For quite a while now, India has been the hottest Knowledge Process Outsourcing (KPO) destinations and all the credit goes to the two principle factors i.e. competitive salary culture and proficient English speaking youngsters in India. According to the statistics, India produces 3-4 million graduates every year, and this is a major influence in the advancement of KPO culture in India. Some popular KPO services in India include Equity research, Business and market research, Intellectual property research, financial research, pharmaceuticals research, and so on.
During the early phase of KPO expansion in India, the country was only known for some limited technical services. However with time, Indian companies have managed to offer some exceptional services in the KPO sector, especially in fields like law, education, paralegal, biotechnology, educational, marketing, content, pharma, design/animation, research and development, engineering, intelligence services, etc. By outsourcing the core business functions, many US companies are managing the successive workflow of their company. Let’s have a look at the factors that have supported the steady growth of this expansion in India.
Factor 1- Despite odds, India’s KPO market is ever-rising:
When the overall marketplace was battling the war of recession, India’s KPO industry was growing in several fields of research, finance, legal and marketing discipline. ASSOCHAM reported that the profession-based services in India are even expected to go much higher than the current statistics. With stiff competition from countries like Philippines, Russia, China, Hungary and Poland, India has still been a strong KPO contender in the market.
Factor 2: Wide variety of KPO professionals
India has been supported by a dynamic workforce of qualified professionals ranging from post-graduates to PhD scholars and MBA professionals. This is by far the most progressive factor that has supported the expansion of KPO sector in this country. A vast pool 6-8 lakh of experience professionals in engineering, management, medicine, accountancy, company secretary, etc. have been serving the KPO sector in India.
Factor 3: Low Cost Benefits
The US companies through KPO services are enjoying the stake of getting ‘quality’ work at lowest possible prices. Knowledge process outsourcing services in India offer a low-cost advantage to the US firms which allow them to curtail best services at the most affordable costs. And since the manpower availability is not an issue in India, it is relatively convenient for the companies to choose the best that they can have for their business.
Factor 4: The Potential of SMEs in India.
Over the period of time we have seen SMEs (small and medium enterprises) been rising as the major factor of driving KPO industry in India. According to a study, out of 20 million SMEs in the US and Europe, 15 percent of them can witness a huge shift in knowledge process outsourcing services if they work in direction to reduce the work complexities, become competitive with fellow competitors in an effective manner, take less time in market the product, give flexible services and offer high-end solutions at lower possible costs. It seems like India can offer all of them!
Some other factors like favorable government policies and advantageous time zone have also supported the KPO expansion in India. Serving 70 percent of world’s KPO industry, there is no doubt in saying that India is maturing every single day by expanding its range of services and expertise.