Is India the next destination for KPO after BPO success?
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/24-7PressRelease/ – INDIA, May 08, 2006 – After the great success of Business Process Outsourcing (BPO) in India, it is now the KPO turn to make its presence felt. BPO success in India is encouraging overseas companies eyeing Indian market for outsourcing their high-tech knowledge based jobs. Operational cost saving, pool of talented workforce, infrastructure improvement and favorable government policies are the major factors, which are responsible for the Knowledge Process Outsourcing (KPO) in India.
According to a report by GlobalSourcing Now, the Global Knowledge Process Outsourcing industry (KPO) is expected to reach USD 17 billion by 2010, of which USD 12 billion (almost 70%) would be outsourced to India alone. Indian KPO sector has already taken steps in employing highly educated and talented people and number of KPO professionals is expected to cross more than 250,000 by 2010 compared to the current figure of 25,000 employees. The graph on the right suggests that Expected Growth in Global BPO and KPO Markets (2003-2010)
What makes India a preferred destination for KPO?
The Indian workforce is highly literate and they are well-versed with English language, thanks to Indian educational system. Every year India is producing hundreds and thousands of English speaking, trained professionals in the fields of IT, Engineering, Education, Law, Science, Finance, Architecture and other competitive fields.
The Indian advantage primarily lies in the educational and technical qualifications of its workforce. A survey conducted in 2002 by NASSCOM (National Association of Software and Service Companies) showed that an Indian ITES-BPO center in banking and financial service sector, performs better than US and UK based BPO centers in various categories like the total number of transaction, total number of correct transactions, total customer satisfaction, number of transaction per hour and the average speed of answers.
It has also showed in the survey that 45 percent of Indian service providers have the highest quality certification like Six Sigma (A rigorous and disciplined methodology that utilizes data and statistical analysis to measure and improve a company’s operational performance, practices, and systems. Six Sigma identifies and prevents defects in manufacturing and service-related processes.). BPO or KPO in India are getting more quality conscious and they are frequently improving to have standards that of internationally accepted. They are in the process of highly acclaimed quality management standards from International Organization for Standardization (ISO) such as ISO 9002, ISO 9001, ISO 9001:2000, ISO 9001:2001 and from the CMM framework to the new CMMI framework.