The Business Process Management (BPM) industry, particularly in India, is undergoing a transformative shift as technological advancements continue to redefine its landscape. According to a piece by Gagan Arora, Founder and President of Vertex Global Services, featured in Express Computer, the integration of emerging technologies such as artificial intelligence (AI), machine learning, and data management is enhancing customer experiences and innovation within the BPM sector.
As of financial year 2023, the IT-BPM industry in India has generated over $245 billion in revenue and employed more than 5.4 million individuals. The future trajectory of employment in this sector remains a topic of robust analysis. Despite concerns of job decline with the rise of automation, many experts believe that AI and chatbots will not adversely impact the BPM sector significantly. The industry's historical ability to adapt has led to speculation that, while roles focused on repetitive tasks may diminish, this could also create new, rewarding positions aligned with evolving technological landscapes.
Currently, the Indian BPM sector is increasingly harnessing generative AI across several dimensions. This includes enhancing operational workflows and developing AI-powered solutions to tackle business challenges. Generative AI is instrumental in creating robust data resources that bolster strategic decision-making processes within organisations.
A joint report by Nasscom and job platform Indeed indicates that the BPM sector is set for a fundamental transformation in the next three years. Projections for FY2024 suggest a revenue of approximately $48.8 billion, with expectations for considerable growth and the emergence of new job roles. Positions such as data scientist analysts, AI strategy directors, and chatbot HR specialists are becoming increasingly relevant across finance, human resources, and customer service sectors.
To remain competitive, BPM organisations are urged to invest in upskilling their workforce, focusing on technical competencies in generative AI and analytics, alongside enhancing soft skills through various certifications. This strategic investment in preparing the workforce for a tech-driven landscape is essential.
The integration of generative AI and chatbots is reshaping workplace interactions, making these technologies vital partners for employees. While there is an evident rush to implement AI to enhance productivity and automate processes, experts pinpoint that companies adopting a balanced approach – where human interaction complements AI as a supportive tool – are more likely to prosper. As customer experience remains a cornerstone of the BPM sector, the human aspect is crucial in nurturing long-term client relationships. Intelligent chatbots are being developed to personalise marketing strategies yet must maintain a human touch to enhance customer engagement effectively.
Moreover, the emerging technology markets are witnessing parallel transformations. The GaN (Gallium Nitride) adapters market, described in an openPR report, has reported significant growth, valued at approximately $500 million in 2022, with a projected compound annual growth rate (CAGR) of 20% from 2022 to 2027. This growth is largely driven by the increasing adoption of GaN technology across consumer electronics, including smartphones and laptops. The unique advantages of GaN adapters, such as higher efficiency and compact size, underline their rising popularity amongst manufacturers and consumers alike.
AI and automation are becoming integral in refining the production processes behind GaN adapters. AI-driven technologies are employed to enhance manufacturing efficiency, quality control, and product development, while automation reduces labour costs and accelerates market readiness for new products. These advancements foster a need for intelligent power management solutions, signalling a robust market trajectory.
The global market for GaN adapters is expanding beyond consumer electronics into sectors such as automotive and industrial applications. With the presence of key industry players in North America, Europe, and Asia-Pacific, the market is poised for significant growth. The continuous evolution of consumer demands for efficient and eco-friendly solutions is likely to bolster this sector further.
Together, developments within both BPM and GaN adapters exemplify a broader trend towards integrating AI automation and innovative technologies into business practices across diverse industries. The strategic adaptation to these changes is essential for organisations to navigate the evolving market demands and technological landscape.
Source: Noah Wire Services