India is among the largest offshoring destinations in the world and the BPM industry accounts for about 37 percent of the global outsourced BPM markets. According to a report by the Indian Ministry of Electronics & Information Technology, the Indian IT-BPM sector is estimated to expand to US$ 300 billion by 2020, at a CAGR of 9.5 percent.
Based on our research, the following key trends are re-shaping the BPM industry and driving business growth:
- More and more organizations are embracing digital transformation and BPM is taking a central role in the transformation. Driven by the need for speed and agility, in addition to the traditional needs of efficiency and optimization, organizations are now turning to BPM as a key driver of digital transformation. As a result, organizations are looking to work with partners that have innovative digital capability.
- The heart of digital transformation is a technology-powered re-alignment of organizations – to move away from internally focused business processes and look towards customer-facing engagement. With rising customer demands, companies are deploying BPM with cross-enterprise focus between front-end and back-end office processes in order to deliver end-to-end responsive customers interactions
- Organizations are seeing the value of adopting new business intelligence platforms and advanced analytics options providing greater data visibility to employees. BPM solutions need to ensure that the information moves seamlessly between users, thus eliminating the need for extra emails and similar communications
- Additionally, the year 2017 has witnessed an increase in the collaboration of IT and BPM players on the supplier front. The BPM vendor landscape is moving toward integrated/combined solutions with vendors offering case management and BPM in the same products while some vendors provide separate products for automation of different processes
- RPA has become the backbone of BPM, however, the industry will be further disrupted by other emerging technologies like AI, Machine Learning and cognitive technologies. Capitalizing on new technologies and re-skilling the workforce will help BPM companies to capture business especially in technology-focused sectors like banking, insurance and financial services