BPO or Business Process Outsourcing is the fastest growing section of ITES or Information Technology Enabled Services industry. Several factors are instrumental in leading to the growth and development of the BPO industry in India. The factors leading to this growth and development can be listed as
• Business risk mitigation
• Cost advantage
• Superior competence
• Utilization improvement
BPO Sector is One of the Largest Employers
A Union Minister claimed that BPO or Business Process Outsourcing is the fastest growing sectors and it has significant potential to offer service in the Indian languages as well. Owing to open market and demand for outsourcing, a large number of BPO companies are setting up their base in different parts of the nation. According to a report, the BPO industry employs as many as 0.7 million individuals across the nation. The BPO industry is an extremely lucrative career option for the fresh graduates as well as the experienced professionals.
At a press meet, the former Chairman of NASSCOM, Mr. Rajendra Pawar pointed out, “The Indian IT companies are investing in building platforms and productised solutions to drive future growth opportunities. More importantly, the industry is expanding into newer geographies and verticals where the growth is 1.4 time that in the mature markets. Emergence of a vibrant start-up product ecosystem creating solutions for India and the world also enhanced the product opportunity for India.”
Let us take a look at a few factors that assisted BPO gain prominence in the Information Technology Enabled Services industry.
India is formidably referred to as the hub for talented professionals. The companies can access the talents at a comparatively low cost. The BPO services in India handle as much as 58% of the business process outsourcing of the world.
Availability of Latest Technology
Advancements made in modern technology facilitated the increase in outsourcing in the last decade. The latest infrastructure and technologies are used in India thereby ensuring faster delivery. The usage of latest technologies also ensures error free service. The security is not compromised either. The companies outsourcing can rest assured that the information shared will remain secure.
Serves as Source for Employment
The employment generation figures in the BPO industry are quite impressive. This industry has directly employed 2.2 million people and the figure for indirect employment stands at 8 million. The figures are anticipated to reach 10 and 20 million, respectively by 2020.
The BPO industry is not just the fastest growing sector of ITES, but it has also made significant contributions to the growth story by inventing, reinventing as well as transforming itself. The BPO industry has cast a significant effect on the society and the Indian economy, significantly more than other sectors and within a very short span of time. Moreover, it has a significant role to play in helping India grow as a global force, narrowing down the multiple divides that separate the society. The role of BPO in helping India grow economically has been significant, especially in the course of last few years that witnessed an upsurge in outsourcing work especially among the western countries. Several factors are responsible behind intensification of foreign investment through BPOs.
• Skill set of the Indian workforce
• Emphasis on quality service
• Availability of quality products
• Cost efficiency
The Indian BPO industry has come quite a long way offering top-notch services for both the domestic as well as the international market. Go ahead and dare to be different from your competitors accessing the service of skilled professionals at an affordable price.