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Business process management (BPM) which is fast evolving as major industry growing at 12% annually is set to touch $50 billion by 2020 from the present $21 billion, an industry official said.
The BPM industry has indeed transitioned from the delivery of simple, repeatable processes of non-core functions at offshore locations as BPO to driving business outcome of clients' complex, industry-focused processes from global locations.
"The industry that has demonstrated resilience in the face of economic uncertainty by constantly re-inventing itself to meet market needs, is forecast to touch $50 billion by 2020 from the present $21 billion," Nasscom BPM Council Chairman and WNS Group CEO Keshav R Murugesh told PTI.
An integral enabler for growth in these times has been the industry's smart use of technology to create innovative solutions, Murugesh said.
The world of BPO or business process outsourcing as it was known, has evolved into a brand new identity - Business Process Management (BPM), Murugesh said.
"While BPM 1.0 in the late nineties was centered on cost efficiencies and productivity, BPM 3.0 in late 2000 focused on specialisation, process re-engineering, technology-enabled platforms and taking BPM to the rural areas. I believe that the era ahead is that of clients and providers working together even more closely on disruptive innovations," he added.
Commenting on the focus of the Nasscom BPM Council, Murugesh said, "We have a rather audacious goal ahead of us as a Council. We are looking to rebrand the image of the industry from BPO to BPM to signify the evolution and the value that it creates for client companies globally".
