70 years since its independence, India is the fastest-growing large economy in the world and has become a powerhouse of digital transformation. But there is a global perception that India's rapidly expanding economy is based largely on armies of operators in a vast network of call centres. Of course, this is simply not the case, and eclipses the strength of India's growing expertise in IT and technology. Much of India's growth can be attributed to the size and power of its $150 billion Information Technology industry, which exported $61 billion worth of IT services in 2016 alone. The fastest growing segment of the IT Enabled Services industry in the country is Business Process Outsourcing(BPO), which now is far from the common perception of repetitive tasks shipped out to cheap call centres. Instead, the BPO industry is increasingly at the forefront of innovative technologies such as artificial intelligence (AI) and automation. Nearly all global organisations are on the journey towards digital transformation, with western businesses - particularly in the UK and U.S. - turning to Indian expertise to update and digitise their processes. For companies that are not digitally native, partnering with a digital expert can help them to utilise emerging technologies that are crucial for business growth.
It is becoming common for clients to expect outsourcers to know their business and the opportunities for innovation better than they do. The ever-evolving process of disruption, caused by high tech startups and companies born in the cloud, has triggered a sense of urgency in larger and more traditional organisations. In order to remain competitive, businesses must adopt a do or die approach, ensuring that the integration of technology into the business has customer experience at its heart. Most UK businesses are planning to invest in AI over the next two years, as just one in ten leaders believe UK to be a world leader in digital. But calculating the return of investment can prove challenging, so this is where access to India's highly skilled talent pool is essential. Digital experts enable companies to embark on a transformation journey that identifies a specific problem, whether it's related to the customer or an industry issue, and helps to solve it in the most efficient and cost-effective way possible.
While the process of digital transformation will never be seamless, combining best practices with outsourcing can lead to cost savings, and ultimately, better business outcomes. Many large organisations face the challenge of disconnect between impressive, front-end channels and back-end systems that aren't up to speed when it comes to dealing with high customer expectations. A common issue in large financial institutions is that while innovative front-end digital services are offered, such as multi-channel access to online banking, customers are disappointed with constant glitches and sluggish service. For instance, if an employee doesn't already know their name when they are transferred to an online chat, dissatisfaction can ensue. These kinds of concerns may sound minor, but the impact on customer loyalty is significant. Such issues are not confined to the financial services sector; retail, hospitality, travel, and many others, who struggle to keep the overall customer experience aligned with expectations that arise from both digitally savvy customers and sophisticated front-ends. But digital experts can prioritise their clients' needs and requirements, so that through next-generation tech solutions, they can provide services that effectively drive transformation for their business processes.
Outsourcing began as a way to cut IT costs, but has now become a key element in helping organisations to remain competitive in the digital age. Today, businesses are faced with a myriad of challenges and changing customer expectations due to the rapid evolution of technology. For companies that are not digitally native, partnering with a digital expert that has the skills, experience and high-tech DNA can empower survival and success in the new digital world.
