, process excellence, and technological edge; 4) DevOps-led collaboration between IT Development, Operations, and Business Process Operations for maximum speed, scalability, and agility; and 5) empowering the distributed workforce of the most skilled talent in hybrid work models and flexible work arrangements
Faced with the demanding demands of highly empowered, brand-agnostic customers, organizations around the world are increasingly turning to the BPM industry to deliver integrated and hyper-personalized customer experiences. And, BPM 4.0 players who had set themselves on an accelerated progression trajectory quickly converted Covid compulsions into opportunities to anticipate and meet business needs. In fact, even before the pandemic hit, CXOs around the world were looking to keep their business ahead of the market through digital transformation. Harnessing data and emerging technologies was becoming a key differentiator to widen the gap between the competition, and accelerated responses to business and market changes were becoming the top priority for enterprises.
This was a perfect fit with the vision and initiatives of BPM players, who had moved up the value chain as strategic partners, moving decisively from a model based on full-time equivalent or FTE to co-creation models. , production and results-based services. BPM leaders have surprisingly advanced into what I call “HyperLead” mode, partnering with global companies to rapidly build digital business models with industry-specific “multiple in-a-box” solutions. and intersectoral. Industry leaders have stepped up their ongoing investments in building their portfolio of solutions focused on digital transformation, specialized innovation labs and centers of excellence and, most importantly, in global distributed work models numerically.
Without a shadow of a doubt, the Indian BPM industry is poised for an exciting era of accelerated growth, given its talent, technology, and leadership capabilities. The emergence of Tier 2 and Tier 3 cities, thanks to rapid infrastructure growth, opens up new opportunities for the sector. This expansion allows the industry to create significant job opportunities and tap into untapped talent, especially the female labor force available in these cities.
The engagement between companies and their BPM partners has shifted irreversibly from effective execution to driving strategic orchestration of future success, designing winning operating models and solutions, and ensuring a talented workforce that is always prepared through innovative talent models and organizational structures. Technology will take center stage in BPM 4.0, through platform-based services, to holistically integrate multiple digital elements into a seamless ecosystem of data, insights, and predictive decision-making. ROI will be more holistic and results-based, encompassing a refreshing set of metrics that reflect true, skin-in-the-game partnership.
Outperforming this tremendous promise requires unified efforts across mindset, risk appetite and willingness to invest in talent, technology and infrastructure. BPM solution providers will need to improve their brand image with stakeholders, especially with the emerging workforce. Crafting a compelling employee value proposition around skills, learning, and targeted engagement will be key. Speaking of the workforce, it’s encouraging to see that the industry is focusing on gender diversity and inclusion and hiring women at all levels.
With its incredible history and proven track record of smart evolution, there’s no reason India’s BPM industry can’t successfully lead global businesses into a profitable future.
The author is the CEO of the group, WNS
August 14, 2022