The recent studies related to outsourcing industries reveal that India has a dominating position in the field of BPO. The traditional concept of cost reduction may be supporting the trend of outsourcing, but India taking the lead is mainly because of the explicit availability of talents. In the coming years, more than 40% of companies around the globe are estimated to outsource their services. The Indian outsourcing industry has shown capability in making the transformation from efficient to effective, which has resulted in attracting multi-national companies like Cisco and Hewlett Packard (HP). This has led to the country earning the India favourite destination outsourcing tag.
The establishment of Indian BPO industries as a favorite destination of choice will lead to the utilization of all untapped opportunities across various segments. The volume of external service outsourced mainly depends on the delivery capabilities and the quality of results; any outsourcing company from India can easily satisfy both.
Even the British Prime Minister David Cameron has expressed his interest towards the Indian BPO sector by saying that India should open the doors for British businesses to carry out investments. This has further enhanced the image of India favourite destination outsourcing.
The development of this industry, with readymade solutions and in-depth potential, has forced companies like Google, to announce the launch of their Research and Development wing in India. With globalization, the fear of Western economies towards the BPO trend has slowly diminished. Since 1990, organizations across the globe have been utilizing Indian talents for their operations. Prior to that, IT outsourcing to India was a matter that was tainted by uncertainty.
According to the reports of NASSCOM, the Indian BPO industry in the IT sector records a tremendous growth of 28% on an annual basis. Some of the top Indian companies to which the multi-billion dollar Western companies outsource their operations include Genpact, WNS Global, IBM, Aditya Birla Minacs, TCS, Wipro, Infosys, HCL, and EXL Service Holdings. The success of these companies has led the country to be known as India favourite destination outsourcing in the business world.
Trends in the Indian BPO sector
The latest trend to hit the sector is outsourcing all Search Engine Optimization (SEO) services to India. BPO companies from India provide expert services with the help of modern and technologically advanced SEO tools. The differences in time zone also increase the demand as the activities will carry on for 24*7. The West is trying to enhance the benefits of outsourcing by making 350 million Indians contribute towards their economic gain. As a result, the country has been distinguished by the India favourite destination outsourcing title.
The information technology industry body NASSCOM has decided to rename Business Process Outsourcing (BPO) as Business Process Management (BPM). The points highlighted by them for the change state that Indian BPO is working on an arbitrage model and thereby generating significant savings to clients. With the increase in the level of experience, Indian BPO enterprises are carrying out more and more complex tasks along with taking up responsibilities related to serious outcomes.