By Gagan Arora, Founder & President, Vertex Global Services
In recent years, the Business Process Management (BPM) industry has witnessed significant transformation with ongoing technological advancements. Throughout its evolution, the BPM industry in India has always embraced emerging technologies, positioning itself as a leader in this realm. From automation, machine learning, and data management, the industry has successfully adapted these advancements and used them to enhance the customer experience. It has also fostered the industry in developing innovative service offerings rooted in these cutting-edge technologies. However, with the integration of AI and Chatbots in various sectors, one of the most significant discussions is whether “artificial intelligence (AI) and chatbots can replace white collar jobs or humans. And the business process management (BPM) sector is no stranger to this.
A recent report indicates that the IT-BPM industry has generated over 245 billion in revenue and employed more than 5.4 million people during the financial year 2023. There is an ongoing debate about whether the current numbers will decline in the coming years. However, speculations are there that despite these concerns, the introduction of artificial intelligence (AI) and chatbots will not negatively impact the BPM sector. In the past, the industry has shown remarkable resilience and adaptability to technological advancements, and this time is expected to be no different. While it is likely that jobs involving repetitive tasks may become obsolete, it can pave the way for new and rewarding job roles that align with the evolving landscape.
Currently, the Indian BPM sector is leveraging the power of generative AI across several key dimensions. This includes incorporating generative AI into operational workflows to enhance and provide seamless customer experiences and streamline efficiency. Moreover, companies are also introducing AI-powered innovative solutions to address various business challenges. Also, AI is supporting organisations in generating strong data assets to create robust decision-making and strategic initiatives.
According to a joint report by Nasscom and the job search platform Indeed, technology is set to metamorphose the landscape of job roles in the BPM sector in the next three years. As of FY2024, the industry boasts a revenue of $48.8 billion and is likely to witness huge growth in the upcoming years by generating several new positions. In this era of AI, Data scientist analysts and AI strategy directors within finance, HR data scientists and chatbot HR specialists in human resources, as well as AI conversation designers and virtual assistant trainers in customer service, are the emerging job roles.
Few changes and adaptations need to be incorporated to remain competitive in this dynamic industry. BPM organisations need to invest in upskilling their workforce, focusing on technical domains such as Generative AI and analytics, along with enhancing soft skills through various certifications and training programs. Companies should focus more on tech-driven solutions and abilities than traditional process management. Upskilling the youth in AI, data analytics, and specialised domain knowledge along with expertise in diverse languages will be key to unlocking the potential of technological progress.
Generative AI and chatbots are transforming workplace dynamics, turning vital companions for employees. Nonetheless, companies are rushing to integrate AI and automate all processes, which can lead to the replacement of humans from the sector. Organisations that prioritise a balance between human interaction and AI as a supportive tool are likely to thrive in this ever-changing landscape. The major part of the BPM sector is providing extensive customer experiences and no matter how advanced technologies are there, the human element is the most important in creating long-lasting relationships with the customers. To provide extensive customer experience, companies should tailor marketing strategies using intelligent chatbots giving it a human touch. Humans play a valuable role in shaping a successful AI-driven future. Companies should maintain a balance between AI capabilities and human touch to bolster the BPM sector.