In the present global climate, outsourcing of all kinds has probably become one of the most important aspects of business. And India of course has become a major hub for offshore outsourcing of all kinds of business processes. India has proven and broken records for its performance and innovative streak in every sector – from art and craft to technological domains.
What with the evolution and maturity of the BPO sector in India, a new wave has also sprung forth on to the global outsourcing bandwagon: Knowledge Process Outsourcing or KPO. The success in outsourcing various business operations to India has encouraged many foreign firms to start with the outsourcing of their high-end knowledge work also. Operational efficiencies, cost saving, improved quality and access to a far more talented workforce are the underlying reasons for offshoring high-end processes to India.
The Indian Potential
For years now there has been a myth doing the rounds that Indian companies can only shell out “software techies”. But this myth of course has now shattered. People are now opening up to the reality – which is, Indian companies are capable of doing almost anything! India has a large knowledge pool, which is filled to the brim with talented and experienced knowledge workers from various sectors like Medicine, Pharmacy, Biotechnology, Engineering, Law, Paralegal Content, Education & Training, Analytics, Research & Development, Design & Animation, and even Intelligence services.
This talent is now being tapped into by many of the leading International business firms from all over the world, which has resulted in the outsourcing of high-end business processes to low-wage destinations. Thus, Knowledge Process Outsourcing is the act of offshoring knowledge intensive processes to low wage destinations with specialized domain expertise.
The Future of the Indian KPO Industry
Surveys have shown that the global KPO industry is expected to reach nearly 17 billion dollars by the end of 2010, of which approximately 12 billion dollars worth of business will be outsourced to India. What’s more, the Indian KPO industry is expected to employ an added figure of roughly 250,000 KPO professionals by the end of 2010, as compared to the current estimated figure of 25,000 employees. Predictions have been made that India will acquire nearly 70 percent of the KPO outsourcing sector. Apart from India, other countries like China, Russia, Ireland, Israel and the Czech Republic are also expected to join the KPO industry.
In the last couple of years, more than 30 separate KPO firms have burgeoned in India. Every year, there are additions of at least 2-5 new KPO firms to this figure. Most of these KPO firms get knowledge intensive work from leading industries in the United States, Europe and Japan. Most of these KPO firms have gained in reputation because of the unique services that they provide and because of the unparalleled quality that they have to offer.
What with the need for high-end service projects increasing daily, the KPO industry in India is still in its early stages and in the future we expect to see many more KPO firms in India. The level of competency will increase, in order to attract and retain clients. But there definitely is a bright future for the KPO industry in India.
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