Emerging roles in the ref=”dofollow” data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/bpm-industry” target=”_blank” rel=”noopener”>BPM industry – which generated $48.8 billion in revenue as of FY2024 — include ref=”dofollow” data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/data-scientist” target=”_blank” rel=”noopener”>data scientist analyst and ref=”dofollow” data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/ai-strategy-director” target=”_blank” rel=”noopener”>AI strategy director in finance, HR data scientist and chatbot HR specialist in human resources, and AI conversation designer and virtual assistant trainer in customer services. According to the report titled BPM Shifting Gears: Shaping Tomorrow’s Skills and Careers, even existing roles are evolving, requiring BPM organizations to upskill their workforce in technical areas like ref=”dofollow” data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/generative-ai” target=”_blank” rel=”noopener”>Generative AI and analytics, as well as in soft skills through certifications and training.
The industry is rapidly witnessing technology integration, particularly led by Generative AI, across functions like finance, accounting, and customer service, driving productivity and cost optimization. Around 45% of BPM companies plan to allocate over 12% of their revenue to technology, with an 8x increase expected in those spending above 20% in the next three years, highlights the report. Also, there’s greater focus on specialized micro-verticals, such as loan processing, claims processing, and revenue cycle management.
The report says BPM organizations need to move beyond routine tasks and address more complex challenges, while offering valuable insights into the emerging skills that will define the future of work in this dynamic industry.
Shedding light on challenges in BPM organizations, the report said, 47%of the surveyed organisations citing a lack of adequately skilled candidates as the top concern, as rapid technological advancements widen the talent gap. Data and cybersecurity issues, identified by 45%, pose significant challenges, added the report.
“High attrition rates (25%-30%) remain a critical issue for 43% of the surveyed organizations, affecting operations and client relationships. Additionally, 39% point to margin pressures, as intense competition in the BPM industry leads to low-profit margins”, said the report.
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Sashi Kumar, head of sales, Indeed India, said, “The BPM sector in India is rapidly evolving, fueled by the rise of AI and cutting-edge technologies. As automation takes over routine tasks, the spotlight shifts to specialised roles that demand advanced skills in Gen AI, analytics, and process optimisation. Professionals are stepping into more strategic, high-impact positions, reshaping the future of work.”Harita Gupta, chair, Nasscom BPM Council, said, “India’s BPM sector is at a critical juncture, transitioning from traditional process management to delivering transformative, tech-driven solutions…To keep pace, BPM organizations must focus on nurturing talent by investing in continuous learning and ref=”dofollow” data-ga-onclick=”Inarticle articleshow link click#Tech#href” href=”https://economictimes.indiatimes.com/topic/upskilling” target=”_blank” rel=”noopener”>upskilling programs. Building capabilities in AI, data analytics, and specialized domain knowledge will be key to unlocking the full potential of this transformation.”
