There are lot of myths about this industry viz., Business Process Services (BPO or ITeS as it is also known) has been a story of rapid growth in India having grown from less than a Billion US Dollars in revenues around 2001 to about 20 times that revenue by 2013. Truly with the forecast for 2020 being 50 Billion US Dollars the industry is in a sweet spot.
However, thanks to Chetan Bhagat (novelist who wrote about the strange, complicated lives of a few characters and put this the context of a call center) there is a common belief that BPO companies are all about telemarketing and making those pesky calls to clients who don't need them in the first place. Well reality is very different. Sample this....
Imagine you are a Procurement Leader for a global paint manufacturing company and want to optimize your sourcing of pigments across the globe from various geographies. Where should you order the next batch of pigments for your plant in New Zealand.
However, thanks to Chetan Bhagat (novelist who wrote about the strange, complicated lives of a few characters and put this the context of a call center) there is a common belief that BPO companies are all about telemarketing and making those pesky calls to clients who don't need them in the first place. Well reality is very different. Sample this....
Imagine you want to launch a product and worried about the price you should launch it in a particular city or region or geography. What should be the price and how much share will this give you potentially?
Imagine you want to set up a process to engage with a large group of regular clients through a loyalty program and make them feel great each time they connect with you on your network through various channels or touch points.
Imagine a pharma company wants to launch a new vaccine in a much shorter time frame, and you need to work in alignment with various regulations that govern the trials and outcomes. With the development of a vaccine being a long elaborate process (several years) it is greatly beneficial if the process can be speeded up without compromising any of the steps.
Imagine you have a great retail banking product and need to really understand quickly which are your most valuable customer segments and how to increase your revenues and at what level of income potential should you sell these to maximize your profitability from this line of product.
Imagine you want 20 to 30% improvement in your gross margin and looking at some transformation of your processes to realize better contribution and profitability.
Well all of these scenarios above are some of the ways in service providers can add value to businesses that look to become better, more agile, more profitable, better performance at business outcomes.
Business Process Services is a very large industry today and several companies are working in this space to make all of above kind of scenarios a reality. Couple process focus with technology innovations and solutions that blend technology with business process and you have increased marginal returns on your investments.
In short the industry is surely in a sweet spot and looking to change business outcomes by more than just running contact centers. The industry has matured to an extent that it is a formidable partner to businesses globally and set to be here for a long haul journey of excellence.
You may also want to read
Business Process Services: Need for a Mainstream Curriculum
BPS Industry In India: In a Sweet Spot
BPS Industry in India: Some Sectoral Challenges
Imagine a pharma company wants to launch a new vaccine in a much shorter time frame, and you need to work in alignment with various regulations that govern the trials and outcomes. With the development of a vaccine being a long elaborate process (several years) it is greatly beneficial if the process can be speeded up without compromising any of the steps.
Imagine you have a great retail banking product and need to really understand quickly which are your most valuable customer segments and how to increase your revenues and at what level of income potential should you sell these to maximize your profitability from this line of product.
Imagine you want 20 to 30% improvement in your gross margin and looking at some transformation of your processes to realize better contribution and profitability.
Well all of these scenarios above are some of the ways in service providers can add value to businesses that look to become better, more agile, more profitable, better performance at business outcomes.
Business Process Services is a very large industry today and several companies are working in this space to make all of above kind of scenarios a reality. Couple process focus with technology innovations and solutions that blend technology with business process and you have increased marginal returns on your investments.
In short the industry is surely in a sweet spot and looking to change business outcomes by more than just running contact centers. The industry has matured to an extent that it is a formidable partner to businesses globally and set to be here for a long haul journey of excellence.
You may also want to read
Business Process Services: Need for a Mainstream Curriculum
BPS Industry In India: In a Sweet Spot
BPS Industry in India: Some Sectoral Challenges
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