Advanced technologies usher in a new era for the Indian IT-BPM industry

Technology is driving business metamorphosis and we expect organizations to significantly increase their investments in embracing new-age tech in 2018. The nature of the game has however evolved and businesses are increasingly looking to partner with players who not only offer tech capabilities, but more importantly, who understand the intricate facets of their domain. This has placed the IT-BPM sector in a favourable position, as it possesses the right mix of both, to categorically boost business efficiency. The sector has been busy prepping itself for a tectonic shift, by way of infusing emerging technologies such as artificial intelligence, robotics and automation into its portfolio of offerings. Going forward, these customised offerings will go beyond delivering improved business efficiencies and also result in higher cost savings and business value.

Here’s a quick overview of the broad contours that will reshape the IT-BPM industry in the year ahead:

• Disruptive technologies – Artificial intelligence and Robotics have been the tech buzzwords in the last year, with tech titans showcasing the wide array of possibilities these technologies can unleash. Businesses across key sectors such as BFSI, Travel & Hospitality, Healthcare and Retail have been eagerly looking to infuse these capabilities into their operations and services, and the IT-BPM industry is reengineering its offerings to meet these varied demands. Given deep-domain exposure that this sector has amassed, heavy investments are being made to develop solutions that cater to the new market requirements, through the use of AI, Robotics and Automation.
• Revamped partnerships – The nature of IT partnerships is evolving as the business reliance on technology has increased tremendously. IT-BPM players have become a more integral business partner, with the vast outlay of organizational data and insights they possess. Going forward, these business relationships will grow tighter as the IT-BPM sector has begun to absorb a certain degree of risk as well to ensure that their clients are able to derive the benefits of the new tech capabilities that have emerged.
• Skillset enhancement – In a recent report commissioned by FICCI and NASSCOM, in collaboration with EY on the ‘Future of Jobs in India’, some interesting insights have been highlighted on a change in the job scenario in India by 2022. It particularly forecasts an evolution in the IT/ BPM (Business Process Management) sector, where 10-20 per cent of the workforce will be deployed in new jobs by 2022 and 60-65 per cent will be deployed in jobs that will have radically changed skill set. The sector has already begun this transition with extensive focus on reskilling and reshuffling of teams to drive improvement.

The IT-BPM industry, one of India’s most resilient sectors, is developing a brand new avatar through these underlying changes. As businesses today require more real time analysis and consistent focus on improvement, this industry’s wealth of knowledge and capabilities can provide some serious differentiation that can drive tangible business results.