In the heart of the whirlwind of change, the Business Process Management (BPM) industry stands, embracing and thriving amidst shifting landscapes. This sector, like a phoenix, continues to transform itself, giving birth to new job roles and tailoring skill requirements to the rhythm of the digital age. The fluctuations brought on by technological progress and market evolution are not merely adding new dimensions to the industry but also paving an enriched path for professionals. These exciting opportunities embedded within challenges are reshaping the industry’s present and future, carving an innovative trajectory for the BPM sector.
New roles have emerged that didn’t exist a few years ago. IT Companies now employ campaign management specialists, social media community managers, sourcing specialists, and analytics modeling experts. This reflects the increased complexity of job roles in BPM and the need for specialized domain expertise and advisory skills.
Read more: Talent Development and Retention in the BPM Industry: Nurturing the Next Generation of Leaders
The active and accessible BPM talent pool in India has grown to over 1.8 million, according to Xpheno, a specialist staffing company. This growth of about 4 percent over the last year is a testament to the high demand for talent in tech and non-tech functions within the BPM sector. Bangalore, Delhi, Mumbai, Chennai, and Hyderabad are the top five locations hosting 60 percent of the total BPM talent in India.
However, it’s important to note that the growth of BPM talent has slowed over the past 5-6 years due to digitization’s impact on voice and data processes. As a result, high cognitive roles and functions remain manpower driven, while low to mid-cognitive actions are increasingly being assigned to tech and bot-driven methods.
Today’s BPM roles call for more than just domain or functional skills. A client-first mindset, operational rigour, and the ability to use data-backed insights and digital technologies to make clients’ processes future-ready are essential. A continuous learning mindset is crucial for success in this evolving industry.
Organizations are increasingly implementing Robotic Process Automation (RPA), bots, and intelligent automation to deliver profitability and growth. The future will see companies leveraging a problem-solving global talent pool and using data as an asset. Automation of time-consuming and repetitive processes is already underway, with new opportunities for human intervention in digital transformation and decision making.
According to Xpheno’s data, the highest volume of job roles is within Analytics, Operations, Cloud Computing, Consulting, Client Services, and Sales. Some of the popular roles open in the sector include Operations Supervisor, Marketing Specialist, Network Security Engineer, Information Security Executive, and SOC & NOC Analysts.
Professionals who can operate in a hybrid environment and work from anywhere will be in high demand. While data science skills, combined with domain knowledge, will remain important, process mining and skills related to the combination of data science and process science are becoming critical for businesses to operate in a disruptive environment. Soft skills such as emotional intelligence, resilience, leadership, and critical thinking are also necessary to enable more thought-driven solutions.
Learn more: Unearthing Hidden Treasures: The Power and Importance of Process Mining in the BPM Industry
However, a major concern in the BPM sector is the high attrition rate. According to TeamLease Digital, attrition for FY2023 is predicted to be between 50 percent and 55 percent, compared to 49 percent in FY2022. Primary reasons for this high attrition rate include extended working hours, night shifts, comparatively lower salaries than tech sector roles, and tight target-driven performance models.
One of the ways to address this is through competitive entry-level salaries and offering incremental packages to retain talent. Encouragingly, many organizations are successfully managing attrition. For instance, WNS, despite experiencing elevated attrition at junior levels, has added over 5,400 net new employees in the current fiscal year.
BPM companies, in response to these shifting demands, have begun to significantly invest in learning and development programs to equip their employees with the necessary skills. This is evident in initiatives like Accenture Operations’ in-house Insurance Academy, Finance & Accounting Academy, and Marketing Operations Academy. These programs underscore the industry’s commitment to nurturing talent and staying ahead of the curve.
The surge in digital solutions has also seen the BPM industry embrace and integrate technologies such as Robotic Process Automation (RPA), artificial intelligence (AI), and machine learning. These technologies are streamlining operations and boosting efficiency, reshaping the traditional understanding of BPM roles.
For instance, consider a traditional claims process where customers inform the customer care center about the notification of loss, which is then attended to by a customer care agent. However, envision a world where all information and services are delivered through one service request. This transformation is not just a possibility; it is already being implemented by pioneering companies like WNS.
This is where the evolution of the BPM industry becomes truly fascinating. As technology continues to advance, so do the opportunities for new job roles and specializations. It’s not just about finding efficiencies in existing processes; it’s about creating new ways of doing business.
The future of the BPM industry is not without challenges, but it’s these challenges that provide opportunities for growth and innovation. As professionals, we must be prepared to embrace change, adapt to new technologies, and continuously evolve our skill sets.
Despite the high attrition rates that the industry is currently grappling with, there is optimism. Many BPM organizations are finding ways to address this challenge, focusing on employee engagement and welfare, providing competitive salary packages, and creating environments conducive to learning and growth.
As we look to the future, it’s clear that the BPM industry will continue to be a significant contributor to the global economy. The combination of a rapidly evolving technological landscape, a robust talent pool, and an industry-wide commitment to continuous learning and adaptation, points towards an exciting and vibrant future for the BPM industry.
In essence, the BPM industry is a testament to the power of innovation and adaptation. This dynamic industry continues to evolve and grow, offering exciting opportunities for those willing to learn, adapt, and innovate. As we navigate this era of unprecedented change, we can look forward to a future filled with endless possibilities, driven by the relentless spirit of innovation that defines the BPM industry.
While we must be cognizant of the challenges that lie ahead, it’s crucial to recognize the opportunities these present. It is these challenges that will push us to innovate, to adapt, and ultimately, to succeed. As professionals in this field, we must seize these opportunities and play our part in shaping the future of the BPM industry. After all, we’re not just participants in this evolving landscape – we are the architects of its future.
